Aviva i-Growth
Aviva i growth is a unit linked, non-participating savings oriented life insurance plan offered by Aviva India Life. Aviva i growth not only offers protection to your family but it also helps you save a part of your income and build up on your savings. It offers great and attractive benefits. With hassle free purchase and loyalty additions, the plan is one of its kind.
Key features of Aviva i-Growth:
Listed below are the key features of Aviva i growth insurance plan
- It is a unit linked non-participating savings oriented life insurance plan
- Investment risk is borne by the policyholder in this policy
- Investment fund options- Offers 3 investment fund options
- Minimal charge- The total charge on the policy can be as low as 1% with thispolicy
- Policy term- Offers 3 policy terms
- Can be purchased online with no hassles
- Offers loyalty additions
- No medical examination required
- Option to reduce sum assured
- Fund management charge of 1.35% p.a. is chargeable
- Switching between funds allowed
- Dedicated customer service
- Lock in period of 5 years
Benefits of Aviva i-Growth:
- Death benefit- In case of unfortunate death of the insured,the nominee will either get sum assured or 105% of the total premiums paid or the fund value at the date of notification
- Maturity benefit- If the insured survives till the end of the policy term then they will receive fund value along with loyalty additions as the maturity benefit
- Loyalty addition- The insured will get loyalty addition on last 3 anniversaries of the policy. One can avail the loyalty addition only if all the premiums are paid till the date
- Option to reduce sum assured- The insured can reduce the sum assured after three years of the policy
- Partial withdrawals- Partial withdrawals are allowed after completion of 5 years of the policy.One can make 4 partial withdrawals per year
- Offers 3 types of fund options-
- Balanced fund
- Bond fund
- Enhancer fund
- Premium re-direction- The insured has the option to redirect their premiums to different funds up to 2 times in a policy year
- Switching between funds- Switching between funds is allowed up to 3 times any time in a policy year
Eligibility Criteria of Aviva i-Growth:
- Age: Minimum-18 years
Maximum-50 years - Maximum maturity age- 60 years
- Policy term- 10,15,20 years depending on maximum age of maturity
- Premium payment term: Same as policy term
- Minimum annual premium: Rs.35,000
- Top up: Not allowed
- Premium frequency: Yearly, half yearly, quarterly and monthly
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs
- What maturity benefits are available under this plan?
At the end of the policy term, the maturity benefit includes the accumulated fund value plus loyalty additions for policyholders who have paid all due premiums.
- What are the available fund options under Aviva i-Growth?
The plan offers three fund choices - Balanced Fund, Bond Fund, and Enhancer Fund - allowing investors to align their portfolio with their risk profile and investment goals.
- Are partial withdrawals allowed in Aviva i-Growth?
Yes. Partial withdrawals are permitted after the completion of the 5-year lock-in period, up to four times per year, offering liquidity without disrupting long-term investment goals.
- What are loyalty additions and when are they paid?
Loyalty additions are bonuses credited to the fund value during the last three policy anniversaries, provided all due premiums have been paid up to that point.
- What are the policy term and premium payment options?
Policyholders can choose a policy term of 10, 15, or 20 years, with premiums payable annually, half-yearly, quarterly, or monthly for the entire policy term.
- Is there an option to reduce the sum assured under this plan?
Yes. Policyholders can reduce the sum assured after three full policy years, offering flexibility in managing protection and investment according to their financial situation.
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