Overview
Aviva LifeBond Advantage is a Single Premium unit linked insurance plan that offers you an opportunity to invest a lump sum for medium to long term together with Life Cover and flexibility to access your money after 5 years, besides the regular tax benefits through:
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7 unit linked funds as well as two options for life cover
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Extra financial protection through the inbuilt Accidental Death Benefit
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Opportunity for additional investment with a nominal life cover (top-up)
Specifications
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Entry age: 02-65 years
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Policy term: 10-73 years (minimum age at maturity 18 years; maximum age at maturity 75 years)
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Premium Paying Term: Single Premium
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Base Premium:
Minimum Premium: Rs. 50,000
Maximum Premium: No Limit
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Top-up Premium: Minimum - Rs. 5,000; Maximum - Up to single Premium paid
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Inbuilt Accidental Death Benefit
Easy steps to your plan
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Step 1 Decide the corpus you want to build over a period of time and the time when you need it. This will influence the choice of premium and the policy term. Tip - Use the "Wealth Planner" calculator to help you decide |
Policy Term (PT): 10 years to 75 years less age, subject to maturity age between 18 to 75 years
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Step 2 Choose the level of protection you desire through:
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Life Cover: SA - 1.25 X Single Premium
In-built Accidental Death Benefit |
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Step 3 Arrive at the amount of premium you need to pay, which will be determined by step 1 and 2 |
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Step 4 Choose the funds you want to invest in depending on your risk appetite.
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For details refer to the investment options section in the product brochure |
What benefits will I receive?
Death Benefit:
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In the unfortunate event of your death, Life Cover or the value of units pertaining to single premium, whichever is higher, is payable along with accumulate Loyalty additions (if any )
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Life Cover or the Fund Value pertaining to top-up premium, whichever is higher, shall also be payable
Loyalty Additions:
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You are eligible for Loyalty additions if you stay invested for more than 10 years. The addition will be 4% of Fund Value pertaining to Single Premium at the end of 10th policy year and 2% on every subsequent 10th policy year till the end of the Policy Term
Maturity Benefit:
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On maturity, you can either take out the fund value and terminate the policy or opt for Settlement option
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Settlement option – This allows you to keep the money invested in the fund even after maturity and enables you to receive the same systematically over a period of 1 to 5 years. You can opt for this option at maturity
Other Benefits:
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Partial Withdrawals without having to surrender your policy allowed upto 4 times in a policy year
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Policy allows you to make a lump sum investment through top up premium facility. The Minimum top up allowed is Rs. 5,000; Maximum: Up to total premiums paid. Each top-up will carry a Life Cover (Sum Assured) of 1.25 times the top-up premium
Tax Benefit:
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The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change
* Refer to the policy brochure for disclaimers
What are the charges on my policy?
The policy will attract charges under various heads. The details of the same are given below:
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Premium Allocation Charge for Single Premium |
Rs. 50,000- 99,000 : 4% Rs. 1,00,000-4,99,999 : 3% Rs. 5,00,000 and above : 2% |
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Premium Allocation for Top-up premium |
2% of Top-up premium |
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Fund Management |
1.35% p.a. will be applied for all funds except Discontinued Policy Fund. In case of Discontinued Policy Fund, the FMC would be 0.50% p.a. or as per the guidelines issued by IRDA from time to time |
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Policy Administration |
Rs. 40 per month throughout the Policy Term |
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Mortality |
Refer to product brochure |
Complete withdrawal is allowed after 5 policy years without any penalty
For further details, please refer to the policy brochure