Rupee Cost Averaging
'Rupee Cost Averaging' is a mechanism designed to eliminate the risk of timing the markets in an ill-informed manner, which can result in losses. As an investor, you are relieved of decision-making in terms of market entry and exit. All you do is, pay a fixed sum of money at regular intervals, across a pre-decided period of time.
The regular instalments ensure that you buy more fund units when the unit prices are low and less when the prices are higher. This way, you can tide over the volatility in prices over a long time period.
A sample illustration of the Rupee Cost Averaging Mechanism is given below:
|
Time |
Monthly instalment ( in Rs) | Price per share (in Rs) |
Shares purchased |
| 1 | 5000 | 20 | 250 |
| 2 | 5000 | 21 | 240 |
| 3 | 5000 | 24 | 210 |
| 4 | 5000 | 19 | 265 |
| 5 | 5000 | 16 | 315 |
| 6 | 5000 | 17 | 295 |
| 7 | 5000 | 16 | 315 |
| 8 | 5000 | 23 | 215 |
| 9 | 5000 | 18 | 280 |
| 10 | 5000 | 22 | 225 |
| Total | 50000 | 19.6 | 2600 |
According to the table, had the investor invested Rs 50,000 in one installation, he would have bought 2500 shares at Rs 20 each. However, by investing only Rs 5000 per month, the investor benefits by obtaining 2600 shares at an average cost of Rs 19.6 per share.
Advantages of Rupee Cost Averaging
- Reduced average cost by exploiting market fall
- More number of shares for the same amount of money
- Affordable monthly installments
- Gradual investments that avoid the pitfalls of market fluctuations
- Rupee Cost Averaging and Insurance
A unit linked plan, based on rupee cost averaging, provides the dual benefits of obtaining an insurance cover along with creating wealth over a period of time.
Aviva Nayi Grameen Suraksha
Overview
Aviva Nayi Grameen Suraksha is a pure protection plan that provides security to the family through :
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Payment of Sum Assured for the family’s immediate needs in the event of the death of the life insured
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Protection with single premium
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Flexibility of choosing your cover from 2 policy terms
Specifications
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Entry Age: 18 to 50 years
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Policy Term: 5 or 10 years
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Premium Payment Term: Single Premium
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Single Premium:Minimum Rs. 500 and Maximum 5,000
Easy Steps to your plan
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Step 1 Decide the premium you wish to pay. This will influence the Sum Assured depending on the age at entry. |
Minimum life cover (Sum Assured) is Rs. 10,000 and Maximum is Rs 50,000 ( per life) |
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Step 2 Arrive at the policy term by choosing the period for which you want protection for and also the amount of protection. |
5 or 10 years subject to Entry Age (18-50 years) Maturity Age (60 years) |
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Step 3 Work out the cover you require by checking your entry age and the policy term you have chosen by referring the table below. |
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Age Band(years) |
PT =5 years |
PT =10 years |
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18-30 |
95 times of Single Premium* |
40 times of Single Premium* |
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31-40 |
65 times of Single Premium* |
25 times of Single Premium* |
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41-45 |
40 times of Single Premium* |
15 times of Single Premium* |
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46-50 |
25 times of Single Premium* |
10 times of Single Premium* |
What am I going to get?
Death Benefit:
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Sum Assured will be paid on death of Life Insured and the policy shall terminate on payment of the death benefit.
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.
Aviva i-Shield
Overview
You work hard to provide the best for your family and want to ensure that their happiness lasts forever. An important next step is to ensure they are protected financially in the future as well. Aviva presents to you our latest online term plan Aviva i-Shield. This is a term assurance plan with return of premium that protects your family in case you are not around. Moreover this plan pays back 110% of all the premiums you have paid at maturity if nothing were to happen to you. So, not only does your family get the benefit of life cover in case of your unfortunate death, but you get all premiums that you have paid back if you survive.
- High protection cover at nominal cost
- 110% of the premiums paid back as survival benefits, guaranteed
- Premium rebate on choosing Sum Assured of Rs. 20 Lacs and above.
- Free Medical examination at inception of the policy
- Convenience of quick and hassle free buying through internet
To offer you convenience at your fingertips, you can buy this term plan online to save the time and effort that would have been otherwise required.
To know more about this product, please e-mail us at: onlinepolicy@avivaindia.com
Aviva i-Shield is available in select cities
What are the benefits?
