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Aviva LifeBond Advantage

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:

  • 7 unit linked funds as well as two options for life cover

  • Extra financial protection through the inbuilt Accidental Death Benefit

  • Opportunity for additional investment with a nominal life cover (top-up)

Specifications

  • Entry age: 02-65 years

  • Policy term: 10-73 years (minimum age at maturity 18 years; maximum age at maturity 75 years)

  • Premium Paying Term: Single Premium

  • Base Premium:

     

    Minimum Premium: Rs. 50,000

     

     

    Maximum Premium: No Limit

  • Top-up Premium: Minimum - Rs. 5,000; Maximum - Up to single Premium paid

  • Inbuilt Accidental Death Benefit

Easy steps to your plan

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  

 

Step 2

Choose the level of protection you desire through:

  • Level of Life Cover (Sum Assured)

     

 

Life Cover:

SA - 1.25 X Single Premium

 

In-built Accidental Death Benefit

Step 3

Arrive at the amount of premium you need to pay, which will be determined by step 1 and 2 

 

  • Minimum Single premium : Rs 50,000

  • Maximum : No limit

Step 4

Choose the funds you want to invest in depending on your risk appetite.

 

 

  • Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure and PSU

For details refer to the investment options section in the product brochure

What benefits will I receive?

Death Benefit:

  • 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 )

  • Life Cover or the Fund Value pertaining to top-up premium, whichever is higher, shall also be payable  

 Loyalty Additions:

  • 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:

  • On maturity, you can either take out the fund value and terminate the policy or opt for Settlement option

  • 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:

  • Partial Withdrawals without having to surrender your policy allowed upto 4 times in a policy year

  • 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:

  • 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:

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%

Premium Allocation for Top-up premium

2% of Top-up premium

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

Policy Administration

Rs. 40 per month throughout the Policy Term

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