Aviva Life Saver Advantage Plan

Aviva Life Saver Advantage Plan is a unit linked insurance plan (ULIP) with Double Benefits, such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured as well as the Fund Value as Death Benefit. It also has in built accidental death benefit rider.

  

 

 

 

·         Double benefit ULIP – sum assured on death and fund value on maturity to nominee

·         There is inbuilt Accidental Death Benefit rider

·         2 additional riders that can be availed, Dread Disease and Child Education benefit.

·         There is an option of Systematic Transfer Plan which allows steady investment opportunity.

 

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Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured plus Fund Value.

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

 

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

 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	1.05 X PT X AP	1.5 X PT X AP
Policy Term (in years)	15	30
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Policyholder	2 years (without riders) 18 years (with riders)	60 years (without riders) 55 years (with riders)
Age at Maturity	18 years	75 years
Single premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-yearly and Monthly(Only ECS)

 

 

 

Premium = Rs.25,000 and Rs 50,000

Age = 35 years

Policy Term = 20 years

Total Investment = Rs 25,000 X 20 years = Rs 5,00,000

  Rs. 50,000 x 20 years = Rs. 10,00,000

 

Riders – There is one in built rider- Accidental Death Benefit

And 2 additional riders available in this policy

1.       Dread Disease Benefit

2.       Child Education benefit.

 

Investment Fund Options

There are 8 Investment Funds available

·         Bond Fund II

·         Protector Fund II

·         Balanced Fund II

·         Growth Fund II

·         Enhancer Fund II

·         PSU Fund

·         Infrastructure Fund

·         Index Fund II

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 5,000. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured will be in addition to the life cover

 

Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term. First 12 switches are free in every policy year.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 such that one annual premium should be maintained after Partial Withdrawal for PPT= 5 years and at least 2 year’s annual premium should be maintained for PPT=PT. You are allowed to make 4 transactions in 1 policy year subject to a maximum of 25% of the Fund Value can be withdrawn.

 

                                             

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is no loan available under this plan.