Death Benefit: In an unfortunate event of your death (if you are the Life Insured) within the policy term chosen by you, your nominee will receive an assured amount. The assured amount depends upon the year of death.
| Policy Year When Life Insured Dies | Assured Death Benefit |
| 1st - 10th | 100% of Sum Assured |
| 11th - 20th | 110% of Sum Assured |
| 21st - 25th | 120% of Sum Assured |
The policy will terminate after the payment of death benefit.
Maturity Benefit: If you survive till maturity and pay all due regular premiums, you will receive 110% of all premiums paid, excluding taxes and extra premium, if any.
Rebate for High Sum Assured: You are eligible for a rebate on your premium if your Sum Assured is Rs 20 Lacs and above as per the table given below:
Rebate per 1000 Sum Assured (Rs.)
| Sum Assured (Rs.) |
Policy Term (In Years)
|
|||
| 10 | 11-15 | 16-20 | 21-25 | |
| >=20 lakhs to < 50 lakhs | 0.65 | 0.45 | 0.30 | 0.25 |
| >=50 lakhs | 1.50 | 1.20 | 0.95 | 0.90 |
Tax Benefits
The premiums you pay will be eligible for Tax Benefits as per prevailing tax laws. Tax laws are subject to change
Specifications
Eligibility
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Entry Age (last birthday) |
18 years - 55 years |
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Maximum Maturity Age (last birthday) |
65 years |
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Policy Terms |
10 years to 25 years |
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Premium Payment Term (PPT) |
Equal to Policy Term |
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Allowed Premium Payment Frequencies and Modal Factor |
Yearly:1.0000 Half Yearly: 0.5108 Monthly: 0.0871 |
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Sum Assured Allowed |
Rs. 15 lakhs to Rs. 5 crores (in multiples of Rs.25000), subject to underwriting |
What is the process to buy this plan?
•You can apply for this product through a hassle free complete online process.
•Documents required for policy processing include
•Photo Identity Proof (copy of your PAN Card, Passport or Driving License)
•Income Proof (copy of last 3 months salary slip, copy of latest ITR or Form 16).
These document images can be e-mailed or uploaded on our website for faster processing
Points to remember while applying online:
•This product is available to Resident Indians only
•All quotes are in Indian Rupees (INR) and are accepted only in INR
•Premium rates are subject to increase basis your Profile and health status
•The payment can be made by the proposer/policyholder only by his/her credit card. The payment by credit card of any third party will result in decline of the proposal/payment.
Know More About This Plan
What are the deductions in case of policy cancellation?
•If a cancellation is requested before the issuance of the policy, the Company shall refund the application money after deduction of the expenses incurred on medical examination, if applicable
•If a cancellation is requested post the issuance of the policy, the Company shall refund the premium amount after deduction of the expenses incurred on medical examination and/or stamp duty, as applicable
What will happen if the policy goes into the grace period?
•A grace period of 30 days from the due date for payment of each premium will be allowed unless the premium mode is monthly where the grace period shall be 15 days only.
•During the grace period the Company will accept the premium without interest and proof of insurability.
•The insurance coverage continues during the grace period
•If the Life Insured dies during the grace period, the Company shall pay the death benefit after deducting the unpaid premium till the next policy anniversary from such death.
What will happen in case premiums are paid for less than three policy years?
•In case a due premium is not received before the expiry of the grace period, the policy shall lapse without any benefits.
•You will have two years from the date of first unpaid due premium (FUP) to reinstate the lapsed policy.
•If the lapsed policy is not reinstated, the policy shall terminate at the end of reinstatement period without any benefit.
•Nothing is payable in case of death or survival under a lapsed policy
What will happen in case premiums are not paid after the first three policy years?
•In case a due premium is not received before the expiry of grace period, the policy shall become a paid-up policy.
•You will have two years from the date of first unpaid due premium (FUP) to reinstate the policy.
•If the paid-up policy is not reinstated, the policy shall continue with reduced benefits as defined below:
Death Benefit for a paid-up policy will be equal to:
| Policy Term |
Policy Year in which death happens
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| 1st - 10th | 11th - 20th | 21st - 25th | ||
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Amount of Death Benefit
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| 10 year | SA X No. of Premium Paid / Total No. of Premiums Payable |
- |
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| 11 to 20 years | 110% X SA X No. of Premiums Paid / Total No. of Premiums Payable |
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| 21 to 25 years | 120% X SA X No. of Premiums Paid / Total No. of Premiums Payable |
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Maturity Benefit for a paid-up policy will be 110% of Premiums Paid (excluding taxes and extra premium, if any)
What is the Reinstatement/Revival period in i-Shield?
