• Aviva Life Bond Advantage Child 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

    Aviva Life Insurance LifeBond Advantage Plan

    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.

    Eligibility - Who is the Aviva Life Insurance LifeBond Advantage Plan for?

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

    Sum Assured

    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

    Premiums*

    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

    Plan Coverage - What does the Aviva Life Insurance LifeBond Advantage Plan cover?

    Death Benefit The following will be paid to the nominee, if the policyholder meets with an untimely death:
    • The highest of either the Fund Value of the regular premiums, 105 times the premiums paid, or the Base Sum Assured, and
    • The highest of either the Fund Value of the top-up premiums, the Base Sum Assured, or 105 times the top-up premium paid.
    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.

    Riders/Add-On Plans - Additional coverage under the Aviva Life Insurance LifeBond Advantage Plan

    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.

    Exclusions - What the Aviva Life Insurance LifeBond Advantage Plan doesn’t cover

    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:

    • Drug or alcohol abuse
    • Attempted suicide or self-inflicted injuries
    • Any act committed with criminal intent
    • Failure to follow a medical practitioner’s treatment/advice
    • Any aviation activity, except for flying as a passenger in a commercial airline, after paying the required charge.
    • Racing, except for swimming and athletics
    • War, rebellion, social disorder, riots, invasion, etc.
    • Nuclear accidents
    • High-risk activities, such as parachuting, mountaineering, etc.
    • Any condition for which the policyholder was diagnosed 48 months before purchasing the policy.

    Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

    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.
    Complete Withdrawal
    • If you withdraw your investment completely before the 5-year lock-in period, your risk cover will come to an end.
    • The fund value will go to the Discontinued Policy Fund, and will be given to you at the completion of the lock-in period.
    • If you completely withdraw your investment after the lock-in period, the fund values of the single and top-up premiums will be paid to you.
    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.
    • Protector Fund – II
    • Bond Fund – II
    • Balanced Fund – II
    • Growth Fund – II
    • Enhancer Fund – II
    • Infrastructure Fund
    • PSU Fund
    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:
    • Premium allocation charge
    • Fund management charge
    • Policy administration charge
    • Mortality charge
    • Switching charge
    • Taxes
    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.

    Tax Benefits – How you can save with the Aviva Life Insurance LifeBond Advantage Plan?

    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.

    Other Benefits – How you can save with the Aviva Life Insurance LifeBond Advantage Plan

    • Customer Care: For any queries or doubts, you can reach the insurer through various customer care channels, such as:
    • The toll-free number
    • Dedicated email ID
    • SMS facility
    • Request for call-back on the insurer’s website
    • Online Top-Up Premium Facility: If you wish to make a top-up premium payment during your policy tenure, you can do so by logging into your Aviva account, on the insurer’s website.
    • Track Fund Performance: Since you can invest in any fund of your choice and you will also have to bear all risks wholly, it is wise to track the performance of your investment fund regularly, on Aviva’s website.
    • Online Premium Payment: You can pay your premium amount through Direct Debit, Airtel Money, NACH, EBPP, NEFT, etc.
    • Filing Claims Online: Details related to the entire claims process can be found on the insurer’s website. Further, you can also intimate the insurer of your upcoming claims through the website.

    Why you should buy the LifeBond Advantage Plan from Aviva Life Insurance Company

    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.