According to the Aviva Education Insights, a research prepared by market research agency IMRB International, as many as 72 per cent of the 2,400 parents surveyed in 11 cities, are saving for the education of their children. This is an improvement of over 5 percentage points over last their 2009 survey when it was 67 per cent.
To address this concern, Aviva launched three products - Young Scholar Secure, Young Scholar Advantage and i-Life. Young Scholar Secure is an insurance plan on the traditional platform offering a guaranteed regular cash flows at important milestones of a child's education such as higher school education and graduation expenses.
Young Scholar Advantage, a Ulip, ensures the corpus one planned for the child's future is available even if one is not around. i-Life is a term product that promises to be among the cheapest in the market, Aviva Life Chief Executive and Managing Director T R Ramachandran told reporters here.
These products will be available for online subscription from the end of this month, he said. As per the survey, educational expense is the biggest concern for parents, with as 81 per cent of those surveyed being concerned about their children's education.
The survey was carried out in 11 cities - Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Kochi, Chandigarh, Lucknow and Bhubaneshwar.