Private insurer Aviva Life Insurance today launched Dhan Samruddhi, a traditional money back plan with guaranteed returns.
The product has been designed to build a long-term corpus along with the flexibility to fulfil their short-term financial needs, Aviva Life Insurance said in a release.
Aviva Dhan Samruddhi gives a guaranteed addition of 7-9\ per cent per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen.
One also gets a payback of 125 per cent of annual premium as survival benefit every five years.
"This product not only enables one to build a corpus for future financial needs, it periodically gives guaranteed money back during the policy term, so that one can continue to meet their ongoing financial requirements with ease," Aviva Life Insurance India CEO and Managing Director T R Ramachandran said.
The minimum entry age is 13 years and the maximum is 55 years last, while the maturity age is 23 to 70 years.
The policy term for the plan is 10, 15 or 20 years, subject to maximum maturity age and it also provides tax benefits, it added.
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group, one of UK-based insurance company.