Aviva ULIP Plan
Aviva ULIP Plan
  • Partial Withdrawals Options
  • 7 fund Options Are Available
  • Tax Benefits Under 80C
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Aviva ULIP Plans

Every company steps into the market with a common dream in its mind- capture the majority of market share and be the king of the industry. As they come an inch closer to their dream, some companies forget their primary focus (customer satisfaction) and start to run after profits. As expected, they start to lose the rat race and ultimately, shut down their operations. On the other hand, other companies try to maintain their course with the hope of soon being called a ' Market King'. Aviva Life Insurance company is one of them. It is a joint venture between Aviva Group & Dabur Invest Corp. The aim of this company is to offer insurance solutions to every citizen of the country. Aviva Life Insurance offers ULIP plans.

There has been a lot of buzz about Aviva ULIP Plans. Some say that they are the best in the market, while others have an opposite reaction to it. It's time to settle the debate for once and ever. Let's take a brief look at the ULIP plans. After that, you can easily choose a side- love or hate Aviva ULIP Plans.

Types of Aviva ULIP Plans

1. Aviva Affluence

In order to meet the long-term finances, you need a financial partner beside you who helps you to draft an exceptional financial plan which is well-matched with your list of expenses. Aviva Affluence will do just that without breaking a sweat.

Benefits

  • It offers 7 fund options to optimize your returns.
  • Several options for policy & premium payment terms to choose from. Make the call as per your goals.
FactorsEligibility
Premium payment term5 years7/10/15 years16-30 years
Minimum entry age2 years
Maximum entry age50 years
Minimum maturity age18 years
Maximum maturity age60 years65 years70 years

2. Aviva i-Growth

It works tirelessly to save up your money for future needs. Also, it looks after you & your family by offering comprehensive protection.

  • 3 fund & policy term options are at your disposal. Select the ones which ride well with your long-term needs.
  • Tax benefits will make your wallet very happy, all thanks to the Income Tax Act, 1961.
FactorsEligibility
Policy term10 years15 years20 years
Minimum entry age18 years
Maximum entry age50 years
Minimum maturity ageNA
Maximum maturity age60 years
Minimum sum assuredRs.3,50,000

3. Aviva Lifebond Advantage

This plan motivates you to invest your money (in a lump sum) to meet medium/long-term needs. Along with that, life coverage is there to protect you & your family against an unfortunate incident.

Benefits

  • It allows you to make partial withdrawals after 5 years.
  • 7 fund options are available. You have freedom to choose/switch any of the one to meet your goals.
FactorsEligibility
Minimum entry age2 years
Maximum entry age65 years
Minimum maturity age18 years
Maximum maturity age75 years

How Does ULIP Work?

The premium which you pay for your unit-linked insurance plan is used for building wealth and provides insurance coverage as well. In the starting years of the plan, a large amount of the premium is used for the plan expenses. Later on, the premium is divided into two different segments- investment and insurance.

Units are issued for the amount invested in a fund of your choice; it can be debt, equity or a combination of both. The allocation of the units relies on the performance of the original fund. In the initial 2 to 3 plan years, because of the deduction of high expenses, the value of the fund would stay low.

Why is Aviva ULIP Plans The Right Choice For You?

Along with the benefits of the plans, the person looks for the trust factor in the company. That factor can only be met if the company is well-known in the market. Luckily, Aviva Life Insurance Company aces that parameter. Aviva has an excellent reputation for offering commendable services to its customers. Their customer support team is well-trained to handle all types of queries related to the plans. Till now, they have never turned their back on their customers. That's something to live with if you decide to go with their plans.

FAQs

Yes, you can. You have to fill the non-financial endorsement form & submit it at any Aviva office branch.

Yes. You have the authority to pay the premium 365 days prior to the due date (in the same financial year) up to the grace period of the policy.

You have to log in to the MyAviva website & go to 'TDS Certificate Download'. Just submit all the important details and the certificate is yours.

No. Your existing plan can't be changed but you can grab a new plan to meet your needs.

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Last updated on 27-01-2020