• Aviva Live Smart 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 Live Smart Plan

    The Live Smart Plan offered by Aviva Life Insurance Company is a non-participating, unit-linked, endowment policy. This plan offers policyholders a high risk cover. Nominees receive the Sum Assured and the Fund Value, if the policyholder meets with an untimely death. Further, the additional in-built Accidental Death Benefit provides extra protection for the life assured and his/her family. For this plan, the minimum premium to be paid is Rs.50,000. Policyholders are entitled to receive tax benefits, under this policy.

    Eligibility - Who is the Aviva Life Insurance Live Smart Plan for?

    Policyholders who wish to purchase this plan need to meet the insurer’s eligibility criteria, which is listed below:

    Parameters Criteria for eligibility
    Minimum age at entry 2 years, provided the age at maturity is not lesser than 18 years.
    Maximum age at entry 50 years, provided the age at maturity does not exceed 65 years.
    Minimum age at maturity 18 years
    Maximum age at maturity 65 years

    *Ages mentioned are as on the life assured’s last birthday.

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

    Sum Assured

    The Sum Assured is an amount of money that will be payable to you or your nominee, by the insurer. For this plan, the minimum sum assured amount will be the multiple of your annual premium, but will have to fall within the minimum and maximum limits given below.

    Minimum Sum Assured Multiple
    • Lesser than 45 years of age: 10 or 0.5 times the Policy tenure, whichever is highest
    • More than or equal to 45 years of age: 10 times the policy tenure
    Maximum Sum Assured Multiple Same as the tenure of the policy
    Top-Up Sum Assured Top-up premium times 1.25
    Accidental Death Sum Assured Same as the Base Sum Assured, provided it doesn’t exceed Rs.50 lakh

    Premiums*

    You will have to pay your insurer a premium, on a regular basis, in order to keep your life cover running. The various features related to your premiums are listed below:

    Minimum term of the policy 15 years
    Maximum term of the policy 30 years
    Premium Payment Term Equal to policy tenure
    Life Cover Ceasing Age
    • Base Policy: 65 years
    • ADB cover: 60 years
    Minimum Annual Premium Amount Rs.50,000
    Maximum Single Premium Amount No limit, but is subject to the company’s approval
    Minimum Top-Up Premium Amount Rs.5,000
    Maximum Top-Up Premium Amount The top-up premium amount should not be higher than the base premium amount
    Premium Frequency Yearly
    Lock-In Period For Base Policy: 5 years from when the policy is purchased For Top-Up Premiums: 5 years from when the top-up premium is paid

    *Premiums vary based on age, location, plan term, GST, and other factors

    Plan Coverage - What the Aviva Life Insurance Live Smart Plan covers

    Death Benefit Aviva Life will pay the nominee the following, as the death benefit:
    • Fund Value pertaining to regular premiums and the highest of either the base sum assured or 105% of the regular premiums, and
    • Fund Value pertaining to top-up premiums and the highest of either 105% of the the top-up premiums or the top-up sum assured
    The nominee will also receive the Accidental Death Cover Sum Assured, as part of the death benefit.
    Maturity Benefit The insurer will pay the fund value pertaining to both regular premiums and top-up premiums, and loyalty additions, as the maturity benefit.

    Riders/Add-On Plans – Additional coverage under the Aviva Life Insurance Live Smart Plan

    There are no additional riders that are available for the policyholder to purchase along with this policy. However, the Live Smart Plan comes with an in-built Accidental Death Cover.

    Exclusions - What the Aviva Life Insurance Live Smart Plan doesn’t cover

    The Live Smart Plan from Aviva comes with a suicide exclusion for non-accidental death. If the life assured commits suicide within 1 year from the date of commencement/revival of the policy, the insurer will only pay the Fund Value to the nominee.

    The Accidental Death Cover Sum Assured will only be payable if the life assured’s death is not caused due to any of the following:

    • Consumption of drugs or alcohol
    • Self-inflicted injuries or attempted suicide
    • Criminal acts
    • Failure to follow the medical practitioner’s advice or treatment
    • Aviation activities, except for flying as a passenger in a recognized airline
    • Racing activities, except for swimming or athletics
    • Acts of war, hostility, riots, invasion, rebellion, insurrection, usurped power, etc.
    • Nuclear accidents
    • Extreme sports, such as potholing, hot air ballooning, etc.

