Aviva i-Growth plan is a savings and life insurance policy that gives one the dual benefit of providing comprehensive life insurance coverage while allowing your savings to grow. There is a choice to opt for three unit-linked funds to make investments.
The policyholder's wealth generation catapults using the loyalty additions offered by this plan. This plan is ideal for people searching for an insurance saving plan plus a protection plan that can accelerate and add to their savings. It also protects the family in the event of the unfortunate demise of the policyholder.
Aviva i-Growth Plan Details
10 years, 15 years or 20 years; as per Maturity Age
Premium Paying Term
10 years, 15 years or 20 years; same as Policy Term
Premium Paying Mode
Monthly, Semiannually and Annually, Quarterly
Entry Age of Life Assured
18 years to 50 years
Maturity Age of the Life Assured
Maximum: 60 years
30 days from the due date(15 days for monthly mode)
Minimum Sum Assured:
Maximum Sum Assured: (as per Board's underwriting policy)
(*PT is Policy Term)
Partial Withdrawals available after first 5 years lock-in period; as per conditions specified
Benefits of the Aviva i-Growth
- Maturity Benefit: If the insured individual goes on to survive beyond the policy period until the maturity period, they get a maturity benefit, which is the value of the fund as on the date of maturity plus the loyalty additions.
- Death Benefit: In the event of the unfortunate demise of the insurance policyholder, the first nominee receives a death benefit, which is higher of the Base Sum Assured, or, 105% of the total paid premiums till date, or the Fund Value as of the date of death.
In the event that the policyholder passes away during the first 5-year lock-in period, the nominee receives the Fund Value plus loyalty additions.
- Loyalty Additions: The insurance holder also receives loyalty additions on the last three anniversaries of the policy's term; if all the premiums until that date have been paid.
- Tax Benefits: The insurance holders under the Aviva i-Growth Plan are also eligible to receive tax benefits under Section 80 C and even Section 10(10D) of the Income Tax Act, 1961.
* Tax benefit is subject to changes in tax law
The Premium for Aviva i-Growth
The Aviva i-Growth premium values vary based on the entry age, premium payment term, and the policy term (PT).
Sample Minimum Annualized premium values are as follows:
For Entry Age 18-40 years as well as 41-50 years group, PT-10 is Rs. 66, 000*, while for PT-20 is Rs. 48,000*.
*Standard T&C Apply
The policyholders can use the Aviva i-Growth calculator that is available to calculate the premium to be paid accurately. No top-up premiums are allowed under this plan.
Additional Riders for the Aviva i-Growth
The Aviva-i-Growth plan offers no additional riders that can be applied for.
Eligibility of the Aviva i-Growth
- Entry Age: Minimum 18 years, up to 50 years
- Maturity Age: up to 60 years
What are the Documents Required to Purchase this Policy?
To buy Aviva i-Growth policy, the customer will have to fill an application form and also provide -
- Identity proof, such as passport, Driver's license, voter's ID, or AADHAR card
- Address proof in the form of a Driver's license, voter's ID passport, or AADHAR card
- Income proof such as the latest ITR forms, Form 16, or copies of the last three years' salary slips
How Does one Buy this Plan Online?
Aviva i-Growth online plan information is readily available. But, if one needs to purchase the plan, one has to:
- Visit the official website of Policybazaar, or call on the toll-free number.
- Provide KYC details and personal information
- Select the Sum of the premium as well as the policy term
- Fill in the application form with the assistance of a life advisor
- Make the payment via debit card/credit card/internet banking
Exclusions of Aviva i-Growth
Aviva i-Growth reviews mention some exclusions:
If the event of the policyholder's death by suicide within a year of the plan commencement tor the planned revival, the appointed nominee will be entitled to an amount equal to the then prevailing Fund Value, as on the death intimation date. Any extra charges recovered, except for FMC and guaranteed charges, will be added back to the fund.
Also, in case of accidental death of the policyholder, the Accidental Death Benefit will not be paid, if the death is caused due to:
- Alcohol or unprescribed drugs consumption
- Participation in acts of violence, hostility, racing, war, rebellion, riots, etc.
- Radioactive contamination
- Participation in hazardous sports – mountain climbing, paragliding and so on
Ans: The Aviva i-Growth policy status can be easily monitored by dropping an email to the insurer or making a call.
Ans: The insured redirect his premiums to different funds at any time, such that the minimum allocation in each selected fund must be 10%. This can be done a maximum of 2 times in a policy year for all future premiums.
Ans: The free look period or the time during which the plan can be dissolved if the policyholder does not wish to continue extends for 30 days, beginning with the date the policyholder received the documents.
Ans: The insurance holder should call the insurer's toll-free number and fill up and submit an endorsement form that states the change in the nominees' name.
Ans: The amount can be changed by contacting the insurer up to the plan's maximum amount.
Ans: It is possible to go for a duplicate document under the Aviva i-Growth policy by submitting a signed letter or endorsement form to the insurer with a guaranteed bond.
Ans: There is no option for availing of any loans under this policy.
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