Aviva iGrowth Plan

Aviva iGrowth Plan Review

Aviva iGrowth Plan is a Unit Linked Plan which has dual benefits. The plan invests the premiums in the market which provides attractive returns and also provides life insurance coverage for security purposes.

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Loyalty additions
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Accidental Death Benefit
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Unit Linked Plan

Compare this plan with other Investment Plans

Aviva iGrowth Plan - Key Features

Unit Linked Plan
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This is a Unit Linked Plan which is available online without undergoing any medical check-ups. The plan can be purchased by simply submitting a Dec...

Entire Tenure Premiums
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Premiums under the plan are payable for the entire tenure of the plan.

Loyalty additions
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Loyalty additions are added to the Fund Value in the last three policy years.

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

Options according to risk
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The plan has an option of 3 funds for investments according to the policyholder’s risk appetite.

Aviva iGrowth Plan - Benefits

Maturity Benefit

On maturity, the Fund Value available on the maturity date would be paid to along with the Loyalty Additions accrued under the policy.

Death Benefit

In case of death of the insured,  higher of the following would be payable as death benefit along with the accrued Loyalty Additions:

  • ...


Being a ULIP plan, bonus is not declared.

Loyalty Additions

  • The plan accumulates Loyalty Additions in the last 3 years of the policy if regular premiums are being paid under the plan. The rate of the A...


Loan is not available under the plan.

Tax benefit

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 re...


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

Partial Withdrawals

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...


This facility enables the policyholder to change between funds either partially or completely whenever desired. Twelve free switches are free every...

Premium Redirection

This facility enables the policyholder to redirect subsequent premiums to another chosen fund. Two redirections are allowed in a year after which t...

Working of the Aviva iGrowth Plan

  • The policyholder decides on the premiums he wants to pay and the fund in which the premiums are to be invested.
  • There are 7 fund options to choose from which are:
    • Balanced Fund II
    • Bond Fund II
    • Enhancer Fund II
  • If the policyholder dies during the tenure of the plan the death benefit is paid.
  • If the plan attains maturity, the maturity benefit is paid.

Applicable charges  in Aviva iGrowth Plan

Being a ULIP plan, there are certain charges applicable. The charges include the following:

  • Premium Allocation Charge – This charge is deducted on receipt of each premium before the premium is credited into the fund. The charges is:
Policy year Policy tenure 10 and 15 years Policy tenure 20 years
1 to 4 5.00% 4.00%
5 4.50% 3.00%
6 onwards Nil Nil


  • Policy Administration Charge – A monthly charge of 0.10% of the annual premium is deducted from the fund value at the start of each month in the first five policy years after which the charge increases to 0.30% of the annual premium. In both cases, the maximum charge should not exceed Rs.400 per month.
  • Fund management Charge – These charges depend on the type of fund selected and are charged on a daily basis. The applicable charges are:
Fund Type Charge
Balanced Fund II 1.35% per annum
Bond Fund II 1.35% per annum
Enhancer Fund II 1.35% per annum
Discontinuance Policy Fund 0.50% per annum


  • Discontinuance Charge – Applicable for policies in which premiums are discontinued. The charges are:
Year of Discontinuance Annual Premiums above Rs.25,000
1 Lower of 6% of annual premium or Fund Value up to a maximum of Rs.6000
2 Lower of 4% of annual premium or Fund Value up to a maximum of Rs.5000
3 Lower of 3% of annual premium or Fund Value up to a maximum of Rs.4000
4 Lower of 2% of annual premium or Fund Value up to a maximum of Rs.2000
5 year onwards Nil


  • Mortality charge – This charge is deducted on the first day of each month based on the Sum at Risk and the policyholder’s age
  • Miscellaneous Charges – For any alteration or any other miscellaneous service a charge of Rs.100 would be applicable.

Let's Understand The Plan With An Example:

Please note:
Minimum premium is Rs.35,000 and maximum age is 18 years and maximum age is 50 years

The value with assumewd rates of returns@4% and 8% p.a. are not guaranteed and they are not the upper or lower limits of returns of the returns of the Funds selected by the policyholder and that the performance of the Funds is dependent on a number of factors including future investment performance.

Eligibility Criteria of Aviva iGrowth Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:

Minimum Maximum
Entry age (Last Birthday) 18 years 50 years
Maturity Age (Last Birthday) NA 60 years
Plan tenure 10, 15 or 20 years
Premium payable Rs.35,000 Rs.5 lakhs
Premium Paying Term Equal to plan tenure
Sum Assured 10 or 20 times the annual premium subject to a minimum of Rs.3.5 lakhs Ages 18-40 years – 50 lakhs
Ages 41 to 50 years – 30 lakhs
Premium payment mode Monthly, quarterly, half-yearly, yearly

Aviva iGrowth Plan - Surrender Value

Within the first 5 policy years

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 ...

After 5 years

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 ...

Exclusions in Aviva iGrowth Plan

  • If the policyholder commits suicide within 12 months of policy commencement or renewal, the available Fund Value would be paid to the nominee.
  • In case of Accident Benefit, the accident should not be due to alcohol and drug abuse, war and civil commotion, radiation, aviation, non-compliance of medical advice, infection, self-inflicted injury, criminal acts, or hazardous sports and hobbies or for ailments or conditions for which medical treatments were received 48 months prior to policy commencement or revival.

Non-Payment of premium in Aviva iGrowth Plan

If the premiums are not paid within the Grace Period, the policy would lapse. The lapsed policy can be revived, surrendered or made paid-up as per the policyholder’s choice.

Making the policy Paid-up

The policy can be converted into a paid-up policy only if 5 full years’ premiums have been paid. After conversion, the policy would acquire a paid-up value which would be:

Paid –up Value = Sum Assured * (number of Premiums Paid / total number of premiums payable)

The Accidental Sum Assured would also be reduced on a similar basis when the policy is paid-up.

A paid-up policy would attract mortality charges, charges for the inbuilt riders, Fund management Charges and Policy Administration charges.