ceAviva Life Insurance Company Limited, one of India's leading life insurance companies, plans to come out with 3-4 new insurance products including a new Children's insurance plan before the end of the current financial year.

“We are planning to come out with 3-4 new insurance products before the end of this fiscal”, Munish Sharda, director (sales and distribution), Aviva Life Insurance told reporters here.

Aviva, which has 14 products as of now, has recorded a pan-India premium collection of Rs 2150 crore during January-November this year.

Around 10 per cent of the company's business comes from the Children's insurance plans and the eastern region accounts for nearly 25 per cent of Aviva's total business.

Aviva India on Friday released a research report on the savings habits of young parents in 10 cities across the country including Bhubaneswar. The study, called Aviva Young Scholar Insights, surveyed 2250 parents and was conducted on behalf of Aviva India by Mumbai-based IMRB International.

According to the parents surveyed in Bhubaneswar, 49 per cent stated that planning for a child's future takes priority over retirement.

For 86 per cent of the parents in the city, school education of their children is indicated as the key trigger for savings and 57 per cent of the parents start investing before the child turned three.

Commenting on the survey, Sharda said, “As the survey suggests, parents in Bhubaneswar believe that Education is Insurance to secure a brighter future for their children. This is also clearly indicated by the growing concern among parents to combat the rising cost of education.”

“At Aviva, our focus is to minimize the financial constraints of parents to enable best education for their children. We do this through a focused five-pillar approach which includes the best in class products, financial literacy programmes, advertising, corporate responsibility initiatives and leveraging our strategic partners”, he added. The survey says that two-thirds of the parents in Bhubaneswar are keen for their child to become a doctor or an engineer.

About 58 per cent of the parents in the city are willing to cut on their expenses related to shopping and outings to save for their children's future. Nearly half of the parents surveyed in the city prefer flexibility in premium payment options.