Aviva New Pension Elite Plan
Product Info
UIN
122L073V01
Status
Withdrawn
Launch Date
19/12/2009
Withdrawn Date
31/08/2010
Product Overview
Aviva New Pension Elite is a non-participating unit-linked pension plan that provides flexible investment options to build a retirement corpus which will provide a regular income when you require it. Aviva New Pension Elite also provides a sum assured, in addition to your fund value, through a Term rider (optional) that can ensure a minimum death benefit for your family in case you are not around.
Product Description
- Attractive returns, enhanced by loyalty additions and maturity addition.
- Flexibility to change the maturity date, during the policy term.
- Opportunity to invest in high growth sectors such as PSU,Infrastructure,in addition to the Index-II fund.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Loyalty Additions will be a % of the first year annualized premium & is paid at the end of the 10th policy year & every subsequent 5th policy anniversary, except at maturity if the policy term is 15 years or above.
- Maturity addition will be a percentage of the first year annualized premium and will depend on the policy term.
- Term rider can be added to provide a life cover as well as during the saving phase.
- High allocation charge in the 1st Policy Year (17.5% of 1st year premium).
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age | Minimum | Maximum | ||||
| WITHOUT Term Rider | 18 years (last birthday) | 70 years (last birthday) | ||||
| WITH Term Rider | 18 years (last birthday) | 50 years (last birthday) | ||||
| Maturity Age | 40 Years (last birthday) | 80 Years ( last birthday | ||||
| Premium | ||||||
| Frequency | Minimum | Maximum | ||||
| Annual | Rs. 50,000/- | No Limit | ||||
| Top-Up Premium | Rs. 1,000/- | No Limit | ||||
| Notes :- Exclusive of Service tax & extra premium, if any | ||||||
| Aviva Term rider Sum Assure | No limit, subject to rider premium not exceeding 30% of the first year annualized premium. | |||||
| Mode Available | Yearly, Half-Yearly, Quarterly, and Monthly. | |||||
| Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed only through ECS, Credit Card, Direct Debit and EFT. |
||||||
| Premium Payment Term | Premium payment term is equal to the policy term. | |||||
| Policy Term | 10 - 30 Years | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:- At maturity, you have the option to withdraw up to 1/3rd of the maturity value as a lump sum & use the balance to purchase an immediate annuity from Aviva or any other Life Insurance company registered in India.
- Death Benefits:- Fund value pertaining to regular premiums along with top-up premiums (if any) + Aviva Term Rider Sum Assured, if opted for.
Other Policy Features
| Loyalty Addition Benefit | ||||||
| Policy Term (Years) | Loyalty Additions during the term(as % of First year’s Annualised Premium) | |||||
| 10 years to 14 years | NIL | |||||
| 15 years | 30.00% | |||||
| 16 years | 31.00% | |||||
| 17 years | 32.00% | |||||
| 18 years | 33.00% | |||||
| 19 years | 34.00% | |||||
| 20 years | 35.00% | |||||
| 21 years | 36.50% | |||||
| 22 years | 38.00% | |||||
| 23 years | 39.50% | |||||
| 24 years | 41.00% | |||||
| 25 years | 42.50% | |||||
| 26 years | 44.00% | |||||
| 27 years | 45.50% | |||||
| 28 years | 47.00% | |||||
| 29 years | 48.50% | |||||
| 30 years | 50.00% | |||||
| Maturity Addition | Maturity addition will be a percentage of the first year annualized premium and depend on the policy term and the first year annual premium as per the grid provided below | |||||
| Policy Term | Less than Rs. 1 lac | > = Rs. 1 Lac & less than Rs. 2.5 Lac | > = 2.5 Lac & less than Rs. 5 lac | > = Rs. 5 Lac | ||
| 10 | 25% | 50% | 60% | 80% | ||
| 11 - 19 | 75% | 95% | 98% | 100% | ||
| 20 - 30 | 755 | 105% | 120% | 130% | ||
| Benefit Illustration | ||||||
| Annual Premium (Rs.) | Policy Term ( Year) | Gross Investment Return | Projected Fund Value at Maturity | Yield Net of Charges (%) | ||
| 50,000 | 15 | 6% | 1,105,811 | 4.71% | ||
| 10% | 1,517,231 | 8.39% | ||||
| 20 | 6% | 1,705,235 | 4.84% | |||
| 10 | 2,649,321 | 8.58% | ||||
| 30 | 6% | 3,472,556 | 4.98% | |||
| 10% | 7,085,298 | 8.76% | ||||
| 1,00,000 | 15 | 6% | 2,231,622 | 4.82% | ||
| 10% | 3,054,461 | 8.47% | ||||
| 20 | 6% | 3,440,469 | 4.92% | |||
| 10 | 5,328,642 | 8.62% | ||||
| 30 | 6% | 6,975,111 | 5.00% | |||
| 10% | 14,200,595 | 8.77% | ||||
| 2,50,000 | 15 | 6% | 5,586,555 | 4.84% | ||
| 10% | 7,643,653 | 8.48% | ||||
| 20 | 6% | 8,638,673 | 4.96% | |||
| 10 | 13,359,104 | 8.65% | ||||
| 30 | 6% | 17,475,278 | 5.01% | |||
| 10% | 35,538,988 | 8.77% | ||||
| Notes :- The values shown above include all charges and prevailing Service Tax (10.3% including cess). | ||||||
| Investment Funds | ||||||
| Fund Name & Objective | Asset Allocation | Risk Profile | ||||
| Pension Protector Fund - II | Debt & Money Market Equities |
0 - 100% | Low | |||
