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Insurance Company
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Aviva Life Insurance Company Ltd
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Plan Name
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Aviva Freedom LifePlan
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Plan Nature
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ULIP
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Plan Category
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Protection Plan
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UIN No.
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122L033V02
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About Plan
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Freedom LifePlan is a Unit Linked limited premium paying endowment plan with loyalty additions during the term of the policy. This unit linked plan gives you the flexibility to customise the plan to suit your individual needs and alter it subsequently with your changing needs. You can take Freedom LifePlan on single life or jointly with your spouse (first death basis).
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Minimum Entry Age
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18 years
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Maximum Entry Age
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60 years
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Minimum Policy Term
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10 years
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Maximum Policy Term
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30 years
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Minimum Premium
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Rs 25000 (for a ppt of 10 years)
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Maximum Premium
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Rs 100000 for ppt 3 and 5 years
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Minimum Top Up premium
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Rs - 1000/-(The Minimum top - up premiums cannot exceed 25% of the total regular premiums paid till date at any point in time)
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Minimum Sum Assured
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5*Annual Premium
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Maximum Sum Assured
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1.25* PT* Annual Premium
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Benefits
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| Particulars | Description |
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Maturity Benefits
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On maturity, you can take out the fund value in respect of regular premiums plus top-up premiums, if any and terminate the policy.
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Death Benefits
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In the unfortunate event of death of the life insured, The Higher of the Sum Assured or the value of units pertaining toregular premiums (as at the date of notification of death) shall be payable. The value of units pertaining to the top-up premiums, if any, would also be payable.
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Switch Benefit
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You can switch your accumulated funds from one investment fund to another (either partly or fully). In case of a part 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. However, if policyholder wishes to switch 100% of the fund to another fund, this condition will not apply. The first 4 switches in a policy year are free of charge.
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Additional Benefits
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Policy Year Loyalty Addition10th year end 5%Every subsequent 5th policyanniversary till the date 3.5% of maturityThis addition is calculated with respect to units pertaining to regular premiums only, provided all due regular premiums have been paid. The units pertaining to top-up premiums, if any, will not qualify for the loyalty addition.
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Partial Withdrawal Benefit
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You have the flexibility of making partial withdrawals after the first 3 policy years from the regular premium unit account. Any partial withdrawal will first be made from the top-up premium account (if any and if eligible for withdrawal) followed by the regular premium account, if required.If the policyholder is less than 58 years of age then the total amount of partial withdrawals made from the regular premium account cannot exceed 25% of the value of units pertaining to regular premiums as at the start of the policy year in which the partial withdrawal is being made. If the policyholder is of 58 years of age or more then this restriction does not apply. Partial withdrawals from top-up premium account can be made after 3 years from the allocation date of that top-up premium Only 4 partial withdrawals are allowed in a policy year.The minimum partial withdrawal is Rs. 5,000.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Critical Illness & Permanent Total Disability Rider (CI & PTD) [122C001V01]
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Accident Death & Dismemberment Rider [122C002V01]
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Hospital Cash Benefit Rider [122C003V01]
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You have the option to change the allocation proportion of your future premiums to different funds at anytime, up to 2 times in a policy year. The minimum allocation in each selected fund must be 10%.
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You have the flexibility of making lump-sum investments through top-up premiums to increase the investment value of your policy without increasing the sum assured provided all due regular premiums till date are paid. The minimum top-up premium is Rs.1,000. The total of top-up premiums cannot exceed 25% of the total regular premiums paid till date at any point in timeThe top-up premiums shall be invested in various investment funds in the same proportion as selected by you for your regular premiums. You also have the option to specify a different allocation proportion for top-up premiums.
