Aviva Live Smart Plan

Aviva Live Smart Plan

Overview

Aviva Live Smart PlanTM is a non-participating Unit Linked endowment plan designed to meet your future financial needs by helping you invest as per your risk-taking capacity.  It also offers a high life cover to protect your family in case of your sudden death. This life cover includes both the Sum Assured & Fund Value, thus providing you complete peace & comfort.

  • Flexibility to choose investment term between 15 to 30 years
  • Comprehensive protection in case of death – Higher of Sum Assured or 105 percent of all premiums paid plus the Fund Value to address immediate financial concerns of your dependents
  • Option to choose from 7 investment funds 
  • Loyalty addition to enhance fund value at various durations of time after the first ten years of the policy
  • Flexibility to use your money in case of emergency through partial withdraws
  • Pay top-up premiums to increase the savings element along with a nominal life cover 

Specifications

Minimum entry age (last birthday)

2 years last birthday, subject to the condition that the age at maturity  of life insured will not be less than 18 years last birthday

 

Maximum entry age (last birthday)

 

 50 years last birthday, subject to the condition that the age at  maturity of life insured  will not be higher than  65  years last  birthday

 

Maturity Age (last birthday)

Minimum: 18 years last birthday

Maximum: 65  years last birthday

Policy Term (PT)

Any integer between 15  to  30 years (subject to minimum and maximum maturity age)

Premium Payment Term (PPT)

 

 

Same as Policy Term

 

 

Maximum Cover Ceasing Age

 

Maximum Cover Ceasing Age

Base Life Cover

 65 Years

In-Built Accidental Death Cover

  60 Years

 

 

 

 

 

 

 

 

                                No Risk Premium/Charge will be deducted after expiry of the respective cover.

Base Sum Assured

Sum Assured can be selected as a multiple of Annual Premium between minimum and maximum limits as defined below:

Minimum Sum Assured Multiple:

Entry Age

Minimum Cover multiple

 <45

10 or 0.5 * Policy term, whichever is higher

>=45

10

Maximum Sum Assured Multiple: Same as policy term

(e.g. for Policy Term of 25 years, the maximum Cover Multiple allowed is 25 times)

In-built Accidental Death Sum Assured: Equal to Base Sum Assured, subject to maximum of Rs. 50 lacs including existing Accidental Death Benefit issued by Aviva.

Top-up Sum Assured

1.25 x Top-up premium

Annual premium

Minimum: Rs 50,000 per annum

Maximum: No limit, subject to Board approved underwriting policy

Top-up premium

Minimum Rs 5,000;

Maximum: Sum of Top-up Premiums should not exceed Sum of regular premiums paid as on date of top-up, subject to  Board approved underwriting policy

Premium frequency

Yearly

Lock-in-Period for Regular Premium

5 Years from the date of commencement of the Policy

Lock-in-Period for Top-up Premium

5 Years from the date of payment of Top-up Premium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits That I Will Receive

Comprehensive Protection: Death benefit that offers comprehensive protection to you and your family in case of your unfortunate death by:
    -Paying higher of chosen Sum Assured or 105 percent of all premiums paid plus the Fund Value to address immediate financial concerns of your dependents
    -Additional accidental death cover in case you are major and die because of an accident 

 

Maturity Benefit: On maturity, value of units pertaining to regular premium, top-up premium, if any, along with the loyalty addition shall be paid

 

Investment returns: Obtain investment returns with:
   -Choice of 7 unit linked funds – Balanced Fund-II, Bond Fund-II, Enhancer Fund-II, Growth Fund-II, Infrastructure Fund, PSU Fund and Protector Fund-II depending on your investment objectives

 

Greater convenience: 
-Flexibility to increase the level of savings as well as more coverage during the policy term through the option of paying a top-up premium 
-Easy liquidity through free partial withdrawals after 5 years

 

Tax Benefits: Tax benefits will be applicable as per section 80C, 80D and 10(10D) of Insurance Act 1961. Tax laws are subject to change
 

 

Easy Steps to Plan

Step 1

Decide the corpus you wish to build for your long term needs and the time when the same should be available. This will influence the choice of premium and the Policy Term.

Policy Term (PT): 15 to 30 years
Minimum maturity age: 18 years
Maximum maturity age: 65 years

Step 2

Choose the level of protection you desire. This should be reflected through:
•Level of Life Cover (Sum Assured)  you choose and

 

•Life Cover - 10 to 30 times of annual premium depending on age and policy term  
 

Step 3

Choose the amount of premium you wish to pay which will be determined by steps 1 and 2. Also choose the Premium Payment Term (PPT) and Premium Payment Frequency (PPF) based on your convenience.

•Minimum Annual Premium: Rs. 50,000; Maximum: No limit

•Premium Paying Term (PPT): Equal to Policy Term 

•Premium frequency: Yearly  

Step 4

Choose the funds you wish to invest in. The funds available for you investment are: 

Balanced Fund-II, Bond Fund-II, Enhancer Fund-II, Growth Fund-II, Infrastructure Fund, Protector Fund-II, PSU Fund
For details refer to the “investment options” section in product brochure

 

What are the charges I am paying?

The policy will attract charges under various heads. The details of the same are given below:

 

Premium Allocation Charge: 

Policy Year

Regular Premium

Top-up Premium

1

  9%

          2%

2

  7%

3-10

  6%

11 onwards

  3%

Fund Management Charge (FMC): 1.35% p.a. will be applied for all funds except Discontinued Policy Fund. For more details refer to key feature.

Policy Administration Charge: 

Policy Year

Policy Admin Charge (per month)

1

Nil

2-5

0.02% of Annual Premium, subject to maximum of Rs. 400

6 onwards

0.30% of Annual Premium, subject to maximum of Rs. 400

Policy Administration Charge is applicable throughout the policy term.

Mortality Charge: Refer to the policy brochure

For further details, please refer to the policy brochure