| 0 - 20% | ||||||
| Pension Balanced Fund - II | Debt & Money Market Equities |
0 - 100% | Medium | |||
| 0 - 45% | ||||||
| Pension Growth Fund - II | Debt & Money Market Equities |
0 - 80% | High | |||
| 20 - 60% | ||||||
| Pension PSU Fund - II | Debt & Money Market Equities |
0 - 40% | High | |||
| 60 - 100% | ||||||
| Pension Infrastructure Fund - II | Debt & Money Market Equities |
0 - 40% | High | |||
| 60 - 100% | ||||||
| Pension Index Fund - II | Debt & Money Market Equities |
0 - 20% | High | |||
| 80 - 100% | ||||||
| Discontinuance of Premium | ||||||
| In case you discontinue premium payment within first 3 policy years, then: | ||||||
| All risk cover, if any, shall cease immediately and death benefit shall be paid equal to the fund value of regular and top-up premiums. | ||||||
| All charges except the rider charges, if any, shall continue to be deducted from the unit account. | ||||||
| The policy can be reinstated within two years from the due date of first unpaid premium. | ||||||
| In case you discontinue premium payment after payment of first 3 years’ premium, then: | ||||||
| The policy shall remain in force for full risk cover, if any, during two years from the due date of first unpaid premium, during this period the policy can be reinstated. | ||||||
| If the policy is not reinstated within the stipulated period, then it shall be terminated by paying the Surrender Value. | ||||||
Add-ons
- Aviva Term Rider:
A term rider acts like a Term Insurance plan, which gives an extra life cover to the Life Assured at a very low cost. In the event of death of the Life Assured, the nominee shall be paid the base Sum Assured plus the Term Rider Sum Assured.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | Policy Year | Allocation Rate | ||||
| 1 | 82.50% | |||||
| 2 | 90.00% | |||||
| 3 onwards | 100.00% | |||||
| Notes :- There is no allocation charge on top-up premiums. | ||||||
| Fund Management Charges | An FMC of 1% per annum will be applied on Pension Index Fund-II and 1.35% for all other funds while calculating NAV on a daily basis. It can be increased subject to prior approval from IRDA. | |||||
| Policy Administration | Policy Year | PAC (per month) as a % of First Year Annual Premium | ||||
| 1 to 3 | 1% | |||||
| 4 onwards | Nil | |||||
| Term Rider Charge | Age | 25 | 30 | 35 | 40 | |
| Rs. | 1.254 | 1.2881 | 1.5785 | 2.365 | ||
| Notes :- Term rider charge will be deducted by monthly cancellation of units from the unit account. | ||||||
| Switching Charge | There are no charges on the first 4 switches in a policy year | |||||
| Subsequent switches are charged at 0.5% of amount switched, subject to a maximum of Rs 500 per switch | ||||||
| Reinstatement Charge | Equal to 1.5% or 4.5% of the first year’s annual premium. | |||||
| Reinstatement takes place respectively within 1 year or 2 years from the date of first unpaid premium, which will be recovered from the next Loyalty / Maturity Addition. | ||||||
| Miscellaneous charge | One-time processing fee of 0.4% of the Aviva Term Rider Sum Assured, subject to a maximum of Rs 5000, if this rider is opted for. | |||||
| Surrender Charge | ||||||
| No. of full years premiums paid | Surrender charge as a percentage of First Year Annual Premium | |||||
| If less than one policy year’s premium has been paid | No surrender value | |||||
| 1 year | 32% reducing at a simple rate of 0.1% for each month completed after 3 policy years. | |||||
| 2 years | 20% reducing at a simple rate of 0.2% for each month completed after 3 policy years. | |||||
| 3 years | 15% reducing at a simple rate of 0.3% for each month completed after 3 policy years | |||||
| 4 years | 15% reducing at a simple rate of 0.3% for each month completed after 3 policy years but reducing at a simple rate of 0.4% after payment of full 4 years premium | |||||
| 5 years | 8% reducing at a simple rate of 0.4% for each month completed after 4 policy years but reducing at a simple rate of 0.5% after payment of full 5 years premium | |||||
| Notes: | Surrender value acquires only if at least one full year’s premium has been paid. | |||||
| Amount of surrender charge can never be more than the fund value under the base plan on the date of surrender. | ||||||
| There is no surrender charge after completion of five policy years irrespective of the number of years’ the premium is paid. | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax Benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.
Claim Process
Know claim of Aviva New Pension Elite Plan
Company Overview
Aviva Life Insurance is a joint venture between Dabur Invest Corp and Aviva Group. Dabur is one of the India's oldest and most respected business houses. One of the largest producers of traditional healthcare products. Aviva Group is a UK-Based insurance group, whose association with India dates back to 1834.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
