Aviva Money Back Plan
Aviva Money Back Plan is a Traditional Money Back Plan with Bonus Facility.
In this plan, the premium needs to be paid till the end of the Policy Term or earlier Death. There is a Guaranteed Addition in the first 3 years and after that the policy participates in the simple Reversionary Bonus. This plan being a Money Back Plan, a certain sum of money is given back to the Policyholder as Survival Benefit as per the schedule mentioned at the time of Policy Inception.
(120% of the Sum Assured + Guaranteed Additions – accrued Bonus – all Survival Benefits already paid) is given to the policyholder at the end of the Policy Term as Maturity Benefit. However, if the Life Insured dies within the policy tenure, the nominee would receive the entire Sum Assured as Death Benefit, irrespective of the Survival Benefit already paid. This plan has Guaranteed Additions of Rs 40 per Rs 1000 Sum Assured which is paid till the end of the Policy Term. This plan also has Accidental Death Benefit as an additional rider.
Key Features
This is a Traditional Money Back Plan with without Bonus facility
Survival Benefit is paid as per the schedule
This Policy offers a Guaranteed Addition of Rs 40 per Rs 100 of the Sum Assured in the first 3 policy years
The policy participates in the Bonus from the 4th Policy Year onwards
The full Sum Assured + Guaranteed Addition + accrued Bonus are paid as Death Benefit irrespective of the Survival Benefit paid.
120% of the Sum Assured + Guaranteed Additions – accrued Bonus – all Survival Benefits already paid is given to the policyholder at the end of the Policy Term as Maturity Benefit
There is Accidental Death Benefit rider available in this plan
This plan has Large Sum Assured rebate as well
Benefits
In case of death of the Life Insured, the nominee would get the full Sum Assured irrespective of the amount of amount of Survival Benefit already paid.
In this plan, there is a schedule of payment
|
12 Year Policy Term |
Year 4 – 5% Year 7 – 10% Year 10- 15% |
|
15 Year Policy Term |
Year 5 - 10% Year 8- 15% Year 11- 20% |
|
18 Year Policy Term |
Year 6 – 5% Year 9 – 10% Year 12 – 15% Year 15 – 20% |
|
21 Year Policy Term |
Year 3 – 10% Year 6 – 10% Year 9 – 10% Year 12 – 10% Year 15 – 10% Year 18 – 10% |
On maturity, (120% of the Sum Assured + Guaranteed Additions – accrued Bonus – all Survival Benefits already paid) is given to the policyholder at the end of the Policy Term as Maturity Benefit
| Policy Term | Maturity Benefit |
| 12 year Policy Term | 90% + Guaranteed Additions + Bonus |
| 15 year Policy Term | 75% + Guaranteed Additions + Bonus |
| 18 year Policy Term | 70% + Guaranteed Additions + Bonus |
| 21 year Policy Term | 60% + Guaranteed Additions + Bonus |
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Accidental Death Benefit rider
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | For 12 and 15 year Policy Term, SA= Rs 50,000
For 18 and 21 year Policy Term, SA= Rs 75,000 |
No Limit |
| Policy Term (in years) | 12 | 21 |
| Premium Payment Term (in years) |
Equal to Policy Term |
|
| Entry Age of Policyholder (in years) | 12 years for PT= 18 years
13 years for PT= 15 years 14 years for PT= 12 years 15 years for PT= 21 years |
52 years for PT= 18 years
55 years for PT= 15 years 58 years for PT= 12 years 49 years for PT= 21 years |
| Age at Maturity (in years) | - | 70 |
| Premium (in Rs.) | 5,000 | No Limit |
| Payment modes |
Yearly, Half-yearly, Quarterly and Monthly |
|
FAQs
What happens if You stop paying the premium ?If you stop paying the premiums, the policy would lapse and all benefits would cease. Then the policyholder would have an option to convert the plan into a Paid Up Policy if at least 3 years’ premiums have been paid and continue the life coverage for a Reduced Sum Assured. The policy can also be revived within 2 years from the date of first unpaid premium.
What happens if You want to surrender the policy ?There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
There is Special Surrender Value in this plan as well.
What happens if You want a loan against your policy ?Loan facility is not available under this policy.
