Aviva Freedom Life Advantage Plan is a unit linked insurance plan. The plan is very simple to understand. Here, the policyholder receives the fund value at the end of the policy tenure and in case of death in the middle of the policy period, the nominee gets the higher of - (a) the sum assured or (b) the fund value.

Features and benefits of the plan

• While the minimum policy term is 15 years, the maximum policy term is 30 years.
• The minimum premium policy term under this plan is 5 years. The maximum premium paying term can be equal to the basic policy term.
• You can choose to pay your premiums monthly, half yearly or annually. If you choose to pay premiums monthly then note that you can pay it through ecs only.
• The minimum premium amount for 5 year premium paying term is 1l. In case the premium paying term is equal to the policy term, the minimum premium amount is Rs 25,000.
• Likewise, the sum assured amounts under the plan are again decided based on the premium paying term (ppt).
  • For 5 year ppt, the minimum sum assured amount is higher of (a) 10 x annual premium or (b) 0.5 x policy term x annual premium.
    While the maximum sum assured is 10 x annual premium (in case of age 40 years and below) and higher of (a) 10 x annual premium or (b) 0.5 x policy term x annual premium (in case of age above 40)
  • For ppt equal to policy term, the minimum sum assured amount is equal to - 1.05 x policy term x annual premium
    While the maximum sum assured amount is equal to - 2.5 x policy term x annual premium

Eligibility

1. Individuals seeking The plan without riders should fall within the age bracket of 2 to 60 years.
2. Those seeking the plan With riders and for joint life should fall within the age bracket of 18 to 50 years.
3. Those seeking the plan With riders and for single life should fall within the age bracket of 18 to 55 years.