Date:06/07/2006 URL: http://www.thehindu.com/2006/07/06/stories/2006070602911800.htm

Business

Aviva launches 11 unit linked plans

Corporate Reporter

CHENNAI: Aviva Life Insurance has announced the launch of modified unit linked insurance products adhering to the new guidelines issued by the Insurance Regulatory Development Authority. Stuart Purdy, Managing Director, Aviva Life Insurance, has stated in a release that till 2000, ULIPs and the concept of insurance as an investment cum protection tool was unheard of. Aviva pioneered unit linked products in India and has contributed towards the growth and success of this category. The new guidelines pertain to product features such as minimum policy term, lock-in period, partial withdrawals among others. Till now a unitised with profits fund and three unit linked fund options were offered by Aviva. With the new guidelines, a new fund called `Protector Fund' has been introduced.