Aviva Nivesh Bima

banner
banner

Aviva Nivesh Bima

Life is made up of small and big milestones. So when we plan for the future, it is necessary to think about all the moments.  What we need is a plan that gives us both- liquidity to fulfil our smaller goals and a corpus for the future to fulfil our big dreams. Presenting Aviva Nivesh Bima, a non-linked, non-participating individual savings life insurance plan, that pays back 10% of the Maturity Sum Assured every 5 years, so you have the funds liquidity for smaller dreams. It also offers guaranteed* maturity benefits, so you can be stress free about the bigger goals in your life.

Aviva Nivesh Bima UIN 122N139V01

Why should you buy Aviva Nivesh Bima


The Aviva Nivesh Bima Plan is a secure savings plan that allows you to build a corpus for future savings while periodically giving money back during the policy term, allowing you to meet your ongoing financial requirements with ease. Simply decide on the following four key factors before purchasing this insurance policy

  • How much life insurance cover do you require?

    The sum assured can range from 2.75 lacs to 11 crore, depending on the policy term chosen. This will help you choose an adequate life cover

  • How frequently do you want to pay your premiums?

    This would help you choose the Premium paying frequency of your choice, Annually, half-yearly or monthly

  • How long do you wish to be covered by this policy?

    The policy term can range from 10 to 20 years. This will help you choose the Policy Term as per your requirement

  • Would you like to Add-on cover with the policy?

    This would help you to decide if you want to opt for the Accidental Death Benefit add on-cover along with the policy

Benefits of Aviva Nivesh Bima

  • Death Benefit: If the life insured dies at any time during the policy term and all due premiums have been paid up to the date of death, the highest of the following amounts will be paid as a death benefit:

    Death Sum Assured*, or

    105 percent of Total Premiums Paid as of the date of death, or

    Surrender Value as of the date of death (Surrender Value will be higher of Guaranteed Surrender Value or Special Surrender Value)

  • Maturity Benefit: If you live to the end of the policy term and have paid all due premiums, you will receive an amount equal to the Maturity Sum Assured minus any previously paid Survival Benefits (SB).

  • Survival Benefit: Survival Benefit equal to 10% of Maturity Sum Assured is paid at the end of every fifth policy year, except at maturity, if all due premiums have been paid up to the due date of the particular Survival Benefit payment.

  • Accidental Benefit: There is an option of buying an optional cover of ‘Accidental Death Benefit’ along with this base plan. In case this optional cover is opted and an untowardly incident occurs with the Life Insured due an Accident, the Accidental Death^ Benefit Sum Assured will be paid subject to all due premiums till date of death having been paid by the policyholder. The maximum Accidental Death Benefit Sum Assured per life across all policies issued under this plan will be Rs.30 lacs

    ^An accident means a sudden, unforeseen and involuntary event caused by external visible and violent means

    Note: Accidental Death Benefit cover is not available for policies sold through POSP. Please refer to Product Brochure for further details

Plan options

Non POS Variant

  • Min Entry Age: 13 years

  • Max Entry Age: 60 years for Policy Term 10 & 15 years; 55 years for Policy Term 20 years

  • Maturity Age: 23 to 75 years

  • Min Premium: Rs. 35000 for Policy Term 10 years; Rs. 25,000 for Policy Term 15 & 20 years

  • Death Sum Assured: 11 times the Annualized Premium

  • Survival Benefit: 10% of the Maturity Sum Assured every 5 years (except at maturity)

POS Variant

  • Min Entry Age: 13 years

  • Max Entry Age: 55 years for Policy term 10, 50 years for Policy Term 15 years; 45 years for Policy term 20 years

  • Maturity Age: 23 to 65 years

  • Min Premium: Rs. 35000 for Policy term 10 years; Rs. 25,000 for Policy term 15 & 20 years

  • Death Sum Assured: 11 times the Annualized Premium

  • Survival Benefit: 10% of the Maturity Sum Assured every 5 years (except at maturity)

Frequently Asked Questions

What is the grace period for the term?

The grace period for premium payment is 30 days for non-monthly modes and 15 days for monthly modes.

Is Accidental death covered under the term?

Yes, Accidental death is covered under the term.

What is the process to revive this policy?

You can revive a lapsed policy within 5 consecutive years of the date of the first unpaid premium by paying all due premiums, plus applicable interest and a revival fee. If you do not revive your policy, it will terminate at the end of the revival period without any benefits.

Can one surrender the policy?

You can surrender the policy at any time after the completion of at least first two policy years from the date of commencement of the policy. Surrender Value payable will be the greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Does the policy have a freelook period?

The policyholder has the right to review the policy terms and conditions during the free look period, which is 15 days (30 days for Electronic Policies and policies issued via Distance Marketing Mode) from the date of receipt of the policy document. If the policyholder objects to any of those terms or conditions, he has the option of returning the policy and stating his reasons for doing so, in which case he will be entitled to a refund of premium paid, less any expenses incurred on medical examination, if any, and stamp duty charges.

What is the grace period for the term?
Is Accidental death covered under the term?
What is the process to revive this policy?
Can one surrender the policy?
Does the policy have a freelook period?
AN Nov 90/21

We are always there to assist you