Aviva Life offers a range of Unit Linked Insurance Plans (ULIPs) designed to cater to your diverse financial needs and goals. These innovative plans combine the security of life insurance with the potential for wealth creation through market-linked investments.
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ULIPs, or Unit Linked Insurance Plans, are financial products that combine insurance and investment components. Insurance companies offer these plans and provide individuals with both life insurance coverage and the opportunity to invest in a variety of investment funds, such as stocks, bonds, or funds.
Aviva Life Insurance Company offers various types of unit-linked insurance plans to its customers to meet their requirements of savings and market-linked growth while at the same time providing insurance coverage. Let us take a detailed look at the various types of ULIP plans offered by the company and the features and benefits of each of them.
Aviva i-Growth is an individual unit-linked life insurance plan designed to provide both financial protection and wealth creation opportunities. It combines life insurance cover with investment in market-linked funds, allowing you to grow your savings while securing your loved ones' future.
Features:
Hassle-free purchase: No medical tests required, online purchase available.
Fund options: Choose from Bond Fund-II (low risk), Balanced Fund-II (moderate risk), or Enhancer Fund-II (high risk) to match your risk appetite.
Flexibility: Switch funds, redirect future premiums based on market performance.
Death benefits: Nominee receives sum assured or fund value (whichever is higher).
Maturity benefits: Fund value and loyalty additions paid on policy maturity.
Loyalty benefits: Regular premium payments earn loyalty additions as a percentage of fund value in the last three years.
Tax benefits: Potential tax deductions under the Income Tax Act 1961. Consult a financial advisor.
Partial withdrawals: Make 4 partial withdrawals from accumulated funds after the first 5 policy years.
Plan at Glance
| Minimum Entry Age | 18 years | |||||
| Maximum Entry Age | 50 years | |||||
| Maximum Maturity Age | 60 years | |||||
| Policy Term | 10, 15 or 20 Years (subject to maximum maturity age) | |||||
| Premium Payment Term (PPT) | Same as Policy Term | |||||
| Premium Frequency | Yearly, Half Yearly, Quarterly and Monthly | |||||
| Lock-in-Period | A period of 5 years from the date of commencement of the Policy. No withdrawals, part or full, are allowed during this period. |
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The Aviva Signature Investment Plan is an individual Unit Linked, Non-Participating Life Insurance plan. It combines wealth creation through market-linked investments with life cover, providing financial security for both you and your loved ones.
Key features of this plan:
Choice of Premium Terms: Align your investment timeline with your goals by choosing regular, limited-pay, or single premium options.
Fund Switching and Redirection: Change your investment exposure based on your risk appetite by switching between various unit-linked funds within the plan.
Partial Withdrawals: Access a portion of your invested funds after 5 years to meet unforeseen needs.
Clear View of Investments: Monitor your portfolio performance and track the value of your units easily.
Comprehensive Maturity Benefit: Receive a lump sum on policy maturity to fulfill long-term goals.
Death Benefit: Ensure your loved ones are financially protected in case of your unfortunate demise.
Potential Tax Savings: Enjoy tax benefits on premiums paid, maturity proceeds, and death benefits as per prevailing tax laws (subject to change).
Long-term Market-Linked Returns: Leverage the potential for higher returns through investment in various fund options.
Please note: The tax exemption under section 10(10D) is not available on premiums exceeding Rs. 2.5 lakh per annum for ULIP policies issued on or after February 1, 2020. Always consult your tax advisor for complete details as tax rules are subject to change.
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The Aviva Signature Investment Plan-Limited Pay is an individual Unit Linked, Non-Participating Life Insurance plan designed to help you build wealth over the long term while providing life insurance coverage for your loved ones.
Key features of this plan:
Limited Pay: Pay premiums for only 5 years, but your investment continues to grow throughout the chosen policy term.
Investment Flexibility: Choose from a variety of investment-linked funds based on your risk appetite and adjust your allocation between funds as needed.
Transparency: Track your investments and performance through online tools and account statements.
Liquidity: Access your funds partially after 5 years to meet various financial needs.
Comprehensive Benefits: Receive maturity benefits to build your corpus and death benefits to secure your loved ones' future.
Market-Linked Returns: Earn potential market-linked returns on your invested amount.
Tax Savings: Enjoy significant tax benefits on premiums, maturity, and death benefits under prevailing tax laws.
Robust Insurance Cover: Provides life insurance protection for your dependents in case of an unfortunate event.
**Section 10(10D) tax exemption is not available on premiums exceeding Rs. 2.5 lakh per annum for ULIP policies issued after February 1, 2020.
Aviva Fortune Plus is a Unit Linked Non-Participating Individual Life Insurance Plan. It combines life insurance coverage with the potential for wealth creation through investment in market-linked funds.
Key features of the plan:
Dual Benefits: Provides minimum life insurance cover while offering the opportunity to grow your savings through market-linked investments.
Optional Covers: Enhanced protection with optional add-ons like accidental death benefit and waiver of premium rider upon paying additional charges.
Life Cover Extension: Extend your life cover beyond the policy term under specific conditions (refer to product brochure for details).
Investment Flexibility: Choose from 7 different unit-linked funds to align your investment strategy with your risk appetite and financial goals.
Top-up Option: Enhance your investment and life cover by paying additional premiums anytime during the policy term.
Partial Withdrawal & Systematic Withdrawal: Access a portion of your accumulated funds when needed through partial or systematic withdrawals (subject to terms and conditions).
Return of Charges: Get back 100% of deducted charges (excluding fund management charges and risk charges for add-on benefits) upon policy maturity.
Plan at Glance
| Entry Age | 2-60 years | ||||||||||||||||||||
| Maximum Maturity Age | 18-75 years (last birthday) | ||||||||||||||||||||
| Policy Term & & Premium Payment Term |
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People also read: ULIP Calculator
The Aviva Life ULIP Plan stands as a comprehensive financial solution, seamlessly integrating the benefits of life insurance with investment opportunities. With its unique features like flexibility in fund allocation, transparency in charges, and the potential for wealth creation, the ULIP Plan caters to the dynamic financial needs of individuals.
*All savings are provided by the insurer as per the IRDAI approved insurance
plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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