One of the leading players in the finance market, Aviva Life Insurance Company India Ltd. is there to provide its customers with the best of insurance products and services. Having expertise of partners like Dabur Group and Aviva plc., one can expect quality with quantity from Aviva Life. There are instruments that help you make investments along with getting insurance benefits. Aviva i-Growth Plan by Aviva Life Insurance is one such Unit Linked Insurance Plan (ULIP) that focuses on growing your corpus along with providing you death benefits.
What the Plan has to Offer?
There are many ups and downs when it comes to life as life itself has no guarantee. The purchase of a life insurance policy can protect the dependents of an individual from the financial setback that can arise from the death of an earning member of the family. Aviva i-Growth Plan offers you following benefits:
- It is a savings-cum investment ULIP plan.
- There are three different options of investment funds to choose from.
- The funds also have liquidity as the option for partial withdrawals is available.
- Aviva i-Growth Plan also offers the option of accidental death rider to secure the finances of beneficiaries further.
- There is no need for a medical examination, and it can easily be purchased online.
Types of Funds Offered
There are three types of investment funds offered to an individual under this policy, and they are:
| Fund Name | Equities | Debt | Money Market Instruments | Risk Factor |
| Balanced Fund | 0-45% | 25-100% | 0-40% | Moderate |
| Bond Fund | 0% | 60-100% | 0-40% | Low |
| Enhancer Fund | 60-100% | 0-40% | 0-40% | High |
You can choose from the above investment funds in different ways, i.e., you can opt for one single investment fund or a combination of multiple funds. You can select the options based on your risk appetite and other preferences.
Benefits and Features
There are many more benefits of this plan that make it a better choice among other plans in the market. The further benefits of this plan are:
- The maturity benefit of this policy includes the loyalty additions and the total fund value.
- If you pay your premium regularly on time, then you receive the loyalty additions during the last three years of the policy term.
- The death benefit can be fund value, 105% of the paid premiums and base sum assured (Whichever is higher).
- In case the policyholder passes away during the lock-in period (first five years of policy) his or her beneficiaries will receive the fund value in addition to the loyalty additions.
- In case of accidental death of the policyholder within the policy term, the accidental death benefit is paid to the nominees in addition to the base sum assured. The maximum limit of accidental benefit is Rs 50 lakh.
- The customers are offered with different options for investment funds, and he or she can make a choice based on the risk and returns ratio. The choice should be made based on one’s risk appetite.
- The plan offers liquidity in terms of partial withdrawals but only once the 5 years lock-in period of the plan has ended. The minimum amount of partial withdrawals has to be Rs 5,
- The premiums paid fall under the tax benefits of section 80C, and the claim falls under the tax benefits of section 10 (10D)of the Income Tax Act.
- There is a grace period of 30 days from the due date to clear the due payments.
- In case the policyholder wants to surrender the policy, it is possible after a time period of 5 years since policy inception. If the insured wants to discontinue the policy before the term of 5-year ends, then the insurance cover will get void, and the fund value will be transferred to the discontinuation policy fund. In case the policy is not continued again in the revival period then the policy is terminated.
- The policy will be terminated in case the death or maturity benefits are paid out.
- Aviva offers its policyholders a free look period to review the policy to review the terms and conditions of the plan and rethink their decision of purchase.
- If the policyholder surrenders the policy within the free look period, then the fund amount and un-allocated premiums will be returned to the policyholder. All the amount will be returned to the policyholder after deductions of fee for bearing the risks, and other expenses like stamp duty and medical examinations.
Also Read: Aviva Life Term Insurance Plans & Policies
Eligibility Criteria for the Plan
There are limitations related to the plan related to who is eligible for the plan and who is not. The plan has terms and conditions related to the age range for entering and maturity of the policy. Other conditions are related to the sum assured that one is eligible for under this policy. All these conditions are listed below:
| Particulars | Details
|
| Minimum Annual Premium to be Paid |
Rs. 5,00,000 (18-40 yrs. of age) Rs. 3,00,000 (41-50 yrs. of age) |
| Age of Entry | 18 – 50 years |
| Age of maturity | 28 – 60 Years |
| Policy term | 10 or 20 Years |
| The frequency of Premium Payment | Annual, Semi-annual, quarterly and monthly |
| Minimum Sum Assured (10* Annual Premium/ 20* Annual Premium) | Rs. 3,50,000 |
| Maximum Sum Assured (10* Annual Premium/ 20* Annual Premium) |
|
Exclusions of Aviva i-Growth Plan
There are many situations in which Aviva Life Insurance does not provide the promised benefits to avoid the abuse of its systems. There are strict terms and conditions when it comes to the exclusions, and they have to be followed. The exclusions from Aviva i-Growth plan are as follows:
- The term insurance coverage gets canceled in case the policyholder commits suicide without being mentally ill within one year of policy activation. If this kind of situation arises, only the fund value is returned to the beneficiaries of the policyholders.
- Other situations that are excluded from the coverage provision of the plan for the accidental death benefit rider are:
– Drug or alcohol abuse
– Not seeking medical advice when required
– Death during racing (excluding swimming and athletics)
– Death during riots or wars
– Participating in hazardous activities
– Functional or medical disorders
Also Check: Aviva Dhan Nirman Plan
FAQs
Q1. What are the documents required to buy Aviva I-Growth Policy?
Ans. You will be required to submit the duly filled ‘Application Form’ along with photo ID proof (Driving License, PAN Card or Passport), address proof (AADHAR, Voter-ID Card, etc.) and income proof (latest ITR copy/ Form 16/ salary slips of last 3 months).
Q2. What is the entry age for Aviva i-Growth plan?
Ans. In Aviva i-Growth plan, the age of entry can be between 18-50 years.
Q3. What is the maximum age of maturity in Aviva i-Growth plan?
Ans. The maximum age of maturity under the Plan is 60 years.
Q4. How many options are provided for the type of funds in Aviva i-Growth plan?
Ans. There are three options of funds provided to the policyholders that are differentiated on the basis of their risk profile and fund allocations. These funds are:
- Balanced Fund II
- Bond Fund II
- Enhancer Fund II