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The sum assured can be increased by any of 2 methods1. Through Indexation - at each policy anniversary, the regular premium and Sum Assured may be increased by opting for the Indexation option. This option increases the regular premium at the same rate as that of the increase in the Wholesale Price Index. The increase shall apply to the CI&PTD and AD&D rider Sum Assureds as well. 2. During the policy term û at any policy anniversary (for increasing û only up to the anniversary by which the life insured attains 45 years of age), you can opt to increase or reduce the Sum Assured without any increase in regular premiums. The increase shall apply to the CI&PTD and AD&D rider Sum Assureds as well. You can also opt toreduce your regular premium from the 3rd policy anniversary onwards as long as the reduced premiums does not fall below the minimum annual premium defined in the plan. Any reduction in premium will also result in a proportionate reduction in Sum Assured as well.
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Apart from the death cover under the base plan, Freedom LifePlanTM offers extra protection through 3 optional riders:Accidental Death and Dismemberment Rider (AD&D): Coverage from risk of death or dismemberment due to an accidentCritical Illness and Permanent Total Disability Rider (CI&PTD): Coverage against contracting a critical illness or becoming totally and permanently disabled due to a disease or an accidentHospital Cash Benefit Rider (HCB): The Company will make fixed cash payments for each day of hospitalizationThese riders can be attached to the base plan at inception only and the rider covers expire from the policy anniversary at age 60. For details, please refer to the key features of the riders. Incase of joint life polices, riders, if opted for, are applicable for both the lifes insured. Both the lifes shall be entitled for the rider benefit independently.
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Balanced Fund (Before 30-June-2006)
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Balanced Fund (Post 31-July-2006)
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Balanced Fund II (Post 31-Dec-2009)
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Bond Fund (Post 31-July-2006)
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Bond Fund II (Post 31-Dec-2009)
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Enhancer Fund (Post 31-July-2006)
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Enhancer Fund II (Post 31-Dec-2009)
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Group Pension Balanced Fund (Pre Ulip)
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Group Pension Debt Fund (Pre Ulip)
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Group Pension Growth Fund (Pre Ulip)
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Group Pension Secure Fund (Pre Ulip)
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Growth Fund (Before 30-June-2006)
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Growth Fund (Post 31-July-2006)
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Growth Fund II (Post 31-Dec-2009)
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Index Fund II (Post 31-Dec-2009)
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Infrastructure Fund (Post 31-Dec-2009)
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Protector Fund (Post 31-July-2006)
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Protector Fund II (Post 31-Dec-2009)
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PSU Fund (Post 31-Dec-2009)
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Secure Fund (Before 30-June-2006)
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Secure Fund (Post 31-July-2006)
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UWP Fund (Post 31-July-2006)
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Particulars
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Range
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Balanced Fund (Before 30-June-2006)
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Govt & Other Debt Securities
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50% - 90%
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Equity
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0% - 45%
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Cash & Money Market
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0% - 40%
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Balanced Fund (Post 31-July-2006)
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Government & Other Debt Securities
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50% - 90%
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Equity
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0% - 45%
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Cash & Money Market
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0% - 40%
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Balanced Fund II (Post 31-Dec-2009)
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Equity
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0% - 40%
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Debt & Money Market
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0% - 60%
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Bond Fund (Post 31-July-2006)
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Debt & Money Market
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0% - 100%
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Bond Fund II (Post 31-Dec-2009)
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Debt & Money Market
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0% - 100%
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Enhancer Fund (Post 31-July-2006)
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Debt & Money Market
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0% - 40%
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Equities
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60% - 100%
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Enhancer Fund II (Post 31-Dec-2009)
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Debt & Money Market
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0% - 40%
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Equity
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60% - 100%
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Growth Fund (Before 30-June-2006)
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Govt & Other Debt Securities
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0% - 50%
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Equity
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30% - 85%
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Cash & Money market
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0% - 40%
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Growth Fund (Post 31-July-2006)
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Government & Other Debt Securities
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0% - 50%
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Equity
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30% - 85%
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Cash & Money Market
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0% - 40%
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Growth Fund II (Post 31-Dec-2009)
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Equity
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0% - 30%
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Debt & Money Markey
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0% - 70%
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Index Fund II (Post 31-Dec-2009)
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Dept & Money Market
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0% - 40%
