Aviva India launches Dhan Samruddhi

Business

oi-Sneha

By Sneha B K

Updated: Wednesday, November 21, 2012, 9:50 [IST]

Aviva Life Insurance announced the launch of Aviva Dhan Samruddhi- a traditional money back plan with guaranteed returns. The product has been designed recognizing the need for customers to build a long-term corpus along with the flexibility to fulfill their short term financial needs. Aviva Dhan Samruddhi gives a guaranteed addition of 7% per annum to 9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen. One also gets a payback of 125% of annual premium as survival benefit every 5 years.

Speaking on the new launch Mr. T R Ramachandran, CEO and Managing Director, Aviva Life Insurance India said, "Aviva Dhan Samruddhi is a product that has been designed basis a Consumer Attitudes towards Savings study. The survey highlighted that in India, 56% of customers are not willing to take a risk on their investments and are looking for guaranteed returns. Aviva Dhan Samruddhi not only enables one to build a corpus for future financial needs, it periodically gives guaranteed money back during the policy term, so that one can continue to meet their ongoing financial requirements with ease."

Key Features of Aviva Dhan Samruddhi:

Guaranteed returns: Your policy earns a guaranteed addition of 7% per annum to 9% per annum of the annualized premium (excluding taxes and any other extra premium), till the end of the policy term, depending on the policy term chosen by you, payable at maturity.

Liquidity: Your policy pays back 125% of the annualized premium (excluding taxes and any other extra premium) as survival benefit every 5 years (except at maturity)

Guaranteed maturity benefit: At maturity, you get the Sum Assured plus accrued Guaranteed Additions minus Survival Benefits already paid

Rebate for high Sum Assured: Rebate on basic premium is allowed if your Sum Assured is Rs 5 lakhs or higher.

Tax Benefits: Tax benefits as per Section 80C and 10 (10D) of Income Tax Act 1961