Aviva Affluence Plan
Aviva Affluence Plan
You’ve probably heard of the saying, “Don’t put all your eggs in one basket.” While this proverb can be applied to different facets of life, investment experts will often use it when explaining diversification. The concept of spreading your investments across different asset classes to manage risk and maximize growth potential.
Aviva Affluence is a unit-linked non-participating life insurance that allows you to increase your wealth through market-linked investment. It invests a part of your premium to provide life insurance coverage, while the remaining portion is invested in various funds as per your choice With 8 investment options, Aviva caters to your unique risk tolerance and financial goals.
Whether it's securing your child's education, building an emergency safety net, or planning a comfortable retirement - the choice is yours. Aviva Affluence offers peace of mind, knowing you're prepared for the future.
It's not just a plan, it's a promise – a promise of a secure and fulfilling future built on your terms.
Why should you buy Aviva Affluence Plan
Aviva Affluence is a non-participating unit-linked life insurance plan that ensures long-term financial security for milestones like children's education, marriage, and retirement.
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Secure your loved ones financially in case of an unexpected event.
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Earn increasing Milestone Boosters for on-time premiums, growing your policy value.
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Increase your coverage with additional lump-sum investments
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Customize your plan from eight fund options to match your risk tolerance and financial goals
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Make 12 free switches between funds annually to optimize your investment strategy
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Choose your premium payment term - 7, 10, 15 years, or for the entire policy - to suit your budget
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Benefit from tax deductions on premiums paid and investment returns (subject to Sections 80C and 10(10D) of the IT Act)
Benefits of Aviva Affluence Plan
The Aviva Affluence Plan goes beyond just insurance. It's a comprehensive financial tool designed to help you achieve your short and long-term goals. Here's how it benefits you:
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Financial Security for Your Loved Ones: In case of an unfortunate event, your beneficiary receives a guaranteed payout, whichever is highest: the Sum Assured amount, the accumulated fund value, or 105% of the premiums paid. Additional benefits may include Top-Up Sum Assured and Accidental Death Benefit (if applicable).
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Maturity Benefit: Upon policy maturity, you'll receive the accumulated fund value from your regular and Top-Up premiums, along with Maturity Booster bonuses (a percentage of the fund value).
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Increasing Milestone Boosters (IMB): Stay on track with your premiums and earn loyalty rewards. The Aviva Affluence Plan rewards your commitment by offering increasing bonuses for on-time premium payments. These bonuses are added to your fund value, boosting your overall returns.
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Flexible Withdrawal Options: Manage your regular expenses with the Systematic Partial Withdrawal (SPW). You have the option to withdraw 3% to 12% of your fund value annually, choosing your preferred withdrawal frequency for better financial control.
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Partial Withdrawals: Need access to funds for emergencies? You can withdraw a portion of your fund value up to four times a year after the initial five policy years.
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Premium Redirection: Change how your future premiums are invested across different funds. Adjust your investment strategy based on market conditions at no additional cost.
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Switching Funds: Seamlessly manage your investment portfolio with 12 free switches between available funds annually
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Systematic Transfer Plan (STP): Invest systematically and reduce risk with automatic transfers between Debt and Equity Funds. This rupee-cost-averaging strategy helps you benefit from market fluctuations throughout the policy term (excluding the last two years).
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Boost Your Wealth Further: Invest lump sums to significantly increase your fund value. These top-up premiums come with a five-year lock-in period and offer a higher sum assured benefit. You can make these top-up investments anytime during the policy term, subject to specific conditions.
Terms & Conditions of Aviva Affluence Plan
The Aviva Affluence Plan goes beyond just insurance. It's a comprehensive financial tool designed to help you achieve your short and long-term goals. Here's how it benefits you:
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Lock-in Period: Your premiums are initially locked in for five years. During this period, you cannot withdraw funds except in case of the insured's death.
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Minors as Life Insured: If the insured person is a minor when the policy starts:
- The policyholder, who can be a parent, grandparent, or guardian, can pay premiums for a minor.
- If the policyholder dies, the surviving parent/guardian can continue payments. If the insured person is still a minor and premiums are not paid in the future for a minor, discontinuation rules will apply.
- Policy automatically vests in the minor at age 18, with coverage starting from the policy start date.
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Free Look Period: You have 15 days (30 days for policies through distance marketing) to review and return the policy if there are objections. Refunds include the fund value, unallocated premium, deducted charges, and incurred expenses.
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Grace Period: You have a 30-day grace period after the due date to pay premiums without penalty, maintaining uninterrupted coverage.
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Discontinuing the Policy: Discontinuing the policy means ending it because of surrendering or not paying the premium. When this happens, the money from the discontinued policies goes into a special fund called the Discontinued Policy Fund, which includes the initial fund value plus any interest earned.
