Aviva Life Bond Advantage Plan is a non-participating, unit-linked insurance plan designed to not only provide you and your family protection but also help your savings grow. This particular plan allows you to invest in upto seven funds. You can also withdraw a certain amount of money from your funds post the completion of five years policy term.
Before you decide to buy this plan, it is important to know whether you are eligible for it or no. The eligibility criteria for this particular plan are given below:
|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 policyholder’s last birthday.
Sum Assured is the minimum amount you or the nominee will be paid by the insurer as and when your policy attains maturity. The sum assured will not contain any bonuses or benefits you might be entitled to.The minimum and maximum sum assured for this particular plan is given below:
|Minimum Sum Assured||1.25x single premium|
|Accidental Death Benefit Sum Assured||Rs.50 lakh|
|Top-up Sum Assured||1.25 times of the top-up premium paid|
|Base Sum Assured||1.25 times the Single Premium|
The premium payable will be decided during the inception of the policy. The premium will be paid only once by you since the premium payment term for this term being single. All the relevant information on the premiums for this plan are given in the table below:
|Policy Term||10 to 73 years.|
|Premium Payment Term (PPT)||Single Premium|
|Lock-In Period for Single Premium||5 years from the date of purchase of the policy|
|Lock-In Period for Top-up Premium||5 years from the date of allocation of top-up premium|
* Premiums will vary based on age, location, plan term, GST, and other factors.
|Death Benefit||Death Benefit will be payable in case of death of the insured. The nominee will be entitled to be paid:
|Maturity Benefit||If your policy attains maturity, you will be paid the fund value as maturity benefit.|
|Loyalty Additions||There will be certain additions made to your fund value after you complete the first 10 years of your policy term, where 4% of your fund value will be added to your fund(s). Subsequently, as you complete other 10 years of your policy, 2% of your fund value will be added to your fund(s).|
There are no riders or add-On Plans that one can purchase along with this plan.
There is a suicide exclusion which comes with this plan. If the insured commits suicide within 12 months of the date of purchase of the policy, the nominee will be entitled to the fund value.
|Grace Period||There is no grace period for this plan.|
|Free Look Period||You can return the plan within 15 days of the date of the purchase of the plan if you don’t agree with the terms and conditions.|
|Investment Funds||You have the option of investing in upto seven funds. You can either allocate 100% of your investment in one fund or proportionately allocate your investments in funds of your choice. The funds available are Protector Fund-II, Bond Fund-II, Balanced Fund-II, Growth Fund-II, PSU Fund, Infrastructure Fund and Enhancer Fund-II.|
|Complete Withdrawal||You can completely withdraw all the money in your fund after the lock-in period. The policy post withdrawal will cease to exist.|
|Partial Withdrawal||You will be allowed to withdraw a certain amount of money from your fund(s) after the completion of five policy years. One cannot make more than four partial withdrawals in a policy year. The minimum amount that can be withdrawn from each fund is Rs.5,000.|
|Settlement Option||This option allows you to keep your money in your funds even after attaining maturity, allowing you to reap the benefits systematically over a period of 5 years. To avail this option, a written letter needs to be submitted 15 days prior to the policy attaining maturity.|
|Unit Switches||You can adjust your investments in different funds and change from one fund to another at any given point of time in a policy year. You may partially or fully switch your investments from one fund to another fund.|
|Top-up Premium||You can make additional lump sum investments anytime during a policy term except for the last five years of your policy.|
You will be eligible for various tax benefits under this plan, under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Tax laws are subject to amendments, hence it is advisable to consult a tax advisor in case of any tax related queries.
Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.
The Life Bond Advantage Plan is not only designed to provide you a life cover but various other benefits as well. Apart from tax/maturity benefits that you get, you have the option to invest in various funds of their choice. The option to withdraw money from your funds, both completely and partially and switch from one fund to another makes it one of the most popular insurances plans.
Aviva Life Insurance is a joint venture between Aviva International Holdings Limited and Dabur Invest Corporation. Aviva boasts of having more than 40 million customers across 30 countries. Aviva is a recipient of various awards including a Gold for ‘What’s Your Big Plan’ in the ‘Most Effective Insurance Marketing Campaign of the year’ category at the 2014 DMAi awards.
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