Aviva Life Insurance has announced the launch of IndiaBond, a single premium, endowment plan with guaranteed maturity benefits, which offers a compounded return of 7% per annum on maturity.
Aviva has said that this plan offers a compounded return of 7% pa maturity benefits are tax free and premiums paid are eligible for a tax deduction.
The minimum single premium is INR50,000 and there is no limit on the maximum single premium. One has the option of a five-year or a 10-year policy term.
Death benefit is five times of the single premium in the first year, four times of the single premium in the second year, three times of the single premium in the third year and two times of the single premium thereafter.
At the end of the policy term, one can get a guaranteed maturity amount depending upon the policy term and the single premium amount. To be eligible for IndiaBond, one has to be between 15 and 45 years of age. The maximum maturity age is 55 years.
Bert Paterson, managing director and CEO of Aviva India, said: It has always been our endeavor to launch innovative products to provide prosperity and peace of mind to our policyholders. IndiaBond seeks to deliver guaranteed returns for our customers irrespective of the market scenario.