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