Aviva Life Saver Advantage is predominantly a savings plan that offers disciplined saving with high level of financial security for the family, in case something untoward happens.
- Increasing death benefit:
- Life Cover (Sum Assured) plus Fund Value as death benefit
- Flexible Life Cover (1.05 x Policy Term x Annual Premium) to (1.5 x Policy Term x Annual Premium)
- Inbuilt Accidental Death cover
- Select from the two optional riders – Aviva Child Education (CE) Rider and Aviva Dread Disease (DD) rider
- Long-term savings in line with changing needs:
- Pay top-up premiums to increase the savings element along with a nominal life cover
- Reduce life cover under the base plan
- Fund options – Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU and Index-II Funds,
- STP option available for safer entry into and exit from equities
Specifications
- Entry age: 2 to 60 years (18 to 55 years with riders)
- Policy Term: 15, 20, 25 and 30 years (Maturity age between 18 to 75 years)
- Premium payment term: same as the Policy Term
- Premium Payment Frequency: Annually, Half-yearly or Monthly
- Annual Premium: Minimum Rs. 25,000; No maximum limit
- Top-up Premium: Minimum Rs 5,000; No maximum limit
- Fund Options: Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU and Index-II Funds
- Riders: Aviva Child Education (CE) Rider and Aviva Dread Disease (DD) Rider
How to go about your plan:
First Step – Decide the corpus you wish to build for your medium to long term needs and the time when the same should be available. This will influence the choice of premium and the Policy Term. (Use a “Wealth Planner” calculator to ease in decision making.)
- Policy Term (PT): 15,20,25,30 years.
-Minimum maturity age: 18 years
-Maximum maturity age: 75 years
Second Step – Choose the level of protection you desire through:
- Level of Life Cover (Sum Assured)
- Riders
- Life Cover = (1.05 x Policy Term x Annual Premium) to (1.5 x Policy Term x Annual Premium)
- Riders available:
- Aviva Child Education (CE) Rider
- Aviva Dread Disease (DD) Rider
Third Step – Arrive at the amount of premium you wish to pay, which will be determined by Step 1 and 2. Also choose the Premium Payment Term (PPT) and Premium Payment Frequency (PPF) based on your convenience.
- Minimum Annual Premium: Rs. 25,000; Maximum: No limit
- Premium Paying Term (PPT): Equal to Policy Term
- Premium frequency: Yearly, Half-yearly or Monthly
Fourth Step – Choose the funds you want to invest in depending on your risk appetite.
- Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU and Index-II Funds
Benefits
Death Benefit:
- In the unfortunate event of your death, the amount of Life Cover plus Fund Value pertaining to regular premium shall be payable to the nominee
- Life Cover plus Fund Value pertaining to top-up premiums, if any, shall also be payable
- In case of death due to an accident between age 18 to 60, an additional amount under the in-built Accidental Death cover shall also be paid
Rider Benefit:
Additional benefits are payable if the following riders are opted on the life of the Life Insured:
- Aviva Child Education (CE) Rider – a fixed monthly amount as chosen by the policyholder at inception is paid throughout the Policy Term to ensure uninterrupted education of the child
- Aviva Dread Disease (DD) Rider – additional amount equal to Aviva DD Rider Sum Assured is payable if you contract any of the 18 Critical illnesses covered or on Permanent Total Disability due to an accident or illness. This rider payout does not impact benefits payable under the base plan
Maturity Benefit:
- On maturity, the Fund Value pertaining to regular premiums and top-up premiums, if any will be payable.
Tax Benefit:
- The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change
Benefit Illustration
This illustration is for a male aged 35 years, opting for minimum Sum Assured, pays premiums yearly and invests 100% into the Enhancer FUnd-II and does not opt for the riders.
|
Annual Premium |
Guaranteed Death Benefit |
Investment Return |
Projected Fund Value at Maturity |
Yield net of charges |
|
10,000 |
225,000 |
6% |
781,548 |
3.36% |
|
10% |
1,620,373 |
7.35% |
||
|
25,000 |
375,000 |
6% |
1,371,547 |
3.65% |
|
10% |
2,826,229 |
7.59% |
||
|
50,000 |
750,000 |
6% |
2,846,545 |
3.86% |
|
10% |
5,840,870 |
7.76% |
Policy charges:
The policy will attract charges under various heads. The details of the same are given below:
| Charges for | Year 1 | Year 2-5 | Year 6 onwards |
| Premium Allocation | 6% | 4% | 3% |
| Fund Management | 1.35% p.a. for all funds | ||
| Policy Administration | 0.1% of annual premium per month subject to a maximum of Rs 400 p.m. throughout the Policy Term | ||
| Mortality | Refer to policy brochure | ||
Rider premiums depend on the rider and the cover chosen. Rider premiums are collected in addition to the base plan premiums.
Complete withdrawal is allowed after 5 policy years
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Tags: aviva life insurance, Aviva LifeSaver Advantage, insurance policy