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Infrastructure Fund (Post 31-Dec-2009)
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Cash & Money Market
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0% - 40%
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Equity
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0% - 60%
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Protector Fund (Post 31-July-2006)
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Government & Other Debt Securities
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60% - 100%
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Equity
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0% - 20%
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Cash & Money Market
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0% - 40%
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Secure Fund (Before 30-June-2006)
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Govt & Other Debt Securities
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60% - 100%
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Equity
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0% - 20%
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Cash & Money Market
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0% - 40%
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Secure Fund (Post 31-July-2006)
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Government & Other Debt Securities
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60% - 100%
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Equity
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0% - 20%
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Cash & Money Market
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0% - 40%
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UWP Fund (Post 31-July-2006)
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Government & Other Debt Securities
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70% - 100%
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Equity
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0% - 20%
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Cash & Money Market
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0% - 40%
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Balanced Fund (Before 30-June-2006)
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14-Jun-13
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42.404
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Balanced Fund (Post 31-July-2006)
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14-Jun-13
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42.404
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Bond Fund (Post 31-July-2006)
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14-Jun-13
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16.363
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Enhancer Fund (Post 31-July-2006)
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14-Jun-13
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12.101
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Growth Fund (Before 30-June-2006)
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14-Jun-13
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32.926
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Growth Fund (Post 31-July-2006)
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14-Jun-13
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32.926
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Protector Fund (Post 31-July-2006)
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14-Jun-13
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16.432
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Secure Fund (Before 30-June-2006)
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14-Jun-13
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18.987
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Secure Fund (Post 31-July-2006)
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14-Jun-13
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18.987
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Unitised With Profits Fund (Post 31-July-2006)
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14-Jun-13
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15.849
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Balanced Fund (Before 30-June-2006)
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Balanced Fund (Post 31-July-2006)
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Balanced Fund II (Post 31-Dec-2009)
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Bond Fund (Post 31-July-2006)
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Bond Fund II (Post 31-Dec-2009)
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Enhancer Fund (Post 31-July-2006)
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Enhancer Fund II (Post 31-Dec-2009)
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Group Pension Balanced Fund (Pre Ulip)
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Group Pension Debt Fund (Pre Ulip)
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Group Pension Growth Fund (Pre Ulip)
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Group Pension Secure Fund (Pre Ulip)
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Growth Fund (Before 30-June-2006)
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Growth Fund (Post 31-July-2006)
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Growth Fund II (Post 31-Dec-2009)
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Index Fund II (Post 31-Dec-2009)
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Infrastructure Fund (Post 31-Dec-2009)
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Protector Fund (Post 31-July-2006)
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Protector Fund II (Post 31-Dec-2009)
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PSU Fund (Post 31-Dec-2009)
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Secure Fund (Before 30-June-2006)
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Secure Fund (Post 31-July-2006)
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UWP Fund (Post 31-July-2006)
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06-Jul-09
09:12
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Aviva is keen on raising FDI to 49%
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06-Mar-09
12:12
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Aviva reaffirms India investment plans
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03-Mar-09
18:59
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Aviva launches LifeShield Plus
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13-Feb-09
11:00
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Capital infusion plan by middle of 2009 : Aviva CEO
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12-Feb-09
10:26
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Aviva life launches child plan Aviva Young Scholar
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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16-Dec-08
10:26
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Sales growth to be flat in December quarter: Aviva
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29-Sep-08
10:59
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TR Ramachandran as new CEO of Aviva India Life Insurance.
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24-Jul-08
17:29
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Aviva strengthens product portfolio for traditional plans
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14-Mar-08
15:10
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Aviva and BASIX together launch unique group term plan - Sangh Samruddhi
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