Aviva Live Smart Plan
Aviva Live Smart is a Unit Linked Insurance Plan where the policyholder can enjoy market linked returns along with getting life insurance protection too.
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Aviva Live Smart Plan - Key Features
This is a Unit Linked Plan which does not earn bonuses.
There is an inbuilt accidental death benefit option under the plan which pays an additional Sum Assured in case of accidental death.
There are 7 funds from which the policyholder can choose one or more funds for investing his premium based on his risk appetite.
Loyalty Additions are added to the plan to enhance the fund value.
A monthly charge of 0.02% of the annual premium is deducted from the fund value in the 2nd to 5th policy years after which the charge increases to This charge is deducted on the first day of each month based on the Sum at Risk and the policyholder’s age For any miscellaneous service applicable charges would be levied. On maturity, the Fund Value including any top-up Fund Value available on the maturity date would be paid to the policyholder along with the accrued In case of death of the insured, the death benefit payable would be higher of Sum Assured or 105% of total premiums paid till death + Fund Value av Being a ULIP plan, bonus is not declared. Loyalty Additions are added to the Fund Value and are expressed as a percentage of the Fund Value. The additions are added from the 10th policy yea 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 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. No charge is levied for availing of this facility.... You can use this money to pay off your outstanding liabilities. Please note: 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
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Fund Type
... Aviva Live Smart Plan - Benefits
Working of the Aviva Live Smart Plan
Minimum Annual premium is Rs.50,000. The value with assumed rates of returns @4% and 8% p.a. are not guaranteed and they are not the upper or lower limits of 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.The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
Minimum
Maximum
Entry age (Last Birthday)
2 years
50 years
Maturity Age (Last Birthday)
18 years
65 years
Plan tenure
15 years
30 years
Premium payable
Rs.50,000
No limit
Premium Paying Term
Equal to plan tenure
Sum Assured
For ages below 45 years – higher of 10 times the annual premium or 0.5*plan term*annual premium
For ages 4 years and above – 10 times the annual premiumPlan term * annual premium
Premium payment mode
Yearly
Aviva Live Smart Plan - Surrender Value
Exclusions in Aviva Live Smart Plan
