Aviva Affluence Plan

This is a Unit Linked Plan which does not earn bonuses.

Maturity Booster additions and Increasing Milestone Boosters are added under the plan which increases the Fund Value.

There is an inbuilt accidental death benefit option under the plan which pays an additional Sum Assured in case of accidental death.

There are 7 funds from which the policyholder can choose one or more funds for investing his premium based on his risk appetite.

The plan also has the option of Systematic Transfer Plan to protect the returns from market volatility.

Systematic Partial Withdrawals are available for withdrawing funds in a systematic manner.

This facility enables the policyholder to change between funds either partially or completely whenever desired. Twelve free switches are free every policy year after which a charge of Rs.0.50% of the amount switched would be levied subject to a minimum amount of Rs.25 and a maximum of Rs.500.

This facility enables the policyholder to redirect subsequent premiums to another chosen fund. No charge is levied for availing of this facility.

Top-ups are allowed where extra premiums can be paid into the fund in any policy year except in the last 5 years. The top-up premiums would have a top-up Sum Assured which would be 1.25 times the top-up premium paid. A minimum of Rs.5000 should be paid as top-up premium and the maximum top-up premium paid should not exceed the aggregate premiums paid under the plan till the date of top-ups. Top-up premiums have a lock-in premium of 5 years.

A grace period of 30 days is allowed for payment of premium during which the plan does not lapse.

A cooling off period or a free look period of 15 days (30 days in case of distant marketing channels) is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid

On maturity, the Fund Value available on the maturity date would be paid to the policyholder along with the Maturity Booster Additions added and any accrued Increasing Milestone Boosters.

In case of death of the insured,  higher of the following would be payable as death benefit:

• Sum Assured including the top-up Sum Assured
• 105% of the total premiums paid till death including top-up premiums paid
• Fund Value as on the date of death including top-up premium Fund Value

The Sum Assured would be reduced by the amount of partial withdrawals made in the preceding 2 years if the policyholder is below 60 years. If the age is above 60 years, partial withdrawals made after attaining 58 years of age would be deducted from the Sum Assured.
If the insured is aged between 18 years and 60 years and dies due to accident, in addition to the above benefits, an additional Sum Assured would be paid which is called the Accidental Death Sum Assured. The Sum Assured would be equal to the base Sum Assured subject to a maximum of Rs.50 lakhs.

Being a ULIP plan, bonus is not declared.

• Maturity Booster Additions are added to the Fund Value on maturity. The rate of the Additions would depend on the premium paying tenure and is as follows:

• he plan attracts IMB if the policyholder survives till the policy tenure where the IMB accrues and if all due premiums have been paid till that year. Policy anniversaries which coincide with the maturity date do not attract IMBs. The policy anniversaries on which the IMBs are added and the rate of such IMBs are as follows:

Loan is not available under the plan.

Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.

Apart from the inbuilt Accidental Benefit Rider, no other riders are available with the plan.

Partial withdrawals are allowed in the plan after a completion of 5 policy years. Four free withdrawals are allowed in one year. The minimum amount of partial withdrawal is Rs.5000 and the balance in the fund after the withdrawal should not fall below twice the annual premium. The withdrawals would be first affected from the top-up fund value and thereafter the Fund Value of the regular premium.

The partial withdrawals can be made systematically through this feature. The policyholder should make a written request to avail the benefits of this feature. This facility can be availed in any policy year except in the last 3 years provided that the Fund Value is more than Rs.5 lakhs when the feature is availed. The withdrawals can be any amount ranging from 3% to 12% of the Fund Value subject to a minimum of Rs.15, 000 annually and the balance in the fund after the withdrawal should not fall below twice the annual premium.

The policy has a 5 year lock-in period. If premiums are discontinued within the first 5 years, the funds in the Fund Value would be transferred to the Discontinuance Policy Fund after deducting the Discontinuation charges. This fund would earn a minimum interest of 4% per annum. The money would remain in the Discontinuance Policy Fund till the completion of 5 years and the Fund Management charges would be deducted as and when applicable. If the policyholder dies during this period, the Fund Value as on the date of death would be paid. Otherwise, after the completion of the lock-in period of 5 years, the available Fund Value would be paid

If the plan is surrendered any time after the completion of 5 years, the available Fund Value would be paid without deduction of any charges.

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.