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Aviva Live Smart Plan

Aviva Life Smart plan is a Unit Linked Endowed Plan offered by Aviva India Life. It is a non-traditional insurance plan that helps you meet your financial needs by letting you make investments according to your risk capacity. The policy which includes sum assured and fund value ensures that your family is protected in case something should happen to you. 1% of the fund value is paid as loyalty addition on continuing through with policy till the end of the tenure. The maturity benefit paid at the end of the policy term includes the fund value and loyalty addition.

Key features:

Listed below are the key features of Aviva Live Smart Plan:

  • It is a unit linked endowment plan
  • Total Fund value is paid as maturity benefit on maturity
  • Offers 7 investment funds
  • Flexibility to choose policy terms of 15,20,25 or 30 years
  • Offers the option to reduce the sum assured
  • Switching between funds is allowed
  • Premium payment term is same as the policy term
  • Offers riders
  • One can pay top up premiums to increase the savings elements along with life cover
  • Policy administration charges- 1% of the annualised premium per month
  • Premium allocation charges apply

Benefits:

  • Offers 2 additional riders-
    Dread Disease rider
    Term Plus rider
  • Offers an in-built rider- Accidental death benefit rider
  • Death benefits- In case of death of the insured within the policy tenure, the nominee will get sum assured and fund value as death benefit. If the insured dies in case of an accident then an additional amount of Rs.50 lakh will be paid as accidental death benefit
  • Maturity benefit- If the insured survives till the end of the policy tenure, they will get fund value as maturity benefit
  • Investment returns- The insured earns investment returns by investing in one of the many fund options offered by the plan
  • Income Tax Benefit- The plan offers tax benefits under section 80C and 10D under the Income Tax Act.
  • Convenience- One has the option of increasing the level of savings and coverage
  • Offers variety of fund options-
    1. Bond Fund
    2. Enhancer Fund
    3. Growth Fund
    4. Infrastructure Fund
    5. PSU Fund
    6. Protector Fund
    7. Balanced Fund
  • Partial withdrawal- The fund allows 4 partial withdrawals after completion of 5 years of the policy
  • Switching- The policy offers the first 12 switches in the policy free of cost and charges are applicable after the 12th switch
  • Top up- Unlimited top up is allowed except for the last five years of the policy term. Each top up premium has a lock in period of 5 years

Eligibility Criteria:

  • Age: Minimum-2 years
  • Maximum-65 years
  • Maturity age:Minimum-18 years
  • Maximum-80 years
  • Policy term:15,20,25,30 years
  • Premium payment term: Same as the policy term
  • Minimum Annual premium: Rs.50,000
  • Premium frequency: Yearly

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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