Private sector insurer Aviva Life Insurance has launched ‘IndiaBond’, a single premium, endowment plan with guaranteed maturity benefits to provide prosperity and peace of mind to its policyholders.

The plan offers a compounded return of 7% per annum on maturity, depending upon the policy term and the Single Premium amount.

Further, the latest launched also plan comes with life cover, which however decreases with increasing term. The death benefit is 5 times of the single premium in the first year, 4 times of the single premium in the second year, 3 times of the single premium in the third year and 2 times the single premium thereafter.

For example, a policyholder paying a single premium of Rs 1 lakh for a policy term of 10 years will get a life insurance along with total maturity benefit of Rs 1,96,715 at the end of the policy term.

According to the company, the minimum Single Premium is Rs 50,000, however there is no limit for the maximum amount. The plan has the option of a 5 year or a 10 year policy term.

The minimum age of eligibility for the plan is 15 years and maximum 45 years. However, the maximum maturity age is 55 years.

The company claims that, IndiaBond seeks to deliver guaranteed returns for its customers irrespective of the market scenario.

Recently, Aviva Life Insurance revealed its plan to increase the number of agents to more than double by the end of the next year. The company, which has close to 30,000 agents, plans to increase the number to 80,000 by year 2009.