The new Aviva Dhan Vriddhi is a money back plan. This plan provides the life insured with a guaranteed amount of money at regular intervals. Aviva Life Insurance plan also gives protection through the life cover or the sum assured if there is any case of unfortunate death.
This plan is actually traditional money back with a guarantee till maturity of 7% of the Life Cover. The discounts on premium rate of 1.2% of life cover if the amount is more than Rs 5 Lakhs.
The key features of Aviva Dhan Vriddhi are as follows:
- The entry age of the policy is minimum 13 years and maximum 55 years as on the last birthday.
- The term of the policy is available for 10 to 25 years.
- The maximum age of maturity is 70 years and 65 years if ADB rider is opted for.
- The premium payment term is 5 years less than policy term.
- The premium payment frequencies are yearly, half yearly, quarterly and monthly.
- The annual premium is minimum Rs 5000 and maximum depends up on the sum assured.
- The rider available under this policy is the Accidental Death Benefit.
The benefits available under Aviva Dhan Vriddhi are:
As death benefit
If the policy holder dies unfortunately then Guaranteed Additions will be paid to the nominee.
In case of death of the insured due to accident the amount equal to ADB life cover will be paid if it is opted for.
As survival benefit
The insured will get a periodic payment equal to 20% of the life cover on 5th, 10th, 15th and 20th policy anniversaries if these due dates fall on the chosen policy term.
As maturity benefit
Life Cover minus the survival benefits already paid out will be remunerated in addition to accumulated Guaranteed Additions.
As tax benefit
The Policy comes under the tax benefits according to the current laws of the Income Tax Act, 1961. Tax laws are subject to change.
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