Aviva Fortune Plus Plan

Eligibility Criteria for the Aviva Fortune Plus Plan

The Aviva Fortune Plus Plan offers several income options and benefits to claimants. Let’s explore the eligibility criteria:

The plan has a mandatory 5-year lock-in period during which no partial or complete withdrawals are allowed.

Features of Aviva Fortune Plus Plan

Aviva Fortune Plus is a ULIP where the investment risk in the portfolio is borne by the policyholder. Here are the key features of this plan:

• Return Of Charges At Maturity: 100% to 125% of certain deducted charges, depending on policy term.
• Multiple Fund Options: Eight funds with risk levels from low to high.
• Top-Up Premium Option: Minimum Rs. 10,000 per top-up.
• Unlimited Free Fund Switching: Allowed during the policy term.
• Policy Term Extension: You can choose to extend the term by 5 or 10 years.
• Optional Protection Covers: Waiver of Premium and Accidental Death Benefit.

These features make the Aviva Fortune Plus savings plan a good choice for investors who desire insurance coverage and the ability to manage their investments in a flexible way.

Benefits of the Aviva Fortune Plus Plan

Let’s check out the core benefits of the Aviva investment Plans, as mentioned below:

• Death Benefit: If all due premiums are paid, the death benefit payable is the highest of:
  • Base Sum Assured, or
  • Fund Value (Base Premium), or
  • 105% of Total Premiums Paid

Additionally, for Top-Up Premiums (if any), the highest of:

• Top-Up Sum Assured (1.25 × Top-Up Premium), or
• Fund Value of Top-Up, or
• 105% of Total Top-Up Premiums

Partial withdrawals made in the two years preceding death reduce the Base Sum Assured.

• Maturity Benefit: If the person whose life is covered lives till maturity and the policy is still in effect, benefits include:
  • Fund Value of Base Premium Units, and
  • Return of charges, including 100 to 125% of the total charges deducted to:
    • Premium allocation charges
    • Mortality charges
    • Policy administration fee (without taxes and all top-up premiums)

The number of charges returned (100-125%) varies depending on the policy term chosen.

Riders Under the Aviva Fortune Plus Plan

The plan offers optional add-on covers:

1. Accidental Death Benefit (ADB)

   • Minimum: Rs. 5,00,000
   • Maximum: Rs. 50,00,000
   • Cannot exceed Base Sum Assured
   • Entry age for ADB: Minimum 18 years

2. Waiver Of Premium

   Available when the life insured is a minor. If the proposer dies during the premium payment term, future premiums are waived and paid by the insurer.

Policy Details of Aviva Fortune Plus Plan

Let’s go through the Aviva Fortune Plus policy details as mentioned below:

1. Grace Period

   15 days for the monthly mode and 30 days for other modes.

2. Revival

   Revival is allowed within 3 years from the date of the first unpaid premium, subject to underwriting approval.

3. Free Look Period

   15 days (30 days for distance or electronic policies).

4. Surrender

   Surrender value equals fund value as on the date of surrender, subject to discontinuance rules. During the lock-in period, the policy moves to the Discontinued Policy Fund with a minimum guaranteed interest rate as prescribed.

5. Fund Switching

   Unlimited free switches between available funds are allowed during the policy term.

6. Loans

   Policy loans are not available under this ULIP.

Exclusions Under the Aviva Fortune Plus Plan

Suicidal Cover

In case of death due to suicide within 12 months from commencement or revival, fund value as applicable shall be payable as per policy terms.

Explore some of the best Investment plans in India to learn more about the exclusion options available.