•Reinstatement/Revival of a lapsed/paid-up policy is allowed within 2 years from the date of first unpaid premium.
•Reinstatement/Revival is subject to proof of continued insurability of the Insured to the satisfaction of the Company as per the Company’s Board approved underwriting guidelines. Cost of medical examination, if any, at the time of reinstatement shall be borne by you.
•All due premiums will be payable along with along with reinstatement/revival fee of Rs. 250 and interest @9% per annum compounding monthly on unpaid due premiums for the delayed period.
•Company reserves the right to decline a reinstatement/revival request as per the Company’s Board approved underwriting guidelines.
What is the surrender benefit in i-Shield?
You can surrender your policy anytime after completion of three policy years provided at least three full policy years’ premiums have been paid.
•Surrender Value payable is greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
•GSV = GSV factor X sum of premiums paid till date. Please refer product brochure for GSV factors.
•SSV = 110% of premiums paid x Special Surrender Value (SSV) Factor.
•Taxes and extra premiums, if any, will be excluded from premiums paid for calculating GSV and SSV
•The Special Surrender Value Factors (SSV) can be amended by the Company from time to time after getting IRDA clearance.
•You can contact nearest branch or customer services team of the Company to know the prevailing Special Surrender Value of your policy.
What is the freelook period?
You have the right to review the policy terms and conditions, within 30 days, from the date of receipt of the policy document and where you disagree to any of those terms or condition, you have option to return the policy stating the reason for your objection, on which you shall be entitled to a refund of the premium paid subject only to a deduction of expenses incurred on medicals and stamp duty charges.
What are the exclusions?
In case of death of life insured due to suicide within 12 months:
a) from the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid excluding any payment for taxes and extra premiums, provided the policy is in force or
b) from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to an amount which is higher of 80% of the premiums paid excluding any payment for taxes and extra premiums or the Surrender Value as available on the date of death.
Section 41
In accordance with Section 41 of the Insurance Act, 1938, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees”.
Section 45
In accordance with Section 45 of the Insurance Act, 1938, “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”
Aviva Health Secure
Overview
Due to our current lifestyle and stress levels, incidents of critical illnesses, especially at younger ages have gone up. You would also be aware that the costs incurred in the treatment of such illnesses are very high. Often, your savings are not enough to cover for these expenses which can lead to a compromise in getting the best treatment.
Aviva Health Secure is an online health insurance plan that pays you a lump sum amount as decided by you in case you are diagnosed with any of the 12 critical illness and procedures as listed ahead like first Heart Attack, Stroke resulting in permanent symptoms etc.
Aviva Health Secure is available in the following cities.
What are the benefits?
Critical Illness: This product provides protection against 12 major critical illnesses by providing a lump sum amount equal to Sum Assured. The illnesses covered are:
First heart attack – of specified severity, Stroke resulting in permanent symptoms, Cancer of specified severity, Kidney failure requiring regular dialysis, Major Organ/Bone Marrow Transplant; Open Chest CABG, Benign brain tumour; Open Heart Replacement or repair of heart valves, Motor Neurone disease with permanent symptoms, Multiple Sclerosis with persisting symptoms, Coma of specified severity and Permanent Paralysis of limbs
Click here to view details
Death, Surrender or Maturity Benefit: This is a pure health insurance product and hence nothing is payable in case of death, surrender or maturity under this product.
Specifications
Eligibility
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Sum Assured |
Rs.5 Lacs to Rs.50 Lacs |
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Entry Age(completed years) |
18 to 55 years |
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Maturity Age(completed years) |
28-65 years |
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Premium Payment Frequency |
Yearly, half-yearly (Half-yearly Premium = Yearly Premium X 0.5108) |
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Policy Term |
10 to 30 years |
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Premium Payment Term |
Equal to the policy term |
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Rebate on Large Sum Assured |
There is a rebate if you opt for a Sum Assured (SA) of 10 lacs and above If Sum Assured >=Rs.10 lacs and <Rs.25 Lacs, Rebate is 0.90 per 1000 SA If Sum Assured >=Rs.25 lacs, Rebate is Rs.1.50 per 1000 SA Please refer to the premium quotation to calculate the installment premium for your proposal. |
Know more about this product
How do I claim in the event of a Critical Illness(CI):
You can claim at the first diagnosis of any critical illness provided the critical illness has been diagnosed after 90 days of the policy commencement date or the date of renewal of policy, whichever is valid.
