Aviva Life Insurance Company offers various types of unit linked insurance plans to its customers to meet their requirements of savings and market linked growth while at the same time providing insurance coverage. Let us take a detailed look at the various types of ULIP plans offered by the company and the features and benefits of each of them. Aviva Life Bond Advantage Plan – a unit linked insurance plan that gives market linked returns and also provides life insurance coverage. The features and benefits of the plan are as follows: Premium under the plan is paid one time only at the commencement of the plan under the Single Pay option of premium payment. The premium net of applicable charges can be invested by the policyholder in a choice of seven funds for investment. The funds are Balanced Fund II, Bond Fund II, Enhancer Fund II, Growth Fund II, Infrastructure Fund, Protector Fund II, and PSU Fund. Loyalty Additions accrue at the end of the 10th policy year @4% and thereafter @2% after every 10 years and are expressed as a percentage of the available fund value On maturity, the Fund Value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or the Fund Value including any top-up fund value 105% of all premiums paid till the date of death is paid to the nominee. There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000 12 free switches are allowed annually to change between funds Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Aviva Live Smart Plan– another unit linked insurance plan which promises attractive returns. The features and benefits of the plan are as follows: Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment. The premium net of applicable charges can be invested by the policyholder in a choice of seven funds for investment. The funds are Balanced Fund II, Bond Fund II, Enhancer Fund II, Growth Fund II, Infrastructure Fund, Protector Fund II, and PSU Fund. Loyalty Additions accrue at the end of the plan tenure on maturity@1% of the fund value and is added to the fund value at maturity On maturity, the Fund Value including any top-up fund value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or 105% of all premiums paid till the date of death and the Fund Value including any top-up fund value is paid to the nominee. There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs The Sum Assured can be reduced by the policyholder as per his choice subject to certain terms and conditions 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000 There is also an option of Systematic Partial Withdrawal after the completion of 5 policy years. Under this feature, 0.25% – 1% of the fund value every month multiplied by the premium paying frequency is automatically paid to the policyholder. 12 free switches are allowed annually to change between funds and premium redirection facility is available to redirect future premiums into another fund. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Aviva i-Growth Plan –a unit linked insurance plan for capital appreciation and life insurance coverage. The features and benefits of the plan are as follows: Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment. The premium net of applicable charges can be invested by the policyholder in a choice of three funds for investment. The funds are Balanced Fund II, Bond Fund II and Enhancer Fund II. The plan can be bought without undergoing any medical examinations by filling up a self-declaration of good health. Loyalty Additions are added in the last 3 policy years and the rate of additions depend on the policy tenure chosen. On maturity, the Fund Value including any top-up fund value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or 105% of all premiums paid till the date of death or the Fund Value including any top-up fund value is paid to the nominee. There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs The Sum Assured can be reduced by the policyholder as per his choice subject to certain terms and conditions 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000. 12 free switches are allowed annually to change between funds and premium redirection facility is available to redirect future premiums into another fund. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Aviva Young Scholar Advantage Plan – a unit linked child plan with multiple investment options and enhanced benefits. Loyalty Additions increase the fund value. On maturity the fund value is paid which can also be availed in instalments under the Settlement Option. On death of the insured, higher of the basic Sum Assured including any top-up Sum Assured or 105% of all premiums paid till the date of death is paid immediately to the nominee. Moreover, all future premiums are waived off and the total of such premiums is credited to the Fund Value which grows for the remaining tenure. On maturity, the applicable fund value is paid to the nominee. There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs. Other features like switching and partial withdrawal are also available under the plan. Applying for a Unit Linked Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For ULIPs through PolicyBazaar On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan.
