Aviva Bharat Parivar Vikas Yojana

Eligibility Criteria Under Aviva Bharat Parivar Vikas Yojana 

You can explore eligibility criteria under various Aviva Life Investment Plans to know and compare the options that suit you best. 

Features of the Aviva Bharat Parivar Vikas Yojana Plan

The main features of the Aviva Bharat Parivar Vikas Yojana Plan are as follows:

• Multiple options: There are two plan options: premium-based and sum assured-based.
• Life Insurance Protection: This offers the family bonus advantages.
• Flexible Premium Payment: The payment of premiums can be done annually, half-yearly, quarterly, or monthly.
• Participating Plan: Eligible for simple reversionary bonuses and terminal bonus.
• Optional Rider Availability: Added protection by means of the Aviva Cancer Cardio Non-Linked Rider.
• Tax Benefits: The tax benefits are subject to available tax laws.

As one of the best investment plans for higher returns, this plan can be used with long-term financial plans, as a non-linked participating option, by balancing between protection and guaranteed benefits.

Benefits Under Aviva Bharat Parivar Vikas Yojana Plan

The benefits of this plan are as follows:

1.  Death Benefit

   In case the life insured dies during the policy term, provided all due premiums have been paid till the date of death, the nominee will receive the higher of:

   •  Death Sum Assured, or
   •  105% of the Total Premiums Paid.

   In addition, the Vested Simple Reversionary Bonuses and Terminal Bonus (if any) shall also be payable. Further, the Maturity Sum Assured shall be paid to the claimant on the Maturity Date without any

2.  Maturity Benefit

   On survival until maturity, the policyholder gets the assured maturity sum plus vested simple reversionary bonuses and terminal bonus, where appropriate. The maturity benefit is not less than 101% of total premiums paid.

3.  Bonus Benefits

   Policyholders as participants are allowed to get simple reversionary bonuses and terminal bonuses according to the performance of the company.

4.  Loan Benefit

   When the policy gains a surrender value, policyholders can borrow a loan to the extent of 80% of the surrender value.

Riders Under Aviva Bharat Parivar Vikas Yojana Plan

The plan provides the following rider to increase the protection:

• Aviva Cancer Cardio Non-Linked Rider: The policy offers more coverage for cancer and heart diseases.

Policy Details of Aviva Bharat Parivar Vikas Yojana Plan Grace Period

1.  Revival

   A policy that has run out of time may be reinstated five years from the date of first unpaid premium (FUP), by the payment of arrears premiums plus accrued interest.

2.  Free Look Period

   The policyholders are given a 30-day period to view the policy document.

3.  Surrender

   Surrendering of the policy may be done at the end of the first policy year, provided a full year's premium is paid. The Surrender Value payable shall be the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).

4.  Loan

   When the policy has gained the surrender value, it has policy loans that are offered on terms and conditions.

Exclusions Under the Aviva Bharat Parivar Vikas Yojana Plan

Suicidal Cover

Under the condition of death due to suicide during the 12 months of the policy commencement or revival, 80% of Total Premiums Paid to date of death or Surrender Value is available, whichever is greater, provided the policy remains in effect.