The LifeBond Advantage Plan from Aviva Life Insurance Company is a single premium, unit-linked, non-participating, savings-oriented insurance policy. One of the key benefits of this plan is that the life assured is given the option to choose between 7 different investment funds, based on their appetite for risk and returns that they expect. This plan also comes with an in-built Accidental Death Benefit, thus increasing the policyholder’s risk cover.
The Aviva Life Insurance LifeBond Advantage Plan is a single-premium policy, and the minimum premium that you must pay to purchase this policy is Rs.50,000. Policyholders are eligible for tax benefits, as per the prevailing tax laws, under this plan.
Before you purchase this insurance policy, you are required to meet certain criteria, such as:
|Parameters||Criteria for eligibility|
|Minimum age at entry||2 years|
|Maximum age at entry||65 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||75 years|
*Ages mentioned above are as on the life assured’s last birthday.
Sum Assured is a certain amount of money that is payable to you by the insurer. Insurers will need you to choose your Sum Assured amount at the inception of the policy, and hence policy buyers must ensure they choose an amount that is large enough to cover any future liabilities.
|Base Sum Assured||1.25 times the Single Premium|
|Accidental Death Benefit Sum Assured||Same as Base Sum Assured. Maximum ADB Sum Assured is Rs.50 lakh|
|Top-Up Sum Assured||1.25 times the top-up premium paid|
Details related to your policy tenure, premium payment tenure, premiums, etc. are listed below:
|Minimum term of the policy||10 years|
|Maximum term of the policy||73 years|
|Premium Payment Tenure||Single Payment|
|Minimum Premium Amount||Rs.50,000|
|Maximum Premium Amount||No limit|
|Minimum Top-Up Premium Amount||Rs.5,000|
|Minimum Top-Up Premium Amount||Up to the value of all premiums paid|
|Single Premium Lock-In Period||5 years from the inception of the policy|
|Top-Up Premium Lock-In Period||5 years|
*Premiums vary based on age, location, plan term, GST, and other factors
|Death Benefit||The following will be paid to the nominee, if the policyholder meets with an untimely death:
|Accidental Death Benefit (ADB)||If the policyholder is more than 18 years of age but is lesser than 60 years of age, and meets with death caused due to an accident, the insurer will pay the ADB Sum Assured.|
|Maturity Benefit||If the policyholder survives till maturity of the policy, he/she will be paid the Fund Value, as the maturity benefit.|
This plan comes with an in-built Accidental Death Benefit option. There are no additional riders that the policyholder can purchase along with this plan.
If the policyholder commits suicide within 12 months of purchasing the policy, the insurer will pay the nominee the fund value of the policy.
The Accidental Death Benefit Sum Assured will not be paid to the nominee if the death is caused, either directly or indirectly, due to the following reasons:
|Free-Look Period||You can review the policy terms and conditions and cancel the policy if you are not satisfied with it, within the 15-day free-look period.|
|Loyalty Additions||Loyalty additions will be added to the existing fund value of the policy, on certain policy years. On the anniversary of your 10th policy year, you will receive 4% of your policy’s fund value. On every subsequent 10th year anniversary after that, you will receive a 2% loyalty addition to your fund value.|
|Partial Withdrawal||Policyholders can start partially withdrawing their funds, after the completion of the first 5 policy years.|
|Settlement||Post maturity of your policy, you can continue to keep your fund investments intact for a period of 5 years.|
|Choice of Funds||You can choose between the following funds to invest in. You can choose to invest completely in any one of them, or split your investments between different funds.
|Top-Up Premiums||Policyholders are also given the option to make added investments, in a lump sum, during their policy tenure, except during the last 5 years. This added investment is called a top-up premium.|
|Unit Switches||Policyholders can switch their investments between the various funds, either in part or full.|
|Loan||Policyholders can’t take a loan against this policy.|
|Charges||The various charges that are levied, as per this policy are:
|Assignment||Assignment facility is provided, as per Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination facility is provided, as per Section 39 of the Insurance Act, 1938.|
All premiums, top-up premiums and benefits received by you are eligible for tax benefits, under this plan. Tax laws are subject to change without prior notice, and hence one must make sure to consult with a tax advisor.
The Aviva Life Insurance LifeBond Advantage Plan offers policyholders the flexibility of not only choosing an investment fund, but also the option to switch between funds, as per their changing needs. The maturity benefit, death benefit, in-built accidental death cover, loyalty additions, etc. will help you safeguard your family financially.
Aviva Life Insurance Company was set-up in the year 2002. The insurer currently has around 108 branches across India, over 13,500 financial advisors, and more than 33 million customers across different countries. The claim settlement ratio for the year 2016-2017 was 90.60%. The insurer offers prospective policy buyers a range of plans, in order to meet their various insurance requirements.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.