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During the Lock-in Period: If premiums aren't paid within the grace period of the lock-in period, the policy goes into the Discontinued Policy Fund. You can choose to revive the policy within three years. If not revived, the fund's money is paid out at the end of the revival or lock-in period.
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After Lock-in Period: If premium non-payment happens after the lock-in period, the policy becomes a reduced paid-up policy. The policyholder can opt to revive the policy within a certain period or withdraw completely. If not revived, the fund's money is paid out at the end of the revival period.
Non-payment after the lock-in period converts the policy to a reduced benefit plan. You can revive it within a specific timeframe or withdraw completely. Reviving requires proof of insurability and paying missed premiums.
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Premium Allocation and Adjustment: The first premium is allocated based on the Net Asset Value (NAV) on the policy start date. Premiums are adjusted on the due date, and Aviva does not accept amounts less than the specified regular premium.
NAV is calculated daily based on IRDAI guidelines, considering the market value of investments, current assets, and liabilities. According to the most recent IRDAI standards, the Fund's NAV will be calculated as follows:
Market Value of Investment held by the Fund
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Value of Current Assets – Value of Current Liabilities & Provisions, if any Number of Units existing on Valuation Date (before unit creation or redemption)
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No Loan Provision: This policy does not provide for loans from Aviva.
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Policy Revival: Subject to board-approved underwriting and payment of all unpaid premiums.
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Assignment and Nomination: You can assign or nominate a beneficiary according to the Insurance Act 1938 (Sections 38 and 39).
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Claims and Premiums: Aviva is only liable to pay claims once we approve your risk and receive full premium payment.
Features of Aviva Affluence Plan
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Receive an additional benefit in case of accidental death
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Get all your premiums back + earned bonuses upon policy maturity
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Flexibility to adjust future premium allocations at no extra cost
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Withdraw funds up to four times yearly after five years
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Cancel the policy and receive a refund if the terms are unsatisfactory within 30 days
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Option to pay premiums within 30 days of the due date without penalty
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Switch between investment options automatically to minimize risk, at zero cost
Eligibility
| Premium Payment Term | ||
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Eligibility
| Entry Age (last birthday) | Minimum: 2 years | Maximum: 50 years | ||||||||||||||||||||||||||||||
| Maturity Age (last birthday) |
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| Policy Term and Premium Payment Term |
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| Annualized Premium |
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| Sum Assured |
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| In-built Accidental Death | The in-built Accidental Death Sum Assured shall be equal to the Base Sum Assured,
subject to a maximum of Rs. 50 lakhs (per life), including all existing Accidental Death
Benefit cover issued by Aviva. Maximum Sum assured would be subject to the underwriting policy approved by the board. |
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| Premium Payment Frequency | Yearly Only | ||||||||||||||||||||||||||||||
Frequently Asked Questions - Aviva Affluence Plan
The Aviva Affluence Plan is an individual unit-linked, non-participating life insurance policy offered by Aviva Life Insurance Company India Ltd. It blends life coverage and investment by dividing the premium into life insurance and market-linked funds, balancing growth opportunities with market risks. With eight fund choices, policyholders can tailor their returns according to their risk tolerance. This plan ensures long-term financial stability by growing wealth through diverse fund options, all while safeguarding and investing for future milestones like education, marriage, and retirement.
A participating life insurance policy, also called a par policy, allows policyholders to share in the insurer's profits through bonuses or dividends, offering additional benefits alongside guaranteed maturity benefits. These are not guaranteed and depend on the company's performance.
Benefits:
• You receive the sum assured (death benefit) upon death and potentially additional payouts through dividends.
• Some plans allow you to use the dividends to pay premiums, increase coverage, or receive cash.
Drawbacks:
• You pay more than non-participating policies due to the profit-sharing element.
• Dividends are subject to change and are not guaranteed based on the company's performance.
On the other hand, a non-participating policy, also called a non-par policy, does not provide such dividends; it only offers guaranteed benefits upon maturity without sharing in the insurer's profits.
Benefits:
• You pay a predetermined amount throughout the policy term.
• The insurance company guarantees the death benefit and maturity benefit.
Drawbacks:
• You only receive the contracted sum assured upon death or maturity, with no additional benefits.
• Limited options compared to participating policies.
You can't change the life insurance coverage in your existing policy, but you can apply for a new policy to increase it. Contact customer care at 1800 180 2244 (Toll-free for BSNL/MTNL users) or 0124-2709046, or simply SMS "Aviva" to 5676737, or email us at customerservices@avivaindia.com to get in touch with our experts and learn more about specific policies.
You can go to the insurer's website, log in using your online account details, or use your Policy number to check the status of your Aviva Affluence policy.
We are always there to assist you
AN May 27/24 UIN: 122L111V03