You would be eligible for the lump sum amount (Sum Assured) provided you have survived at least 30 days after the diagnosis of the critical illness.
You need to ensure that Critical Illness is confirmed by a registered medical practitioner, including a relevant specialist acceptable to the company (the cost of which shall be borne by the policyholder).
“Medical Practitioner” means a person who holds a recognized qualification in allopathic medicine, is registered by the Indian Medical Council and is practicing within the scope of such license, and shall not include:
a)the Policyholder’s close Relative; or
b)a person who resides with the Policyholder; or
c)a person covered under this Policy.
“Specialist” means a person who holds a recognized post graduate qualification in any specialized stream of allopathic medicine, is registered by the Indian Medical Council and is practicing within the scope of such license, and shall not include:
a)any relative of the Policyholder/Insured; or
b)any person who resides with the Policyholder/Insured; or
c)any person covered under the Base Plan or this Rider
You are required to file a claim with all the required documents within 90 days from the date of diagnosis of Critical Illness. Claim intimation after 90 days is acceptable provided the Company finds reasons for delay satisfactory.
What is not covered (exclusions)?
Any condition, ailment or injury or related condition(s) for which Insured had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the commencement or reinstatement of the policy
What happens if I am unable to pay premiums on time?
You get a grace period of 30 days from due date to pay the premium without any interest. If the premium is not received within the grace period, your policy will lapse and the cover will cease immediately. The policy does not acquire any surrender value or paid up value (cash value).
Can I reinstate lapsed Policy?
A lapsed policy may be revived during the policy term within a revival period of 1 year from the date of first unpaid premium by submitting the proof of continued insurability to the satisfaction of the Company and making the payment of all due premiums.
Policy holder will be subject to the then underwriting requirements at the time of reinstatement, basis which the company may either accept or decline the reinstatement. Further Company, reserves the right to impose any extra premium as a results of underwriting. The revival of a lapsed policy is also subject to payment of revival fee of ` 250/-. At the time of revival, the cost of medical examination and special tests, if any, will be borne by the Policyholder.
If at the end of the revival period, the policy is not revived, the policy shall terminate and no benefit shall be payable thereafter.
Can I review the terms and conditions under the policy: The Policy Terms and conditions can be reviewed within 30 days from the date of receipt of the policy document. If the policy is cancelled during this Free look Period, the Company will refund the premium paid after deducting proportionate risk premium and expenses incurred on medicals and stamp duty.
Cost of medical examination: At the time of purchase of the policy, the cost of medical examination and special tests, if any, will be borne by the Company. At the time of revival of a lapsed policy, the cost of medical examination and special tests, if any, will be borne by you.
Nomination & Assignment: Nomination, in accordance with Section 39 of Insurance Act, 1938, is permitted under this policy. Assignment, in accordance with Section 38 of Insurance Act, 1938, is permitted under this policy.
Loan: Loan will not be allowed under this plan
Process to Buy
You can buy this policy by clicking on the 'Buy Now' tab.
- Maximum limit of Sum Assured (Rs.50 Lacs) includes other Critical Illness (CI) / Dread Disease (DD) coverage issued by Aviva India.
- This product is available to Resident Indians only.
- All quotes are in Indian Rupees (INR) and are accepted only in INR.
- Premium rates are subject to reduction or increase basis your Profile and health status.
- If a cancellation is requested before the issuance of the policy, the Company shall refund the application money after deduction of the expenses incurred on medical examination, if applicable.
- If a cancellation is requested post the issuance of the policy, the Company shall refund the premium amount after deduction of the expenses incurred on medical examination and/or stamp duty, as applicable.
- Documents required for policy processing include
- Age Proof (copy of Passport or PAN Card)
- Photo Identity Proof (copy of your PAN Card, Passport or Driving License)
- Income Proof (copy of last 3 months salary slip, copy of latest ITR or Form 16
These document images can be e-mailed or uploaded on our website for faster processing.
Receipt by the Company of the completed proposal and initial payment does not create any obligation on the part of the Company to underwrite the risk, and the Company shall not be liable until such time it has underwritten the risk and issued the policy.
Aviva i-Life
Overview
In today’s fast-paced life, rarely do we stop and take stock of the life cover we provide for our families in case something unfortunate was to happen to us. To ensure your families are secure and lead a comfortable life, in case you are not around, we bring to you Aviva i-Life - A pure life insurance cover for your loved ones at a very nominal cost.
To offer you convenience at your fingertips, you can buy this term plan online to save the time and effort that would have been otherwise required.
