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  • Aviva Affluence Savings Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Offering customers financial security through life coverage and a return on investment, Aviva Life Insurance has rolled out the Aviva Affluence Savings Plan. With the Aviva Affluence Savings Plan, policyholders can choose between 7 fund options to invest in - depending on the risk profile of the fund. The Aviva Affluence Savings Plan also comes with the benefit of an in-built Accidental Death Rider.

    Eligibility - Who is the Aviva Affluence Savings Plan for?

    To be eligible for the Aviva Affluence Savings Plan, customers need to meet certain criteria with regard to the entry age and the maturity age.

    Parameters Details
    Minimum Entry Age 2 years
    Maximum Entry Age 50 years
    Minimum Entry Age 18 years
    Maximum Entry Age For 5 year Premium Paying Term: 60 years For 7 year/10 year/15 year Premium Paying Term: 65 years For 16 to 30 years Premium Paying Term: 70 years
    Policy Term 15-30 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured: The sum assured depends on the entry age of the policyholder and the premium chosen by the policyholder.

    Premium: The minimum premium amount for the Aviva Affluence Savings Plan is Rs.1 lakh per annum. There is no limit on the premium contribution with this plan.

    Parameters Details
    Minimum sum assured For policyholders that have subscribed to the policy before 45 years, the sum assured is 10 times the annualised premium or 0.5% of the policy term - whichever is higher. For policyholders subscribing to the Aviva Affluence Savings Plan after the age of 45 years, the sum assured is 10 times the annualised premium.
    Maximum sum assured For policyholders less than 45 years during the initiation of the policy, the maximum sum assured for the 5 year/7 year/10 year premium paying terms is 10 times the annualised premiums or 0.5% of the policy term. For policyholders less than 45 years during the initiation, the maximum sum insured for the 15-30 year policy term is equal to the policy term. For policyholders more than 45 years during the initiation of the policy, the maximum sum assured for the 5 year/7 year/10 year premium paying terms is 10 times the annualised premiums. For policyholders more than 45 years during the initiation of the policy, the maximum sum insured for the 15-30 year policy term is equal to the policy term.
    Premium Minimum: Rs.1 lakh Maximum: No limit
    Premium Paying Term 5 year/7 year/10 year/15 year - 30 year
    Premium frequency Annual

    Plan Coverage - What the Aviva Affluence Savings Plan covers

    The Aviva Affluence Savings Plan comes with maturity and death benefits.

    Death benefit In case of untimely death of the policyholder, the nominee is liable to a higher of:
    • The sum assured
    • Or fund value
    • Or 105% of the premiums paid till date.
    In the case of top-up premiums, the nominee is entitled to a higher of:
    • Top-up sum assured
    • Or Fund value of the top-up premium
    • Or 105% of the top-up premiums.
    Maturity benefit On survival till the maturity of the policy, the policyholder is entitled to the sum assured and the fund value at that point.

    Riders – Additional coverage under the Aviva Affluence Savings Plan

    The Aviva Affluence Savings Plan comes with the benefit of an Accidental Death Rider. The Accidental Death Rider grants a lump sum payout to the nominee of the policyholder in case of untimely death of the policyholder. The premium and coverage is equivalent to the base plan.

    Exclusions - What the Aviva Affluence Savings Plan doesn’t cover?

    If the policyholder commits suicide within 12 months from the commencement of the Aviva Affluence Savings Plan, only the fund value at that point will be payable to the nominee. No other benefits are applicable in this case.

    Accidental Death Rider exclusions:

    The Accidental Death Rider benefit will not be payable if death occurs from the following circumstances:

    • Death caused from consumption of drugs or alcohol.
    • If the insurer is involved in any crime leading to his/her death.
    • Death caused by suicide or self-inflicted injury.
    • Failure to seek advice from a medical practitioner.
    • Death caused by flying activity except in the case of a commercial pilot.
    • Death caused in any sports activity.
    • Death arising from war, riots, civil unrest, etc.
    • Radioactive substance or nuclear contamination leading to death.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The Aviva Affluence Savings Plan comes with key features such a lock-in period, grace period, free-look period and so on.

    Lock-in period The Aviva Affluence Savings Plan comes with a lock-in period of 5 years. During the lock-in period, no partial withdrawals can be made except in case of the untimely death of the policyholder.
    Top-ups Policyholders can make premium top-ups. The minimum top-up is Rs.5,000.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder feels the policy does not suit his/her needs, the policy can be returned.
    Grace period Policyholders are granted a grace period of 30 days to pay their premiums. All benefits are applicable during the grace period.
    Discontinuance If the policyholder discontinues the policy within the lock-in period, the fund value at that point will be granted. If the policyholder discontinues the policy after the lock-in period, the sum assured or 105% of the premiums paid or the fund value will be paid to the policyholder.
    Partial withdrawal After the Aviva Affluence Savings Plan lock-in period (5 years), policyholders can make partial withdrawals from the fund. The minimum partial withdrawal is Rs.5,000.

    Tax Benefits – How you can save with the Aviva Affluence Savings Plan?

    In accordance with the Income Tax Act 1961, policyholders of the Aviva Affluence Savings Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

    Other Benefits – How you can save with the Aviva Affluence Savings Plan?

    Policyholders enrolled with the Aviva Affluence Savings Plan have the option of investing in 7 different fund options depending on the risk profile of available funds. Listed below are the fund options policyholders can invest in with the Aviva Affluence Savings Plan.

    Fund Investment Risk Profile
    Balanced Fund-II Debt: 25 - 100% Money Market: 0 – 40% Equity: 0 – 45% Medium
    Bond Fund-II Debt: 60 - 100% Money Market: 0 – 40% Equity: 0% Low
    Enhancer Fund-II Debt: 0 - 40% Money Market: 0 – 40% Equity: 60-100% High
    Growth Fund-II [ Debt: 0 - 40% Money Market:0 – 40% Equity: 60 – 100% High
    Infrastructure Fund Debt: 0 - 40% Money Market: 0 – 40% Equity: 60 – 100% High
    Protector Fund-II Debt: 25 - 100% Money Market: 0 – 40% Equity: 0 – 20% Low
    PSU Fund Debt: 0 - 40% Money Market: 0 – 40% Equity: 60 – 100% High

    Why you should buy the Aviva Affluence Savings Plan from Aviva Life Insurance?

    The Aviva Affluence Savings Plan comes with the benefit of financial security for the policyholders and his/her dependents in a time when they need it the most. Apart from a life coverage, policyholder can invest in funds and get a return on investment - which varies with the risk value of the fund chosen by the insurer.

    Founded in 2002, Aviva India Life Insurance is quickly becoming one of the fastest growing insurers in the country. In the year 2016-2017, Aviva India Life Insurance recorded a 82% claim settlement ratio, placing them in the top 20 insurance companies India with regard to claim settlements. Despite the claim settlement ratio not being the highest, Aviva’s average claim amount was the highest amongst all insurers in the country - at an average of Rs.8.2 lakh. Currently, Aviva India Life Insurance has a variety of insurance products on offer, giving customers in India a plethora of products to choose from - one that would suit their financial status and needs.

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