Aviva Life Bond Advantage Plan
Aviva Life Bond Advantage is a single premium unit linked insurance plan (ULIP), such that if the Life Insured dies within the policy tenure, the nominee would receive the higher of the Sum Assured or the Fund Value as Death Benefit. However, if the Life Insured survives till the end of the Policy Tenure, then he would receive the Fund Value as Maturity Benefit.
This plan has Accidental Death Benefit rider inbuilt within the plan. Loyalty additions are provided in this plan from 10th policy year onwards and there is also a facility of Systematic Partial Withdrawal after completion of 5 policy years. This plan also has 9 funds for investment purpose.
Key Features
This is a Single Premium Unit Linked Insurance Plan
The Fund Value is paid to the Policyholder when the policy matures
Higher of Sum assured or Fund Value is paid as Death in case of an unfortunate death of the life insured within the policy tenure.
There is 1 inbuilt rider with this plan- Accidental Death Benefit rider
Loyalty Additions is also provided in this policy from the end of the 10th policy year onwards.
Systematic Partial Withdrawal is allowed after 5 policy years
Premium = Rs 50,000 and Rs 1,00,000
Age = 35 years
Sum Assured= 5 X Single Premium, i.e. Option B
Policy Term = 20 years
Premium Paying Term = Single Pay
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
There is only 1-ibuilt rider with this plan:
- Accidental Death Benefit rider
There are 9 Investment Funds available
- Bond Fund II
- Protector Fund II
- Balanced Fund II
- Growth Fund II
- Enhancer Fund II
- PSU Fund
- Infrastructure Fund
- Index Fund II
- Dynamic P/E Fund
The minimum Top-up amount is Rs 5,000. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years. Top-Up Premium will have a Sum Assured of 1.25 times the Top-Up Premium paid
The minimum amount that you can switch is Rs 5,000. First 12 switches in a year are free of cost.
Partial withdrawals are allowed only after completion of 5 policy years. Four Partial Withdrawals are allowed in each policy year upto a maximum of 25% of the existing Fund Value. The minimum balance in the Single Premium Account after withdrawal should not fall below Rs 15,000.
How it works
Let's Understand The Plan With An Example:
Please note:
Minimum investment amount is Rs.50,000 Minimum age is 2 years and maximum age is 65 years
The value with assumed rates of returns @4% and 8% p.a. are not guranteed and they are not upper or lower limits of returns of the Fund selected by the policyholder and that the performance of teh Funds selected by the policyholder and that the performance of the Fund is dependent on a number of factors including future investment performance.
Eligibility
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
Option A: 1.25 X SP Option B: 5 X SP |
|
|
Policy Term (in years) |
10 |
73 |
|
Premium Payment Term (in years) |
Single |
|
|
Entry Age of Policyholder (in years) |
2 |
65 |
|
Age at Maturity (in years) |
18 |
75 |
|
Single Premium (in Rs.) |
50.000 |
No Limit |
|
Payment modes |
Only Single |
|
FAQs
What happens if You stop paying the premium before 5 years ?If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. It can also be revived.
What happens if You stop paying the premium after 5 years ?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What happens if You want to surrender the policy ?If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated
What happens if You want a loan against your policy ?There is no loan available under this plan.