Aviva i-Life is available in selected cities.
To know more about this product, please e-mail us at: onlinepolicy@avivaindia.com
What are the benefits?
Death Benefit: Incase of your unfortunate death during the policy term, the Sum Assured will be paid to the beneficiary in your family to take care of their future needs.
Maturity Benefit: This is a pure protection plan and hence there is no maturity benefit payable.
Tax Benefit: Tax Benefits as per Section 80C will be applicable. Tax laws are subject to change.
Specifications
Eligibility
| Sum Assured |
Minimum: Rs. 25,00,000 Maximum: no limit (depends on underwriting) |
| Entry Age |
Minimum: 18 years last birthday Maximum: 55 years last birthday |
| Maturity Age | Maximum: 70 years last birthday |
| Premium Payment Frequency | Yearly, half-yearly |
| Policy Term |
Minimum: 10 years Maximum: 35 years |
| Premium Payment Term | Equal to the policy term |
| Payment Frequency | Yearly, half-yearly (the modal factors are: 1.0000 & 0.5108 respectively). Alteration between yearly and half-yearly modes of premium payment is allowed at any policy anniversary subject to payment of alteration charge which is Rs. 100 at present and subject to review from time to time. |
| Rebate on Large Sum Assured | Premium rates depend on the size of the Sum Assured ranges – less than Rs. 50 lacs, Rs. 50 lacs to less than Rs. 1 Cr, Rs. 1 Cr to less than Rs. 5 Cr and Rs. 5 Cr & above. Please refer to the premium quotation for the instalment premium for your proposal. |
| Rebate for Female Lives | An additional rebate for female lives of 5% on the tabular premium rates for male lives. |
Know more about this product
When premiums are not paid within grace period
If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately. The policy will not acquire any surrender or paid up value.
Reinstatement of a lapsed Policy
If your policy lapses anytime during the term, it can be reinstated within two years from the date of first unpaid premium. To reinstate your policy you will have to provide proof of continued insurability as the Company deems suitable and pay revival fee along with all due premiums. The revival fee is Rs. 250 which is reviewable subject to IRDA’s approval.
Terms and Conditions
Taxes including but not limited to Goods & Services Tax, Cesses as applicable shall also be levied as notified by the Government from time to time. Tax laws are subject to change.
Cost of medical examination: At the time of purchase of the policy, the cost of medical examination and special tests, if any, will be borne by the Company. At the time of revival of a lapsed policy, the cost of medical examination and special tests, if any, will be borne by you.
Exclusion
In case of death of life insured due to suicide within 12 months:
a) From the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid excluding any payment for taxes and extra premiums, provided the policy is in force or
b) From the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to an amount which is higher of 80% of the premiums paid excluding any payment for taxes and extra premiums or the Surrender Value as available on the date death.
Nomination & Assignment
Nomination, in accordance with Section 39 of Insurance Act, 1938, is permitted under this policy. Assignment, in accordance with Section 38 of Insurance Act, 1938, is permitted under this policy.
Freelook Period
You have a right to review the Policy Terms and conditions within 30 days from the date of receipt of the policy document. If you cancel the policy during this freelook period, the company will refund the premium paid after deducting proportionate risk premium and expenses incurred on medicals and stamp duty.
Disclaimers
Aviva Life Insurance Company India Limited. Advertisement Number: 2091 | UIN No.: 122N093V02
Section 41
In accordance with Section 41 of the Insurance Act, 1938, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees”.
Section 45
In accordance with Section 45 of the Insurance Act, 1938, “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”
Process to Buy
-
This product is available to Resident Indians only.
-
All quotes are in Indian Rupees (INR) and are accepted only in INR.
-
Premium rates are subject to reduction or increase basis your Profile and health status.
-
If a cancellation is requested before the issuance of the policy, the Company shall refund the application money after deduction of the expenses incurred on medical examination, if applicable.
-
If a cancellation is requested post the issuance of the policy, the Company shall refund the premium amount after deduction of the expenses incurred on medical examination and/or stamp duty, as applicable.
-
Documents required for policy processing include
-
Photo Identity Proof (copy of your PAN Card, Passport or Driving License)
-
Income Proof (copy of last 3 months salary slip, copy of latest ITR or Form 16)
These document images can be e-mailed or uploaded on our website for faster processing.
