Aviva Life Saver Super Plan
Product Info
UIN
122L043V01
Status
Withdrawn
Launch Date
16/11/2007
Withdrawn Date
01/01/2010
Product Overview
Life Saver Super is a Unit Linked Endowment Plan which offers full Sum Assured in addition to the Fund Value as part of the Death Benefit. In the event of an unfortunate death of the life assured, it provides a higher financial protection to your loved ones. The customer can also opt for a "Systematic Transfer Plan". This plan provides a loyalty addition at maturity as well as from the 5th policy year onwards.
Product Description
- This is a unit linked endowment plan with a limited and a regular premium paying options.
- Option to save under Systematic Transfer Plan.
- Loyalty Additions during the term as well as at maturity.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Aviva Life Saver Super is a Unit-Linked Endowment Plan with limited and regular premium paying options.
- The plan provides 2 types of Guarantees - 5% of the initial premium from the 6th policy year & a fixed guarantee at maturity (policy term dependent, ranges from 0% to 4.75%).
- The option of systematic transfer plan is available, which allows your funds to enter the equity markets systematically.
- Death Benefit = Sum Assured + Fund Value, if any.
Eligibility Criteria
| Eligibility Criteria | ||
| Entry Age | Minimum | Maximum |
| Without any Rider | 0 | 60 years (last birthday) |
| With Rider is opted | 18 years (last birthday) | 55 years (last birthday) |
| Maturity Age | 18 years (last birthday) | 75 years (last birthday) |
| Sum Assured | 5 x Annual Premium | 1.5 x Policy Term x Annual Premium |
| Annual Premium | Rs. 15,000/- | No Limit |
| Payment Modes | Yearly, Half-Yearly, Quarterly, or Monthly | |
| Policy Term | 10 years | 30 years |
| Premium Payment Term | 10yrs to a Maximum of the Policy Term | |
| 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. | ||
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Product Benefit
- Maturity Benefit: Sum assured plus loyalty additions if any.
- Death Benefit:
- On the death of the life insured during the period when the risk coverage has not commenced, fund value plus the 1st year premium is paid.
- In all other cases, Sum Assured + Fund Value is paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Policy Term (Years) | Loyalty Addition at maturity | |||||
| If Annual Regular Premium is greater or equal to Rs. 1 Lakh |
If Annual Regular Premium is less than Rs. 1 lakh but greater or equal to Rs. 25,000 |
|||||
| 10-14 | 0.50% | 0.00% | ||||
| 15-19 | 2.00% | 1.25% | ||||
| 20-24 | 3.00% | 1.75% | ||||
| 25 & above | 4.75% | 3.50% | ||||
| Changing Allocation Proportions | Allocation proportion of your future premiums to different funds at any time, maximum up to 2 times in a policy year. The minimum allocation in each selected fund must be 10%. | |||||
| Switching Between Funds | In the event of a partial switch, the minimum amount switched should be Rs. 5,000 and the fund value in the fund after the switch should be Rs. 5,000 | |||||
| The first 4 switches in a policy year are free of charge. | ||||||
| Policyholder wishes to switch 100% of the fund to another fund, this condition not available. | ||||||
| Surrender | The Surrender Value shall be payable only after completion of the first three policy years provided more than the first year's premium has been paid. | |||||
| The surrender value is equal to the value of units pertaining to regular premium(s) plus the value of units pertaining to top-up premiums. | ||||||
| Top Up | Allocation Rate on top-up premium: 98% | |||||
| Partial Withdrawals | Partial withdrawals from top-up premium account can be made after 3 years from the allocation date of that top-up premium on which the life insured attains 18 years of age whichever is later. | |||||
Add-ons
- Accidental Death & Dismemberment Rider:
An additional Sum Assured under the rider is paid to the nominee, in the event the Life Assured suffers an accidental death, dismemberment or total & permanent disability.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Policy Administration | Rs. 50 per month, which will increase by 5% p.a. on the 1st of January each year. | |||||
| PAC will be deducted monthly by the cancellation of units from the unit account. This charge will not be levied in the 1st policy year. | ||||||
| Fund Management | 0.75% p.a. on Index Fund | 1.25% p.a. on Balanced Fund | ||||
| 1.00% p.a on Protector Fund | 1.50% p.a. on Growth Fund | |||||
| The maximum FMC on any fund is 2% p.a. subject to a prior approval by the IRDA. | ||||||
| Mortality Charge | Sample mortality charges per 1000 sum assured for different ages are given in the table | |||||
| Age ( Male) | 25 Years | 35 Years | 45 Years | 55 Years | ||
| Annual Mortality Charges per 1000 Sum Assured | 1.311 | 1.65025 | 3.7651 | 10.3753 | ||
| Rider Premium Charge | This charge will not be levied in the 1 policy year. | The AD&D rider charge will apply on the AD&D Rider Sum Assured. | ||||
| The rider charge may change on approval by the IRDA | ||||||
| Premium Allocation | Regular Premium | There will be no allocation rate in the first policy year | ||||
| The first policy year premium will be used to provide loyalty additions | ||||||
| (a) During the policy term Loyalty Additions at the rate of 5% of the regular premium paid during the first policy year. | ||||||
| (b) Premium Pay-Back on maturity, In addition, 100% of the regular premium paid in the first policy year. | ||||||
| From the 2nd policy year the allocation rate will be 98% of the premium. | ||||||
| Monthly & Quarterly frequencies - This rate will be 1% lower from the 2nd policy year onwards. | ||||||
| Top-up Premium | Allocation Rate on Top-up Premium: 98% | |||||
| Switching Charge: | 0.5% of the amount switched subject to a maximum of Rs. 500 per switch. | |||||
| The first 4 switches per policy year are, however, free of charge. | ||||||
| Unavailed free switches cannot be carried forward. | ||||||
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 Process of Aviva Life Saver Super 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 and 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.
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