• Aviva Dhan Vriddhi Plus Retirement Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Everyone looks forward to their sunset years, a time when can relax, sit back and reap the rewards of all the hard work that was done during their youth.  However, enjoying the retirement phase can only be possible through proper planning and saving a good amount of money. In order to help plan this better, a number of insurance providers have introduced retirement plans that also come with a number of other benefits and features, so as to enable an individual to live out his/her retirement period in dignity.

    One such plan is the Dhan Vriddhi Plus Retirement Plan by Aviva Life. This traditional, participating insurance plan enables individuals to save a certain amount of money systematically every month and thereby build a corpus. A number of advantages can be availed through this endowment insurance policy such as a bonus at policy maturity and tax benefits.

    Eligibility - Who is the Aviva Dhan Vriddhi Plus Retirement Plan for?

    In order to avail this insurance policy, individuals will have to fulfill the predetermined eligibility criteria that is listed below:

    Minimum Age of Entry 18 years
    Maximum Age of Entry 50 years
    Age at Maturity 70 years
    Premium Payment Tenure 5 years/7 years/11 years
    Policy Tenure 20 years

    All ages are based on previous birthday of the individual.

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

    Sum Assured:

    The amount of sum assured will vary based on the premium payment term and the age of entry, among other factors.

    Sum Assured In case premium payment tenure is 5 years -
    • Minimum sum assured is Rs.5 lakh when age of entry is between 18 years to 45 years.
    • Minimum sum assured is Rs.10 lakh when age of entry is between 46 years to 50 years.
    In case premium payment tenure is 7 years -
    • Minimum sum assured is Rs.5 lakh
    In case premium payment tenure is 11 years -
    • Minimum sum assured is Rs.3 lakh
    For all of the above premium payment tenures, the maximum sum assured that can be availed is Rs.5 crore.

    Premium:

    The premium range varies based on the needs and requirements of the policyholder, among other factors.

    Minimum Annual Premium Rs.21,258 and this is exclusive of GST or extra premium, if applicable
    Maximum Annual Premium Rs.4,868,500 and this is exclusive of GST or extra premium, if applicable
    Frequency of Premium Payment Annual

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan Coverage - What the Aviva Dhan Vriddhi Plus Retirement Plan covers

    Benefits Details
    Maturity
    • This benefit will be paid in case the policyholder survives until maturity of the policy.
    • As part of this benefit, policyholders will avail 100% of all premiums that have been paid along with vested simple reversionary bonuses and terminal bonus, if any.
    • GST and additional premium will not be part of the maturity benefit amount.
    • This benefit will be paid only if all due premiums have been paid and the plan will terminate thereafter.
    In case policy has acquired paid-up status, the following will be provided -
    • Paid - up value which is the sum of all premiums that have been paid along with terminal bonus, if applicable will be paid. These premiums will not include GST or extra premiums.
    Death Benefit In case of untimely demise of policyholder, the following benefits will be paid -
    • Death sum assured and
    • Vester simple reversionary bonus and
    • Terminal bonus, if any
    Death Sum Assured in this case is a higher of the following:
    • 10x annualised premium and excludes GST or additional premium paid
    • 105% of all premiums that have been paid as on the date of policyholder’s death and excludes GST or additional premium paid
    • Sum assured of the policy
    • Maturity Sum Assured of the plan
    The above benefits will only be paid if all due premiums have been paid until then. In case policy has acquired paid-up status, the following will be provided -
    • Paid-up sum assured which is (Death Sum Assured x number of premiums paid/ total number of premiums that are payable under the policy) will be paid along with terminal bonus and vested simple reversionary bonus, if applicable.

    Riders / Add-On Plans – Additional coverage under the Aviva Dhan Vriddhi Plus Retirement Plan covers

    For information regarding this, individuals can contact the insurance policy provider directly.

    Exclusions - What the Aviva Dhan Vriddhi Plus Retirement Plan does not cover

    In case of death of policyholder due to attempted to actual suicide, whether sane or insane, within a period of 12 months from date of policy inception, the nominee will receive 80% of all premiums that have been paid and this does not include payment for GST or extra premiums, as long as the policy is in force.