Buy Online Download Brochure Terms and Condition Policy Details
Aviva LifeShield Platinum
Overview
At Aviva we are constantly innovating because we believe that each one of us is different and so is our expectation from our life insurance plan. Presenting Aviva Life Shield PlatinumTM, a unique protection plan to help you plan for your family in case you are not around.
Option A – Life Protection
Choose this option if you foresee a need for lump sum payment of large sum of money to your family in case you are not around.We offer differential rates for Smokers, Non-smokers and preferred rates for (Healthy) Non-smokers.
The special rates for non-smokers is subject to Cotinine test, which is available in select cities.
Option B – Income Replacement
Choose this option if you want to provide a regular monthly income to your family in your absence. This amount increases by 5% p.a. compounded annually from the very first year of your policy to beat inflation. Your premium obligation is limited to about 2/3rd of the policy term.
Option C – Loan Protection.
Choose this option to cover for higher financial liabilities and family responsibilities in the early years of your life, the Life Cover decreases evenly across the policy term. Your premium obligation is limited to about 2/3rd of the policy term.
This Insurance plan offers rebate on your premium for higher levels of Sum Assured.
Specifications:
- Entry age : 18-60 years,
- Policy Term : 10 to 52 years, subject to the maximum maturity age of 70 years
Premium Payment Term : - Option A – equal to Policy Term
Option B & Option C – 2/3rd of policy term, rounded down to nearest integer
e.g. for a 16 years term, paying term will be 10 years - Premium Payment Frequency: Annualy, Half-yearly, Quarterly or Monthly
- Sum Assured: Minimum Rs 50,00,000, maximum no limit subject to underwriting
Easy steps to your plan:
| Step 1 Choose the nature of protection required |
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| Step 2 Choose the level of protection (Base Sum Assured) you want |
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| Step 3 Select the Premium frequency |
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| Step 4 Work out the premium payable along with our Financial Planning Advisor |
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What are the benefits I will receive?
Death Benefit:
- Option A: Life Protection.
The Sum Assured is paid out to the nominee as a lump-sum in case of your unfortunate death.
- Option B: Income Replacement.
The nominee will receive monthly benefit amount chosen at inception till the end of the policy term, this amount increases by 5% p.a. compounded annually from the very first year of the policy to beat inflation
- Option C: Loan Protection.
Under this option, the Sum Assured (SA) reduces uniformly over the Policy Term and the applicable Sum Assured as on the year of unfortunate death is paid to the nominee.
click here to understand the nature of benefits under the options using example.
Maturity Benefit:
This is a pure insurance product and hence there is no maturity benefit payable under this plan
Surrender Benefit:
Option A: There is no surrender value
Option B & C: The policy will acquire surrender value after the premium payment term, if all due premiums have been paid
Tax Benefit:
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change.
Aviva LifeShield Advantage
Overview
Aviva LifeShield Advantage provides comprehensive protection for your family incase you are not around. Additionally, all the money paid as premium will be returned to you on survival at the end of the Policy Term through:
- Payment of Life Cover (Sum Assured) to your family in the event of your death (Option A)
- Additional protection against Accidental Permanent Total Disability (Option B)
- Return of the money paid towards the base premium on your survival at the end of the policy term
- A rebate on your premium for higher levels of Sum Assured
Specifications:
- Entry age: 18-55 years (Maximum age at the expiry of the policy is 65 years)
- Policy term: 10 years to 30 years
- Minimum Sum Assured: Rs 35 lacs
- Premium Payment Frequency: Single Premium (for Option A); Yearly, Half-Yearly, Quarterly and Monthly (for both Options)
Easy steps to your plan:
| Step 1 Choose the nature of protection required |
Option A: Sum Assured on death during the Policy Term, provided that all the due premiums are paid till death Option B: Sum Assured plus Return of Premiums on death or on Permanent Total Disability (PTD) due to an accident, whichever is earlier during the Policy Term, provided that all the due premiums are paid till death Maturity Benefit for all options is the maturity sum assured which is the sum of Total Premiums Paid, without any interest |
| Step 2 Choose the level of protection you want |
Minimum Sum Assured: Rs 35 lacs |
| Step 3 Arrive at the policy term by choosing the period for which you want protection |
10-30 years subject to:
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| Step 4 Select the Premium frequency |
Single Premium (for Option A only)
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Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes
What are the benefits I will receive?
Death / PTD Benefit:
- Option A: Life Protection
Death Benefit: In the unfortunate event of your death during the policy term, provided that all the due premiums are paid till death, the death Sum Assured is paid to your nominee and the policy terminates the Death Sum Assured will be the highest of following
- Sum Assured of the Policy
- 10 times of the Annualized Premium, (in case of regular premium policies), or 125% of the Single Premium (in case of single premium policies)
- 105% of the Total Premiums paid as on date of death.
