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Aviva Money Back Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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 of Aviva Money Back Plan

 

  • 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

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Benefits you get from Aviva Money Back Plan

 

Death Benefit – 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.

 

Survival Benefit – 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%

 

 

Maturity Benefit – 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

 

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions and other restrictions in Aviva Money Back Plan

 

 

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

 

 

Sample illustration of Premiums in Aviva Money Back Plan

 

Age = 25, 35 and 45 years

Sum Assured = Rs 1,00,000

Policy Term = 21 years

Premium Paying Term = Regular Pay

Aviva Life Money Back Plan Sample Premiums

 

 

Additional Features and Benefits of Aviva Money Back Plan

 

Riders – There is 1 additional rider available in this policy

1.     Accidental Death Benefit rider

 

 

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.

 

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.

 

You want a loan against your policy – Loan facility is not available under this policy.




 

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