Aviva LifeBond Advantage is a Single Premium unit linked insurance plan that offers you an opportunity to invest a lump sum for medium to long term together with Life Cover and flexibility to access your money after 5 years, besides the regular tax benefits through:
- Eight unit linked funds as well as two options for life cover
- Extra financial protection through the inbuilt Accidental Death Benefit
- Systematic partial withdrawal for hassle free structured withdrawal
- Opportunity for additional investment with a nominal life cover (top-up)
Specifications
- Entry age: 02-65 years
- Policy term: 10-73 years (minimum age at maturity 18 years; maximum age at maturity 75 years)
- Premium Paying Term: Single Premium
- Base Premium:
Minimum Premium: Rs. 50,000
Maximum Premium: No Limit
- Top-up Premium: Minimum – Rs. 5,000; Maximum – No limit
- Inbuilt Accidental Death Benefit
Benefits –
Death Benefit:
- In the unfortunate event of your death, Life Cover or the value of units pertaining to single premium, whichever is higher, is payable along with accumulate Loyalty additions (if any )
- Life Cover or the Fund Value pertaining to top-up premium, whichever is higher, shall also be payable
Loyalty Additions:
- You are eligible for Loyalty additions if you stay invested for more than 10 years
The addition will be 4% of Fund Value pertaining to Single Premium at the end of 10th policy year and 2% on every subsequent 10th policy year till the end of the Policy Term
Maturity Benefit:
- On maturity, you can either take out the fund value and terminate the policy or opt for Settlement option
- Settlement option – This allows you to keep the money invested in the fund even after maturity and enables you to receive the same systematically over a period of 1 to 5 years. You can opt for this option at maturity
Other Benefits:
- You can opt for Systematic Partial Withdrawal for regular cash flow so that a fixed amount of money is credited to your bank account from your policy fund at a desired interval
- Partial Withdrawals without having to surrender your policy allowed upto 4 times in a policy year
- Policy allows you to make a lump sum investment through top up premium facility. The Minimum top up allowed is Rs. 5,000; no limit on maximum. Each top-up will carry a Life Cover (Sum Assured) of 1.25 times the top-up premium
Tax Benefit:
- The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change
This illustration is for a male aged 35 years, who selects option B and invests 100% into Enhancer Fund-II
* Refer to the policy brochure for disclaimers
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