Overview
Aviva Sampoorna Suraksha is a savings cum insurance plan which is a non-participating, non-linked insurance scheme. The policy offers guaranteed maturity benefits as well as death benefits to the beneficiaries of the deceased. The policy offers great features and benefits as well as flexibility to choose premium payment duration as well the as the premium amount.
Aviva Life Insurance is a joint venture between Dabur Investment Corporation of India and Aviva International Holdings Limited, which is a leading insurance group from UK.
Eligibility Criteria for Aviva Sampoorna Suraksha Plan :
Listed below are the minimum and maximum entry age for the Aviva Sampoorna Suraksha Plan.
|
Entry Age |
18-50 years |
|
Maximum Maturity |
65 years |
Key Features of Aviva Sampoorna Suraksha Plan
Listed below are some of the key features of Aviva Sampoorna Suraksha Plan:
|
Plan type |
Non-Participating non-unit-linked endowment plan. |
|
Plan basis |
Individual |
|
Premium paying terms |
Single Pay, 5 years, 7 years, 10 years |
|
Policy term |
8 years, 9 years, 10 years, 15 years |
|
Premium payment frequency |
Half-yearly and yearly |
|
Free-look period |
|
|
Grace period |
|
|
Policy revival |
Any policy can be revived with full benefits, within 2 years from the date of the first unpaid premium. |
|
Nomination |
Nomination facility is available under section 39 of the Insurance Act, 1938 |
|
Sum Assured |
Depends on premium payment term, policy term and entry age |
|
Policy coverage |
Death benefits and maturity benefits. Death Benefits: In case of death of policyholder, sum assured equal to 10 times the annual premium will be paid out to the beneficiaries and the policy will cease to exist. Maturity Benefits: Guaranteed maturity benefits are rolled out in case the policy term is survived by the policyholder. The amount paid at maturity depends upon the policy term, premium payment term and the entry age of the policyholder. Refer maturity benefit table below for further information. |
|
Add-on Covers available |
No |
|
Surrender Benefit |
You can surrender a single premium policy at any time during the policy period A limited premium policy needs to complete at least 2 years of premium payment before it is surrendered |
|
Surrender value payable |
Greater of the GSV (Guaranteed Surrender Value) and SSV (Special Surrender Value) |
|
Loans against policy |
Loans against this insurance policy are not acceptable |
Benefits or Advantages of Aviva Sampoorna Suraksha Plan
Following are some of the most significant advantages due to which makes Aviva Sampoorna Suraksha Plan a unique insurance plan which is preferred by customers.
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Low policy premiums: Low and affordable policy premiums are the highlight of the Aviva Sampoorna Suraksha Plan
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Flexibility to choose premium paying duration
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Guaranteed maturity benefit
How Does the Aviva Sampoorna Suraksha Plan Work
Following is a table depicting the various policy terms and the different minimum and maximum terms at highest and lowest ages along with the maturity sum assured as a percentage of the single premium paid by the policyholder.
|
Policy Term (years) |
Premium Paying Term (years) |
Maturity Sum Assured ((% of single premium) |
||||
|
Entry Age <= 30 years |
Entry Age 31-40 years |
Entry Age 41-45 years |
Entry Age 46-50 years |
|||
|
8 |
Single |
125 |
120 |
115 |
110 |
|
|
9 |
5 |
130 |
125 |
120 |
115 |
|
|
10 |
7 |
135 |
130 |
125 |
120 |
|
|
15 |
10 |
155 |
150 |
145 |
140 |
Aviva Sampoorna Suraksha Plan is a good insurance product offering considering its dual nature of savings cum protection. This takes away an individual's burden of availing separate savings and insurance schemes.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
