The new Life Saver Plus of Aviva Life Insurance is a savings plan. This plan offers savings with a great level of financial security for the family of the life insured in case if something happens to the insured. This policy renders the facility of increasing death benefit. As death benefit under this policy the Life Cover along with the Fund Value is received. It is a long terms savings plan with changing needs.
The available fund options of the policy are Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU, and Index-II Funds, STP option.
The key features of Life Saver Plus of Aviva Life Insurance are as follows:
- The entry age of the policy is 0 to 60 years. The entry age for the policy is 18 to 50 / 55 years with riders.
- The policy terms available under the policy are 10, 15, 20, 25, 30 years.
- The maturity age of the policy is 18 years to 75 years.
- The premium payment frequencies of the policy are annual, half yearly, quarterly and monthly options.
- The annual premium for the policy, the minimum premium is Rs 15,000 and no maximum premium limit.
- The top up premium for the policy is minimum - Rs 1,000; maximum - up to 25 per cent of total regular premiums paid.
- The fund options available under this policy are Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU, and Index-II Funds.
- The riders available under the policy are Accidental Death and Dismemberment (AD&D) Rider, Aviva Pay or Plus Rider (on life of the proposer), Income Benefit (IB) Rider, Comprehensive Health Benefit (CHB) Rider (for the life insured)
The benefits available under Life Saver Plus of Aviva Life Insurance are:
As death benefit
The life cover along with the fund value will be paid to the nominee.
If the life insured dies before commencing 7 years then only the fund value will be paid.
If the death of the insured occurs where the rider is opted for then the future premiums will be credited as a lump sum to the policy fund. This will enable the policy fund to continue with all benefits without any future paying liability.
As tax benefit
The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change.