Aviva Life Insurance has launched Young Achiever Policy, a child policy which helps the parents plan the financial needs of their child.
The policy insures the life of the parent with the child as the nominee. The minimum annual premium is Rs 6,000, while the maximum sum insured is Rs 1 crore (Rs 10 million), according to a release issued by the company.
In case of death, both the sum insured and the policy value is paid to the nominee. The policy has both unit linked and 'with profits' investment fund options, the release said.
Stuart Purdy, managing director, Aviva Life Insurance, said, "For parents the financial needs of the children -- higher education, marriage is of critical importance. Our Young Achiever's Policy will not look after their future needs but will also provide them an umbrella of financial security in case of any eventuality to their parents."
Aviva's products include whole life (LifeLong), endowment (LifeSaver), single premium (LifeBond), regular savings personal pension plan (PensionPlus) and a term insurance with premium back plan (SecureLife), the release added.