Aviva Life Saver Advantage Plan
Aviva Life Saver Advantage Plan is a unit linked insurance plan (ULIP) with Double Benefits, such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured as well as the Fund Value as Death Benefit. It also has in built accidental death benefit rider.
Key Features
Double benefit ULIP – sum assured on death and fund value on maturity to nominee
There is inbuilt Accidental Death Benefit rider
2 additional riders that can be availed, Dread Disease and Child Education benefit.
There is an option of Systematic Transfer Plan which allows steady investment opportunity.
Premium = Rs.25,000 and Rs 50,000
Age = 35 years
Policy Term = 20 years
Total Investment = Rs 25,000 X 20 years = Rs 5,00,000
Rs. 50,000 x 20 years = Rs. 10,00,000
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured plus Fund Value.
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There is one in built rider- Accidental Death Benefit
And 2 additional riders available in this policy
- Dread Disease Benefit
- Child Education benefit.
There are 8 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
You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 5,000. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured will be in addition to the life cover
You have the flexibility to switch investments from one fund to the other any time during the policy term. First 12 switches are free in every policy year.
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 such that one annual premium should be maintained after Partial Withdrawal for PPT= 5 years and at least 2 year’s annual premium should be maintained for PPT=PT. You are allowed to make 4 transactions in 1 policy year subject to a maximum of 25% of the Fund Value can be withdrawn.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1.05 X PT X AP | 1.5 X PT X AP |
| Policy Term (in years) | 15 | 30 |
| Premium Payment Term (in years) |
Equal to Policy Term |
|
| Entry Age of Policyholder | 2 years (without riders)
18 years (with riders) |
60 years (without riders)
55 years (with riders) |
| Age at Maturity | 18 years | 75 years |
| Single premium (in Rs.) | NA | NA |
| Payment modes |
Yearly, Half-yearly and Monthly(Only ECS) |
|
FAQs
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.