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

    Free-Look Period If you are unsatisfied with the policy terms and conditions, you can return it within the free-look period, which is limited to 15 days, for this policy. If the policy was purchased through distance marketing modes, the free-look period will be 30 days.
    Loyalty Additions You will also receive guaranteed loyalty additions, which will be a certain percentage of your fund value, on certain policy anniversaries.
    Lock-In Period The lock-in period for this policy is 5 years from the date of commencement of the policy. Discontinued policy proceeds will not be paid to you during this period.
    Discontinuance of Policy Discontinuance of the insurance policy can occur if you do not pay your due premiums or if you surrender your policy. Discontinuance can take place during the lock-in period or after the lock-in period.
    Partial Withdrawal Policyholders can partially withdraw from funds pertaining to your regular premiums after 5 policy years, and funds pertaining to your top-up premiums 5 years after the date of payment of the top-up. The policyholders can make a maximum of 4 withdrawals each policy year, and the minimum amount that you withdraw needs to be at least Rs.5,000. In order to partially withdraw, you need to be a minimum of 18 years.
    Reduction of Sum Assured Policyholders can reduce their Sum Assured, as long as their Sum Assured Cover Multiple is more than the minimum amount that’s required for this policy.
    Choice of Funds Policyholders can invest in one or more of the funds listed below, either in part or whole. The funds are:
    • Balanced Fund – II
    • Bond Fund – II
    • Enhancer Fund – II
    • Growth Fund – II
    • Infrastructure Fund
    • Protector Fund – II
    • PSU Fund
    Top-Up Premiums In order to increase your investment, you can make an extra top-up premium any time during the policy tenure, except for the last five years. You will need to inform the insurer of which fund you want to invest your top-up premiums in.
    Unit Switches and Premium Re-direction The investment fund you opted for at the inception of the policy is not permanent and can be changed during the policy tenure, either in full or in part. You also have the added option of re-directing your premiums to different funds.
    Charges While being enrolled under this policy, you will have to pay the insurer certain charges, including the premium allocation charge, fund management charge, policy administration charge, mortality charge, discontinuance charge, switching charge, and miscellaneous charges, which include taxes.
    Assignment Assignment is allowed under Section 38 of the Insurance Act, 1938.
    Nomination Nomination is permitted under Section 39 of the Insurance Act, 1938.

    Tax Benefits – How you can save with the Aviva Life Insurance Live Smart Plan

    Apart from the many benefits already offered to you and your nominee by this policy, you can also use this policy to claim for tax benefits. However, tax laws are subject to change without prior notice, and you must consult with a tax advisor to be notified of any changes.

    Other Benefits – How you can save with the Aviva Life Insurance Live Smart Plan

    • Meet with an Advisor: If you have any queries about which insurance product is the best for you, you can opt to meet with an insurance advisor, through Aviva’s website.
    • Customer Care: If you need to contact an Aviva representative for any queries or difficulties that you may be facing, you can reach out to the Customer Service team, through various means, such as the dedicated toll-free number 1800-103-7766, SMS, email, request for call-back, or use the Branch Locator feature on the insurer’s website and walk-in to the nearest branch.
    • Fund Performance: You can view and track the performance of various funds on Aviva’s website.
    • Digital Premium Payment: You can pay your regular premiums and top-up premiums through Aviva Life’s website. The payment channels you can choose from include, Direct Debit Instructions, Credit Card over IVR, Airtel Money, EBPP, NEFT, etc. You can also pay your premiums through any of the insurer’s branches, Axis Bank, Yes Bank, or ICICI Bank branches, or any Common Service Centre (CSC).

    Why you should buy the Live Smart Plan from Aviva Life Insurance Company

    The Live Smart Plan from Aviva offers the policyholder a comprehensive life protection and the nominee a substantial death benefit if the policyholder passes away. This policy also offers members the option to choose between 7 different investment funds, and reap its returns. By way of a top-up premium, the life assured can also choose to increase his/her savings and coverage limit during the policy term.

    Aviva Life Insurance Company is a joint venture between the Aviva Group and Dabur Invest Corp, and was setup in the year 2002. The insurer has a wide presence across India and has around 108 branches. They have a wide range of insurance products for both individuals and groups and 13,500 plus insurance advisors. The company has a Claim Settlement Ratio of 90.60% for the financial year 2016-2017.

    *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.