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.
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
Bond-II
Protector-II
Balanced-II
Growth-II
Enhancer-II
Infrastructure
PSU
Index-II
See Also: Types Of Unit Linked Insurance Plans
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 |
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
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