    In case of death of policyholder due to attempted to actual suicide, whether sane or insane, within a period of 12 months from date of policy revival, the nominee will receive 80% of all premiums that have been paid and this does not include payment for GST, Surrender Value or extra premiums, as long as the policy is in force.

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

    Free-look period In case the policyholders are not satisfied with the plan, they have the option to return the same within a period of 15 days from receipt of document along with stated reasons. Aviva Life will refund the premium that has been paid after expenses such as stamp duty, has been deducted.
    Lapsation/Revival In case less than two years’ premium has been paid-
    • In case the due premium has not been paid within the expiry of the grace period during the first two years of the policy, the policy will lapse without having acquired any paid up value.
    • This policy can be revived within a period of two years from date of the very first unpaid premium once all due premiums along with interest has been paid (9% per annum, compounded monthly).
    • In case the lapsed policy has not been revived within a period of two years from date of the very first unpaid premium,then 30% of the annual premium will be paid at the end of the revival period and the policy will cease.
    • In case of untimely demise of policyholder during the revival period after the grace period has expired, 100% of annual premium excluding GST will be paid and policy will cease.
    In case a minimum of two years’ premium has been paid -
    • This policy will acquire the status of  a paid-up policy with reduced benefits.
    Surrender Value Policyholders can surrender the plan as long as a minimum of two policy years’ premiums have been paid. Surrender value that can be paid will be greater of the Special Surrender Value and Guaranteed Surrender Value.
    Bonus
    • Simple Reversionary Bonus is a percentage of the sum assured will become guaranteed once declared and will continue to remain attached to the policy. This amount will be paid at policy maturity or death of policyholder.
    • Terminal Bonus is expressed as a percentage of sum assured and if declared, will be paid on policy termination due to maturity or death surrender.
    Grace Period Policyholders have a period of 30 days within which they will have to pay their premium.
    Loan This facility is not available with this plan.
    Assignment Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938.
    Nomination Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938.

    Tax Benefits – How you can save with the Aviva Dhan Vriddhi Plus Retirement Plan

    Policyholders can avail tax benefits under the plan as per provisions of Section 80C and 10(10D) of the Income Tax Act of 1961. However, as tax benefits are subject to variations from time to time, policyholders are asked to consult their tax advisors prior to availing the plan.

    Other benefits - How you can save with the Aviva Dhan Vriddhi Plus Retirement Plan

    In addition to the number of beneficial plans provided by Aviva Life, a number of other advantages can also be procured such as the following:

    • Free Quote - Customers have the option to find out sample quotes regarding their insurance policy for free, by just entering a few details such as name and age. This will help individuals in planning better.
    • Online Calculator and planner - Individuals can use the online calculator facility to find information regarding their premium and tax amounts. Additionally, individuals can avail the wealth planner or child education planner or any of the other numerous planners available on their website to better understand their goals and steps need to achieve them.
    • Customer Care - Aviva Life boasts of a robust customer care service to help customers with regard to any of their queries and ensuring that their experience is smooth.
    • Premium Payment - Thanks to the state-of-the-art technology employed by Aviva Life Insurance customers can pay their premium, renew their policy or even buy insurance plans online by visiting the Aviva Life Insurance website.

    Why you should buy the Dhan Vriddhi Plus Retirement Plan from Aviva Life?

    A joint venture between prolific companies, Aviva Life Insurance Company is known for its unique and advantageous plans. This insurance company has the best of both Aviva International Holdings Limited and Dabur Invest Corp and works to ensure that all individuals avail the benefits of insurance policies.

    This company boasts of numerous customers across the country and is one of the very companies in the country that introduced the concept of modern unit-linked policies. Aviva Life Insurance has over 100 branches across the country and employs more than 13,500 advisors who help individuals plan their finances. With the aim of becoming one of the leading insurance providers in the company, Aviva Life Insurance provides a number of other benefits and advantages such as a robust customer care service. As a testament to its products and services, Aviva Life Insurance has been the recipient of a number of awards such as ‘Certificate of Excellence’ at the PR Week Asia Awards in Hong Kong in 2014 and gold for ‘What’s Your Big Plan’ campaign in the year 2014 at the DMAi awards.

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