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12-31-2009, 03:48 AM #1
Aviva Life Insurance launches nine new products
Aviva Life Insurance announced today the launch of nine new unit-linked plans including one of the market leading child, pension and savings products with 14 new fund options covering savings, retirement, protection and investment needs of all customers.
These products are in line with the recent IRDA guidelines on cap on charges and come with enhanced features and higher IRRs (Internal Rate of Return), the company said in a release here, adding that it had also introduced thematic funds - Infrastructure fund and PSU Fund - across select products.
In compliance with the requirements of the IRDA circular, all unit-linked products launched by Aviva Life Insurance will have a standard charge structure not exceeding three per cent for ULIPs upto 10 year term and 2.25 per cent for ULIPs over 10 year term.
Within this, the fund management charges will be between 1 - 1.35 per cent. The new products will offer the benefit of higher protection to the customers through optional riders.
Company Cheif Executive Officer and Managing Director T R Ramachandran said ''The new products are another positive step towards making ULIPs even more transparent and favourable for customers. We have used this opportunity to further enhance our products to include features like Loyalty additions and Guaranteed Maturity additions encouraging customers to stay invested over long-term. With a cap on overall charges, the customers stand to benefit in the form of higher returns on their investment.'' The Infrastructure and PSU funds aim to provide capital appreciation by investing in equity/ equity related instruments.
For Infrastructure funds the investments in equity will be in the range of 60-100 per cent and in Debt Securities and Money market in the range of 0-40 per cent. The fund will focus on large- and mid cap companies engaged either directly or indirectly in the infrastructure growth of the Indian economy. The sectors would include construction, metals, building materials, energy, power, chemicals and engineering among others. The PSU fund will invest in companies where the Central and State Governments have a majority shareholding of more than 50 per cent or the management control is vested with the Central/ State Government.
Aviva was among the first insurance companies to set-up its own in-house fund management team at inception in 2002 and manages current AUM (assets under management) of Rs 6,170 crore.
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