Archive for January, 2009

Aviva Life Insurance

Aviva life insurance company is a United Kingdom (UK) based largest insurance company and fifth in position all over the world. Aviva insurance company has a base of more than 40 million satisfied policyholders worldwide and still counting.

In India, aviva life insurance is a joint venture between Aviva & Dabur India, one of the oldest and largest company in India. It is a professionally managed leading producer company in health products.

Aviva was the first to come up with back assurance and has tie up with leading banks in India some of them are ABN Amro bank, American Express, Canara bank, Punjab & Sindh bank & the Co-Operative banks in India.

Aviva Life Insurance in India offers many modern products to the customers under the guidance of IRDA. A full range of transparent, flexible and value for money products are as follows

1. Whole Life Plan (Life Long, Aviva LifeLine)

2. Endowment Plan (LifeSaver, SaveGuard, EasyLife Plus, LifeSaver Plus, LifeSaver Super,Aviva Sachin Century)

3. Child Plan (Aviva Little Master)

4. Single Premium (LifeBond Plus)

5. pension plan (PensionPlus,Secure Pension)

6. Term Plan (LifeShield)

7. Fixed term protection cum savings plan (Freedom LifePlan)

8. Health Plan (Aviva Health Plus)

9. With profits Plan (Aviva Money Back)

10. Short-pay recurring premium investment cum protection plan (LifeBond5).

11. Unit Linked insurance plan offers a choice of Unit-Linked Fund options are Bond Fund, Protector Fund, Secure Fund, Balanced Fund, Growth Fund and tax saving Plans.

Aviva has more than 200 branches across the country where you can step in and get your insurance suitable to your needs.

MONEY BACK POLICY

Money back policy is a policy in which a particular amount is paid to the insured by the insurance company at regular interval. This policy provides good returns on your investment and is mostly taken by professionals and businessman. Money is available at regular intervals for various purposes like children’s education and marriage. This policy has dual benefits as it provides money to the insured at regular intervals and also insurance protection for the family in case of death. This policy is basically available for a term of 20-25 years. The premiums for this policy can be paid quarterly, half-yearly or even yearly whichever is comfortable to you.

The major advantage of Money Back policy is that in the event of insureds death, the entire sum assured is paid to the nominee without considering the amount paid at regular intervals as money-back. For example suppose an individual takes a Rs.200000 policy for 20 years at the end of 5th and 10th year he will receive Rs.40000. In an unfortunate event if he dies in the 14th year, the nominee will get full sum of Rs.200000 without considering the earlier benefits of Rs.80000. By having money-back policy one can gain income regularly to meet specific expenses and also provide risk cover. The minimum age required to avail this policy is of 12 years. The one disadvantage of this policy is that there are no loans provided under these policies.

Compare-Term or whole

life insurance is broadly classified into two categories:term life insurance and whole life insurance. Most of people confused to make a choice which is better to suited.

Generally, most of people stick to term insurance policies to make their families with a security. term insurance is the very competitive segment of the life insurance business and they are offering in lower cost to make customers strength. The term insurance is the better for protection coverage only, not good for saving and investment purposes. In short, insurer is covered only during the period of policy, while premium is paying.

Whole life insurance policy is very indicative for investment purpose. The customer don’t need to pay an extra premium to make investment in market linked plans. Customer have choice to select the investment products or whatever most comfortable with it. Whole life is a long term policy provide coverage for whole life. The whole life premium never increased over the years and also carries a cash build-up which can be used for any time.

At the end, whole life is the better for investment option and market return.