Details About Premium Sum Assured – Option B: 5 x Single Premium Policy DetailsofAviva Life Bond Advantage Plan Grace Period: Since it is a single payment plan, there is no Grace Period under the policy. Surrender or Termination of Policy: The policyholder can surrender the plan after the completion of first five policy years. The policy terminates right after the fund value is paid out the policyholder. If the policyholder surrenders before the end of the initial five years, life coverage ceases, and the Fund Value is sent to the Discontinued Policy Fund. The policy will be terminated if it is not revived within the period allotted for revival. Moreover, as soon as the final benefits are paid out, the policy gets terminated. Free Look Period: Free Look period is a limited span of time when the policyholder is allowed to go through the policy in details. If he/she is not happy with the benefits offered by the plan, he/she is allowed to cancel the policy within this period. In return, he/she will get the fund value along with the premium that are not yet allocated. Inclusions The policyholder can opt for the Settlement option in which his or her money remains in the fund even after maturity and is paid to the policyholder at regular intervals over a period of five years. The amount received is based on either fixed units per payout or fixed amount per payout on a monthly, quarterly, half-yearly or yearly basis via cheque or Direct Credit/ECS. A Top-up premium is allowed anytime before completion of the policy term on the condition that all premiums have been paid. The minimum Top-up premium amount is Rs. 5000. The policyholder is allowed to switch between the seven unit-linked funds any time during the policy term. Under the Systematic Partial Withdrawal option, on the completion of five policy years, an amount of the Fund Value, at the time of the start of the Systematic Partial Withdrawal, is paid to the policyholder from his/her unit account, as structured and regular payouts. Additional Features or Riders The policy can be revised if the policyholder applies for renewal within 2 years from the date when the first premium remained unpaid. The policyholder can reduce the Sum Assured amount depending on the protection needs. A number of charges are applicable under this plan. They include: Premium Allocation Charge, Policy Administration Charge Fund Management Charges Mortality Charges Switching Charge Miscellaneous Charges Exclusions In case of suicide committed within the first year of the policy, the insurance cover gets void. The insurance company, in that case, will pay out the Fund Value. The fund value will be the amount as recorded on the day the insured died. Accidental death due to drug abuse Accidental death occurred under the influence of alcohol Accidental death caused by racing (not in case of swimming and athletics). If the deceased had any functional or mental disorder. If the deceased used to participate in risky activities, which resulted in his/her death. Death in war or riots.
