Aviva Life Bond Advantage Plan: Brief Overview
If you are looking for an opportunity to invest a lump sum amount for a medium to longer period of time along with a life cover too, then Aviva Life Bond Advantage insurance plan is the right option for you. This insurance plan gives you the opportunity to add a top-up premium to your policy if you want to invest later. You also get the flexibility to access your money after 5 years from the date of commencement of the insurance plan if you need to address some urgent financial need.
Aviva Life Bond Advantage Plan: Review and Features
This is a single premium unit linked insurance plan offered by Aviva Life Insurance. Here are a few of the key features of Aviva Life Bond Advantage Plan:
- It Offers 7 Unit Linked Funds + 2 Options for Life Cover: You can choose to invest money in one or more of the 7 unit linked fund when you choose the Aviva Life Bond Advantage Plan. You can also switch between funds during the policy term. The unit-linked funds you can choose from based on your investment objectives are:
- Balanced Fund
- Bond Fund
- Enhancer Fund
- Growth Fund
- Protector Fund
- Infrastructure Fund
- PSU Fund(Public Sector Undertaking)
- It Provides an Inbuilt Accidental Death Benefit:
If the policyholder is between the age of 18 – 60 years then this insurance plan also provides a benefit equal to the accidental death sum assured up to Rs. 50 lakhs in addition to the death benefit offered by the plan.
- It Gives You the Opportunity for Additional Investment with a Nominal Life Cover (Top-up):
Aviva Life Bond Advantage Plan is a single premium insurance plan, however, it offers policyholders the opportunity to pay top-up premiums should they want to invest more money in the plan. The minimum limit for single premium is Rs. 50,000 whereas the minimum limit for top-up premium is Rs. 5,000.
Aviva Life Bond Advantage Plan: Benefits and Eligibility
| Particulars | Details |
| Policy Type | Single Premium Unit Linked Insurance Plan |
| Entry Age | 2 – 65 years |
| Policy Term | 10 – 73 years (Subject to maximum age of 75 years of Life Insured at the time of maturity) |
| Maximum Age on Maturity | 75 years |
| Insurance Premium | Minimum – Rs. 50,000 (One-time)
Maximum – No limit (Subject to underwriting) |
| Premium Paying Term (PPT) | Single Premium |
| Top-up Premium | Minimum – Rs. 5,000
Maximum – Up to sum of premiums paid |
| Base Sum Assured | 1.25 x Single Premium |
| Lock-in Period for Single Premium | 5 years from the date of commencement of the insurance plan |
Listed below are some of the major benefits associated with the Aviva Life Bond Advantage Plan:
Maturity Benefit: If the policyholder survives till the maturity of the policy then you are paid the fund value i.e. the value of all the units pertaining to the single premium & top-up premium (if any) as on the maturity date.
Top-up Benefit: If you have surplus money to put into an investment, you can choose to pay the top-up premium towards your Aviva Life Bond Advantage Plan. It carries a Sum Assured of 1.25 times of the top-up premium paid. The minimum top-up is Rs. 5,000 and the maximum limit is set to the sum of the premiums paid towards the insurance plan.
Death Benefit: On the untimely death of the Life Insured, Aviva Life Insurance would be liable to pay:
- Higher of the base sum assured or fund value pertaining to the single premium at the date of notification of death or 105% of the premium paid
- Higher of the top-up sum assured or fund value pertaining to top-up premiums or 105% of top-up premiums paid, if any, at the date of notification of death.
The contract terminates after payment of the death benefit.
If the policyholder and life insured are different and the death of the policyholder occurs before the life insured then the policy does not terminate and the death benefit is not payable in such an event.
Withdrawal Benefit: After a lock-in period of 5 years, you can completely withdraw money from your insurance plan. The fund value pertaining to single premium and top-up premiums will be paid to you (the policyholder) and the policy will terminate. You can also make partial withdrawals after 5 years from the payment of the single premium. The total number of partial withdrawal per year is limited to 4 times.
Tax Benefit: Since Aviva Life Bond Advantage Plan is a unit-linked insurance plan, the policyholders may be entitled to certain applicable tax benefits depending on the prevailing tax laws.
FAQs
Q1. Can I withdraw money completely from my Aviva Life Bond Advantage Plan?
Ans. Yes. One of the biggest benefits of the Aviva Life Bond Advantage Plan is that it offers you the flexibility to withdraw funds from the policy. The company allows partial or complete withdrawal without any penalty after 5 policy years.
Q2. How can I get in touch with Aviva Life Insurance company?
Ans. If you do not want to go to your nearest branch of Aviva Life Insurance Company India Limited then here is how you can contact the company:
- Call: 1860 103 7766, 1800 180 2244
- SMS: AVIVA to 5676737
- Email: customerservices@avivaindia.com
Q3. Can I pay my insurance premium online?
Ans. Aviva Life Insurance allows you to pay your insurance premium online. However, Aviva Life Bond Advantage Plan is a single premium policy and cannot be purchased online. You need to visit the branch or meet an insurance agent to pay the premium for this policy. If you want to add top-up premium to your plan then you can use the “Top up My Premium” option under the Quick Help header on the company’s website.
Q4. How to apply for a duplicate policy?
Ans. If you have not received your insurance policy documents or have lost your policy documents then you can apply for a duplicate policy. Here is a step-by-step procedure to apply for a duplicate policy if you have not received your policy documents:
- Step 1:Fill the request form by providing the required details
- Step 2a : Submit the form to your nearest Aviva branch if you have not received your policy documents within one year from the date of issuance
- Step 2b : Submit the form to your nearest Aviva branch along with an indemnity on Rs. 100 stamp paper, colored passport-size photo and photo id proof (of the policy holder) if you have not received your policy documents for more than one year from the date of issuance
If you have lost your policy documents then here is a step-by-step procedure to apply for a duplicate policy:
- Step 1:Fill the request form by providing the required details
- Step 2:Submit the form to your nearest Aviva branch along with an indemnity on Rs. 100 stamp paper, photo id proof of the policy holder and colored passport-size photo. You also need to pay a nominal processing fee of Rs. 250. Carry your original photo identity proof for verification when you visit the branch
Q5. Can I apply for a loan against my Aviva Life Bond Advantage Plan?
Ans. There is no provision of loan facility on Aviva Life Bond Advantage Plan. However, if you have completed 5 years from the date of the payment of the premium then you can partially or completely withdraw policy amount from funds.
Q6. Can I calculate my Aviva Life Insurance premium online?
Ans. Aviva Life Insurance provides a range of insurance premium calculators to help its customers find the best insurance plan based on their needs. Here are the tools you can use on the company’s website:
- Heart Age Calculator
- Wealth Planner
- Child Education Planner
- Retirement Planner
- Marriage Calculator
- Premium Calculators
You can use premium calculators on the company’s website to check the premium amount you will have to pay based on the insurance plan, policy term, etc. and select the insurance plan suitable for you.