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Aviva Life Insurance
Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group. Dabur Invest Corp is one of Indias oldest and most respected business houses producing traditional healthcare products since time immemorial. Aviva Group is a UK based insurance group serving 31 million customers across 16 countries. Together Aviva Life Insurance has become a key player in the insurance sector quality products and efficient service. The company boasts of being among the first companies to introduce modern unit-linked and unitized with-profit plans. The company leads the market in protection and child plans with world-class products and a strong sales force.
Aviva Life ULIP Plans
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 [email protected]% 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.
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows: The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund. Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc. Insurance coverage depends on the amount of premium paid The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value Switching option is available which enables the policyholder to switch his investment between funds.
Aviva Life Ulip Plans- FAQs
1. How to pay premium? What are the modes of payment available? For receiving continuity of your benefits, it is critical to pay premiums on time. You can pay your AVIVA Life Insurance premium through these 7 methods: Airtel money Auto Debit card or Credit card HDFC/SBI/AXIS Bank debit card ECS SYSTEM NEFT Cash/Cheque Payments Change Payment Mode Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Select your online bank account or debit/ credit card to make the payment Step 3: Authenticate and confirm your payment details and receive online confirmation 2. How can I check policy status for Aviva Life ULIP plans? As a registered user, you must log into the e-portal with your Client ID and password to check the policy status. 3. What is the policy renewal process for Aviva Life ULIP plans? Online Policy Renewal facility is available to all Aviva customers. The process is as follows; Step 1: Login into e-portal with your Client ID and password. Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- NEFT, Credit Card/Debit Card Step 4: Authenticate and confirm your payment details and print out the payment receipt 4. What is the companys process to settle claim for Aviva Life ULIP plans? For Aviva Health Plus policyholders, Cashless facility is permitted in case of for surgery or hospitalization. For others the process is as follows; Step 1: Complete the claim form As per your policy T&C and options, you need to duly fill the forms for claims against riders, hospital cash benefit, death benefit, gratuity and group term insurance. Step 2: Arrange for correct documents Based on the claims made, you need to attach the correct supporting documents. You can submit the documents in original or photocopies attested by a Gazetted officer or Magistrate. Step 3: Arrange for medical reports for medical related claims In case of hospitalization or surgery; produce the relevant medical reports and bills, issued by the attending physician, who is qualified to issue such a report. Upon completion of the above-stated documentation, submit them to your nearest AVIVA branch office. Alternatively, you can send the documents to us by post: Our Address: Claims Department Aviva Life Insurance Company India Limited Aviva Towers, Sector 43, Opposite DLF Golf Course, Sector 43, Gurgaon 122003 5. What is the policy cancellation process for Aviva Life ULIP plans? The Aviva Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their units will be calculates at the current market rates, if documents are submitted before 3:00 PM, else the next days market rates will be used to calculate unit price.