Aviva India, a life insurance joint venture between Dabur (manufacturer of traditional healthcare products and Aviva plc of the U.K.), has unveiled a research report on the savings habits of young parents.
Addressing presspersons here on Wednesday, Rishi Piparaiya, Director, Bank Assurance and Business Partnerships of Aviva India said ‘Aviva young scholar insights' report revealed that parents primarily save for child's education.
The study has found out that the rising cost of education was the biggest concern for parents and they did not want to take risks when investing for child's education. About 48 per cent of parents begin investing for the future education even before the child turns three years old, he said.
To minimise financial constraints for parents, Aviva India has adopted a 5-pillar approach encompassing product suite, financial literacy programmes, advertising, corporate responsibility initiatives and leveraging its strategic partners.
With a special focus on children Aviva was continuously working towards securing their future, whether through insurance products or opportunities to help them realise their potential, Mr. Piparaiya said.
The initiatives included launching of a scholarship programme and educating 50,000 underprivileged children in urban slums and specific rural areas.