- Maturity Sum Assured which is equal to sum of Total Premiums paid
- Option B: Life-cum-disability protection along with Return of premium
Death/PTD Benefit: In the unfortunate event of your death or suffering from Permanent Total Disability (PTD) due to an accident, whichever is earlier during the policy term, provided that all the due premiums are paid till death, the death Sum Assured, will be paid and the policy terminates. The Death Sum Assured will be the highest of the following:
- Sum Assured of the Policy plus sum of Total Premiums paid
- 10 times of the Annualized Premium
- 105% of the Total Premiums paid as on date of death.
- Maturity Sum Assured which is equal to sum of Total premiums paid
Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
“Single Premium shall be the premium amount payable as a lump sum at start of the policy by the policyholder, excluding the taxes, rider premiums and underwriting extra premiums, if any”
A life insured shall be regarded as Permanently and Totally Disabled only if, as a result of accidental bodily injury:
1. Life insured has suffered the loss by physical separation (or loss of use) of two limbs or
2. The complete and irremediable loss of sight in both eyes or
3. The loss by physical separation (or loss of use) of one limb, accompanied by the complete and irremediable loss of sight in one eye or
4. Life insured has been continuously disabled for a period of 1 year and has been determined by the Company to be incapacitated to such an extent as to render that person unable ever to resume own or similar employment.
Here limb means hand/foot at or above wrist/ankle.
MaturityBenefit:
Maturity Benefit under this plan (both options) is the maturity sum assured which is the sum of Total Premiums paid, without any interest.
Tax Benefit:
Tax benefits will be as per section 80C and 10(10(D)) of Income Tax Act, 1961. Tax benefits are as per the prevailing tax laws and are subject to change from time to time.
Aviva Annuity Plus
Overview
Aviva Annuity Plus is a non-participating, non-linked immediate annuity plan specially designed to provide you with lifetime income during your post-retirement years.
Immediate annuities are designed to provide you with income immediately, by exchanging your Pension Plan proceeds. In exchange for this lump sum premium, the insurance company pays you a stream of income as long as you live.
Key attractions of the plan are:
- Option to select from 7 annuity options to suit your specific financial needs
- Annuity amount payable is guaranteed for the life of the policy
- Flexibility to enhance the Purchase Price at inception for higher annuity installment
Eligibility
Entry Age (last birthday) | Category of Annuitant | Minimum | Maximum |
| For Aviva's Pension Product policyholders | 18 years (last birthday) | 80 years (last birthday) In case of joint life, last survivor annuity, age of both lives must be less than 80 years (last birthday) | |
| Nominees of deceased Aviva pension policyholders | 18 years (last birthday), for joint life last survivor annuity option 0 years (for all other annuity options) | ||
| For general public other than the above two categories | 50 years (last birthday) | ||
| Purchase Price | Minimum: Rs.25,000 - Maximum: No Limit | ||
| Annuity Installment | Minimum Rs.500 for any of the annuity frequency chosen | ||
| Annuity Frequency | Yearly, Half Yearly, Quarterly, Monthly | ||
Benefits That I Will Receive
The following options are available for annuity payment. Annuity can be paid monthly, quarterly, half yearly and yearly.
1. Life Annuity: It means a level annuity is paid in arrears as long as the annuitant survives.
2. Annuity Guaranteed for 5 years and for life thereafter: It means a level annuity is paid in arrears for the first 5 years irrespective of whether the annuitant survives or not during these 5 years. However, after elapse of guaranteed period i.e. first 5 years, annuity will be paid as long as the annuitant survives.
3. Annuity Guaranteed for 10 years and for life thereafter: It means a level annuity is paid in arrears for the first 10 years irrespective of whether the annuitant survives or not during these 10 years. However, after elapse of guaranteed period i.e. first 10 years, annuity will be paid as long as the annuitant survives.
4. Annuity Guaranteed for 15 years and for life thereafter: It means a level annuity is paid in arrears for the first 15 years irrespective of whether the annuitant survives or not during these 15 years. However, after elapse of guaranteed period i.e. first 15 years, annuity will be paid as long as the annuitant survives.
For options 2, 3 and 4 above, in case the annuitant dies during guaranteed period, the nominee of the annuitant will receive the annuity amount in the same way as it would have been paid to the Annuitant if he would have been alive, for the remaining guaranteed period.
