alexa

Search in Indianmoney's WealthPedia

Home Articles Review of Aviva Life Saver Plan Advantage

Review of Aviva Life Saver Plan Advantage

IndianMoney.com Research Team | Posted On Friday, November 19,2010, 01:04 PM

5.0 / 5 based on 1 User Reviews

Review of Aviva Life Saver Plan Advantage

 

 

What is Aviva Life Saver Plan?

Aviva Life Saver Plan Advantage is predominantly a savings plan that offers disciplined saving with high level of financial security for the family, in case something unpleasant happens.

Aviva Life Saver Plan Features

  • 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

  • Option to choose from 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

  • STP option available for safer entry into and exit from equities

Aviva Life Saver Plan Fund Options

  • Bond-II

  • Protector-II

  • Balanced-II

  • Growth-II

  • Enhancer-II

  • Infrastructure

  • PSU

  • Index-II

See Also: Types Of Unit Linked Insurance Plans

Aviva Life Saver Plan Detail Analysis

Minimum Age at Entry (without rider)

2 years

Maximum Age at Entry (without rider)

60 years

Minimum Age at Entry (with rider)

18 years

Maximum Age at Entry (with rider)

55 years

Minimum Age at Maturity

18 years

Maximum Age at Maturity

75 years

Policy Term

15, 20, 25 and 30 years

Premium payment term

Same as the Policy Term

Premium Payment Frequency

Annually, Half-yearly or Monthly

Minimum Premium

Rs 25,000

Maximum Premium

No maximum limit

Minimum Top-up Premium

Rs 5,000

Maximum Top-up Premium

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

Lock in period for Annual Premium

5 Years from the date of commencement of the Policy

Lock in period for Top-up Premium

5 Years from the date of Allocation of the Top up premium

Aviva Life Saver Plan Charges

Premium Allocation Charges

Policy year

Charges

Year 1

6%

Year 2

4%

Year 3

4%

Year 4

4%

Year 5

4%

Year 6

3%

For top-up

2%

Fund Management Charges (FMC)

A Fund Management Charge of 1.35% per annum will be applied on the fund while calculating the NAV on a daily basis.

Policy Administration Charges

Policy Administration Charge will be 0.1% of annual premium per month subject to a maximum of Rs 400 p.m. throughout the Policy Term.

Mortality Charges

Mortality charges will be by monthly cancellation of units from the unit account. Sample annual charges for a healthy male are given below.

Age

25

30

35

40

Amount

1.4250

1.4538

1.7938

2.6875

Switching Charges

First 12 switches in a policy year are free in a policy year. Subsequent switches are charged at 0.5% of the amount switched, subject to a maximum of Rs.500 per switch.

See Also: ULIP Charges in India

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.