Aviva India is a joint venture between Dabur Invest Corp of India and Aviva International of UK. It is a private sector life insurance provider based in India. Aviva India has a wide presence throughout the country and is represented by more than 130 branches.
Aviva India provides life insurance products across a wide range of categories such as savings, investments, retirement, rural etc. Aviva India savings plans are among the best in the class with several options as well as opportunities to secure your future safely.
Types of Aviva Savings Plans
Aviva India currently provides 7 different products under the savings plans category. The products are designed for every segment of customers and provide wide ranging benefits.
Aviva Dhan Nirman
Aviva Dhan Nirman plan is a comprehensive savings plan that provides guaranteed annuity once the premium payment tenure is over. Benefits of this plan include death benefits, maturity benefits, and survival benefits, apart from the annual gratuity. The gratuity sum is decided as 150% of annual premium.
Aviva Wealth Builder
The Wealth Builder plan is a perfect option if your target is to double your investment over a period of time. Customers receive twice their total paid premium, apart from death and tax benefits as per policy documents.
The Live Smart Plan is an investment-centric (ULIP) plan that provides you with 7 different fund choices to invest in. Death and maturity benefits are also provided as applicable. The life cover is a combination of fund value and sums assured, thereby providing a comprehensive coverage to be paid to your beneficiaries.
Aviva Dhan Samruddhi
This is a traditional life insurance plan with the advantage of guaranteed payment after every 5th policy year. This way you receive additional liquidity every 5th year. Customers also stand to receive guaranteed annual additions between 7-9%, depending on the tenure. Maturity and death benefits are applicable while high sum assured can provide you with rebates on your investment.
Aviva LifeBond Advantage
This is another ULIP plan where the premium is collected as a lump sum (single pay). Customers get a choice between 7 unit linked plans. This plan comes with a built-in Accidental Death Benefit, apart from death benefits paid out as usual. Moreover, customers can opt for Systematic Partial Withdrawal scheme through which their bank accounts will get credited by a predefined amount at regular intervals, providing you with intermittent liquidity.
Aviva New Family Income Builder
A savings cum protection plan, the New Family Income Builder provides you with regular payouts for 12 years as maturity benefits. In case of the policyholder’s demise during policy tenure, the benefits are passed on to family members. Death benefits will also be paid out as per policy documents.
This is a ULIP plan with a choice of 3 funds, as well as an option for switching between them during the policy tenure. Maturity benefits are paid out as a sum of fund value and loyalty additions accumulated during last 3 policy years. Death benefits are paid out to chosen nominees, and accidental death benefits will be paid out on top of normal death benefits, in case of accidental death. Partial withdrawal is allowed after 5 policy years.
Why choose Aviva Savings Plan?
Aviva India is among the fastest growing life insurance providers in India and boasts a large network of branches and professionals.
- 7 different savings plans, each with unique benefits.
- Hassle free application and processing, with the option of online enrollment.
- Flexible tenures and premium payment frequency.
- Up to 7 different unit linked funds to invest in. Some plans also have the feature of switching between funds as per your risk appetite.
Let’s take the example of Aviva Dhan Nirman plan. Suppose you have chosen a policy tenure of 18 years for which the premium payment tenure will be 14 years. By paying Rs.14,486 as annual premium, you stand to receive:
- Maturity benefits calculated at an 8*annual premium, which come to Rs.1,15,888.
- Survival Benefits calculated at 150%*annual premium, paid annually for the last 4 policy years (14th to 17th year), which comes to Rs.86,916 overall.
- Death benefits calculated at 105% of all premiums paid, which come to Rs.2,73,253.
*Note calculations are approximate and are done here to give an overview of the plan.
Other Aviva Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017