5. Annuity for Life increasing @ 3% per annum simple: It means a life annuity increasing @ 3% p.a. simple is paid in arrears as long as the annuitant survives.
6. Life Annuity with Return of Purchase Price: It means a level annuity is paid in arrears as long as the annuitant survives and the Purchase Price of the annuity (excluding taxes) is paid to the nominee on death of the Annuitant.
7. Joint Life Last Survivor Annuity: It means a level annuity is paid in arrears as long as both or either of the two annuitants survives.
Sample Annuity Rates
Sample annuity amount payable in arrear on yearly basis for a Purchase Price of Rs 100,000
| Age (last birthday) | Option 1 | Option 2 | Option 3 | Option 4 | Option 5 | Option 6 | Option 7 | ||
| 40 | 6258 | 6253 | 6243 | 6232 | 4443 | 5466 | 5820 | ||
| 50 | 6837 | 6822 | 6792 | 6759 | 5026 | 5626 | 6243 | ||
| 60 | 7816 | 7773 | 7693 | 7604 | 5999 | 5823 | 6930 | ||
| 70 | 9820 | 9662 | 9346 | 9025 | 7943 | 6063 | 8232 | ||
Annuity rate depends on the age of the Annuitant at inception of the policy and the option chosen.
The annuity payable will be higher for a lower frequency. The annuity rate is multiplied by a multiplying factor to arrive at the final annuity amount payable based on the mode of annuity payment.
| Mode of Annuity Payment | Monthly | Quarterly | Half-Yearly | Yearly | ||
| Multiplying Factor | 1.0000 | 1.0049 | 1.0123 | 1.0272 | ||
Aviva Next Innings Pension Plan
Overview
Wouldn’t it be great if you could lead a comfortable lifestyle even after retirement? Realizing this need, Aviva presents a plan that can guarantee a regular income stream for your post retirement years. Aviva Next Innings Pension Plan- a pension plan that helps in building a lump sum through a regular or onetime premium payment. This lump sum allows you to get an uninterrupted income throughout your retirement years.
Aviva Next Innings Pension Plan is a unique combination of a built in guarantee to build a lump sum amount to secure regular income for your retirement years. So go ahead and plan for a great next innings!
Key features of the plan are:
• Guaranteed corpus for retirement which will be 210% of Total Premiums you have paid, if you continue this policy till maturity date by paying all due premiums.
• Protection for your family in case of death to ensure that your family receives a corpus basis the amount of premiums you have paid along with an interest.
• Limited Premium Payment term to ensure that you enjoy your income without worries when you are nearing retirement
Specifications
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Entry Age(last birthday) |
42 to 60 years |
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Maturity (Vesting) Age (last birthday) |
55 to 78 years |
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Policy Term (PT) and Premium Payment Term (PPT) in Years |
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Maximum/ Minimum Annualized Premium |
Minimum Annualized Premium
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Premium Payment Frequency |
Single, Annual, Half-yearly and Monthly |
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“Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes
Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Single Premium shall be the premium amount payable as a lump sum at start of the policy by the policyholder, excluding the taxes, rider premiums and underwriting extra premiums, if any
What Benefits will I Receive?
Maturity Benefit:
In case you survive till maturity (vesting date), the maturity benefit will be 210% of Total Premiums paid. The policy proceeds will compulsory be used in one of the following ways:
- To utilize the entire proceeds of the policy for purchasing an immediate annuity or deferred annuity from the same insurer (Aviva Life Insurance Company India Ltd) at the then prevailing annuity rate subject to c) below. Or
- To commute up to 60% and utilize the balance amount to purchase immediate annuity or deferred annuity from same insurer (Aviva Life Insurance Company India ltd) at the then prevailing annuity rate subject to c) below. Or
- To utilize 50% (or any other extent of percentage as stipulated by the IRDA of India from time to time) of the entire proceeds of the policy net of commutation, if any, to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate
- In case the proceeds of the policy on maturity(vesting) are not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended form time to time, such proceeds of the policy may be paid to the policyholder or beneficiary as lump sum.
Presently for annuitisation, Aviva offers its immediate annuity plan viz. Aviva Annuity Plus (UIN:122N018V04).
Death Benefit:
In case of death of the life insured during the policy term, the death benefit paid to the nominee shall be the higher of:
• Total Premiums paid, till the date of death, along with interest of 6% per annum compounded annually
• 105% of Total Premiums paid, till the date of death
“Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
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:
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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