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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 Life Long - With Profits
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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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122L003V02
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About Plan
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LifeLongT is designed to suit your individual requirements, no matter which life stage you are at, and change as your needs change during your entire life. For the same premium, you can opt for a higher life cover (protection) and lower savings or lower life cover and higher savings. The choice of protection-savings mix is yours, and the decision can be based on your priorities and age. You can also cover your spouse under the same policy at a nominal expense through a joint life policy (first death basis).
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Minimum Age at Entry
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0 Years
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Maximum Age at Entry
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60 Years
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Maximum Policy Term
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85 years(Policy Term :It is a whole life plan with premium payment age up to 85 years)
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Top up Premium
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RS 1000/- (The minimum top-up premium is Rs.1000/-.The total of top-up premiums cannot exceed 25% of the total regular premiums paid tilldate at any point in time)
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Minimum Premium (entry age is more than 45 Years)
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Rs.15000
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Minimum Sum Assured
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5 * Annual Premium
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Maximum Sum Assured (entry age upto 35 yrs)
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2*T*Annual Premium
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Maximum Sum Assured (entry age between 36 To 45 yrs)
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1*T*Annual Premium
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Maximum Sum Assured (entry age 46 & above)
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0.5*T*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 the life insureds' death the following payments would be made, The Higher of the Sum Assured or the value of units pertaining to regular 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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Loyalty Additions will be provided as an addition to the units pertaining to regular premiums at the end of the 15th and 30th policy year if all due premiums have been paid. Annual Premium Loyalty Additions: paid in the first At the end of At the end of policy year 15th Policy year 30th Policy yearLess than Rs. 25 Lacs 3% 3%Rs.25,lacs or abovebut less than Rs.50 lacs 4% 4%Rs.50, lacs or abovebut Less than Rs.1 Crore 5% 5% Rs.1 Crore and above 6% 6%This addition is calculated with respect to units pertaining to regular premiums only. The units pertaining to top-up premium and additional regular 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 from the regular premium unit account. Any partial withdrawal will first be made from the top-up premium account followed by the regular premium account, if required. If the policy holder 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 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. Partial withdrawals from units pertaining to regular premiums can be made after completion of 3 policy years. Only 4 partial withdrawals are allowed in a policy year. The minimum partial withdrawal is Rs. 5,000.
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Surrender Benefit
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The Surrender Value shall be payable only after completion of first three policy years provided at least the first year's premium has been paid. The surrender value is equal to the value of units pertaining to regular premium(s) less surrender charge if any plus the value of units pertaining to top-up premiums and additional regular premiums.
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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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LifeLong is designed to suit your individual requirements, no matter which life stage you are at, and changes as your needs change during your entire life. For the same premium, you can opt for a higher life cover (protection) and lower savings or lower life cover and higher savings. The choice of protection-savings mix is yours, and the decision can be based on your priorities and age. You can also cover your spouse under the same policy without any additional expense through a joint life policy (first death basis).
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LifeLong offers 6 Unit Linked Fund options, which give you the flexibility of choosing how your money should be invested in terms of the risk and the security of the return on the investment. You can invest 100% of your premiums in any of the Unit Linked Funds. The minimum allocation in each selected Unit Linked Fund must be 10%.
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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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1)You have the flexibility of making lumpsum 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.2)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 time 3)The top-up premiums shall be invested in various investment funds in the same proportion as selected by you for your regular premiums. 4)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 3 methods 1. Through Indexation û 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. Through Additional Regular Premiums û at any policy anniversary, you can opt for Additional Regular Premiums. This option will increase your regular premium and will automatically increase the Sum Assured (Rider Sum Assureds will not increase). This option is subject to the underwriting requirements of the Company.3. 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 The above options are valid only if you have paid all due premiums and are subject to the underwriting requirements of the Company (Except for indexation).
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Apart from the death cover under the base plan, LifeLong offers extra protection through 3 optional riders:1) Accidental Death and Dismemberment Rider (AD&D): 2) Critical Illness and Permanent Total Disability Rider (CI&PTD): 3) Hospital Cash Benefit Rider (HCB): The Company will make fixed
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If your policy has been in force for the first 5 policy years and you have paid all due premiums, you can avail the option of a Premium Holiday, whereby, you can stop the payment of premium(s) due for 6 months to2 years. During this period, the policy will remain in force with full sum assured and all charges would continue to be deducted from the unit account. If the due premiums are not paid after the expiry of the holiday period, the conditions in point 3 of the section 'What happens if I am unable to pay my premiums?' will be applicable to your policy. This facility is available only during the Premium Payment Term, every 5years with a 5 year gap between two premium holiday periods.
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Balanced Fund (Before 30-June-2006)
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Balanced Fund (Post 31-July-2006)
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Bond Fund (Post 31-July-2006)
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Enhancer Fund (Post 31-July-2006)
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Growth Fund (Before 30-June-2006)
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Growth Fund (Post 31-July-2006)
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Index Fund (Post 31-July-2006)
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Protector Fund (Post 31-July-2006)
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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 (Before 30-June-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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Bond Fund (Post 31-July-2006)
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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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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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Index Fund (Post 31-July-2006)
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Debt & Money Market
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0% - 20%
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Equities
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80% - 100%
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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 (Before 30-June-2006)
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Govt & 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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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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22-May-13
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43.37
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Balanced Fund (Post 31-July-2006)
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22-May-13
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43.37
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Bond Fund (Post 31-July-2006)
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22-May-13
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16.447
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Enhancer Fund (Post 31-July-2006)
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22-May-13
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12.584
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Growth Fund (Before 30-June-2006)
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22-May-13
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34.116
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Growth Fund (Post 31-July-2006)
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22-May-13
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34.116
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Index Fund (Post 31-July-2006)
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22-May-13
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10.263
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Protector Fund (Post 31-July-2006)
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22-May-13
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16.61
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Secure Fund (Before 30-June-2006)
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22-May-13
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19.226
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Unitised With Profit Fund (Before 30-June-2006)
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22-May-13
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16.934
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Unitised With Profits Fund (Post 31-July-2006)
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22-May-13
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15.806
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Balanced Fund (Before 30-June-2006)
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Balanced Fund (Post 31-July-2006)
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Bond Fund (Post 31-July-2006)
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Enhancer Fund (Post 31-July-2006)
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Growth Fund (Before 30-June-2006)
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Growth Fund (Post 31-July-2006)
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Index Fund (Post 31-July-2006)
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Protector Fund (Post 31-July-2006)
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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 (Before 30-June-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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