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.
Compare this plan with other Investment Plans
Aviva iGrowth Plan - Key Features
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
Premiums under the plan are payable for the entire tenure of the plan.
Loyalty additions are added to the Fund Value in the last three policy years.
There is an inbuilt accidental death benefit option under the plan which pays an additional Sum Assured in case of accidental death.
The plan has an option of 3 funds for investments according to the policyholder’s risk appetite.
Aviva iGrowth Plan - Benefits
On maturity, the Fund Value available on the maturity date would be paid to along with the Loyalty Additions accrued under the policy.
In case of death of the insured, higher of the following would be payable as death benefit along with the accrued Loyalty Additions:
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Being a ULIP plan, bonus is not declared.
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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 re
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
This facility enables the policyholder to change between funds either partially or completely whenever desired. Twelve free switches are free every
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
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
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.
