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

Aviva Life Saver Plan Charges

Premium Allocation Charges

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.

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