Mumbai: Private insurer Aviva India on Monday launched 'Family Income Builder' -- a traditional plan in which one pays for 12 years and gets guaranteed return of double of the paid amount every year for the next 12 years.
The product also comes with built-in waiver of premium benefit, which ensures that in case of death during the policy term, no further premiums are required to be paid, while the income remains guaranteed between 13th and 24th year, the company said in a release issued here.
"Recognising the customer need for guarantee in their investment in the current scenario, we have launched Aviva Family Income Builder, a transparent insurance plan with a simple proposition of doubling one's premiums and ensuring a regular flow of income," Aviva India Managing Director and CEO T R Ramachandran said.
Aviva Family Income Builder product has been designed on the basis of a customer survey and consumer attitudes towards savings conducted by IPSOS worldwide.
The survey said with low economic confidence nearly 33 percent of customers are keen to get a guaranteed return on their investments worldwide.
In India too, 56 percent of customers are not willing to take a risk on their investments and are looking for guaranteed returns, it added.
In addition, nearly 44 percent of Indians are not confident about meeting unexpected expenses in the future, the survey said.
Hence, there is clearly a market for a product, which not only gives guaranteed returns but has the proposition of doubling premium ensuring a regular flow of income.
Aviva India is a joint venture between Dabur Group and Aviva Group.