Aviva Life Insurance launches 3 new products

NEW DELHI: Private insurer Aviva Life Insurance on Friday launched three new products, including two unit-linked insurance plans (ULIPs).

"... The two ULIP plans -- Aviva Freedom Life Advantage, Aviva Life Saver Advantage -- offer enhanced value to the customers and meet the new ULIP guidelines," the company said in a release.

Besides, a term plan -- Aviva Life Shield Advantage -- offers a return on the premium, with optional protection against disease and disability, it added.

As per the new IRDA guidelines, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.

Aviva Life Insurance is a joint venture between Dabur Group and UK-based Aviva Group. Dabur Group is the 74 per cent shareholder, while Aviva Group holds 26 per cent.