Aviva i-Growth Plan

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Aviva i-Growth Plan is a savings-cum life insurance policy that provides life coverage while helping the policyholders’ savings to grow. Wealth generation is accelerated with the loyalty additions available with this plan.

Key Features

  • This policy is a ULIP that is a savings-oriented life insurance plan.
  • The policyholder has a choice of three different funds in which to allocate their investments.
  • Liquidity of funds is also available in the form of partial withdrawals.
  • The policy has an inbuilt Accidental Death Rider to secure further the future of the nominee.
  • The process for the purchase of the policy is hassle free and convenient for the policyholders and may be bought online, without the need for medical examinations.


  • If the policyholder survives until the policy matures, he or she receives a Maturity Benefit, which is the Fund Value as on maturity date plus Loyalty Additions.
  • The policyholder receives Fund Value based Loyalty Additions on the last three policy anniversaries of the policy term, on the condition that all Loyalty Additions have been paid until the date of the respective Loyalty Additions.
  • In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit.  The Death Benefit is:
  1. Higher of the Base Sum Assured, or
  2. 105% of the total premiums paid, or
  3. The Fund Value as on the date of death.

If the Life Insured passes away during the lock-in period of the first five policy years, the nominee receives the Fund Value as on the date of death plus Loyalty Additions.

  • An Accidental Death Sum Assured is also paid to the nominee in case of the accidental death of the life insured. The Accidental Death Sum Assured amount is equal to the Base Sum Assured subject to a maximum of Rs. 50 lakhs.
  • Based on the customer’s propensity to take risks, there is a choice of three Unit Linked Funds for investment.
  • Liquidity is available in the form of partial withdrawals, which are allowed after the first five policy years are completed. The minimum withdrawal amount is Rs. 5000.
  • Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:




Entry Age of the Life Assured (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday) of the Life Assured

28 years

60 years

Policy Term (PT) in years

10 years, 15 years, 20 years (subject to maximum maturity age)

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly, Half-yearly, Quarterly, Monthly

Annual Premium

Rs. 35000

Age 18 to 40 years: Rs. 500000

Age 41 to 50 years: Rs. 300000

Sum Assured (Either 10 x Annualized Premium or 20 X Annualized Premium)

Rs. 350000

Age 18 to 40 years: Rs. 5000000

Age 41 to 50 years: Rs. 3000000

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues.

Policy Termination or Surrender Benefit: The policy may be surrendered after five years on the condition that all premiums have been paid. The Fund Value is paid to the policyholder, and the policy is terminated. If however, the policy is surrendered before completing five years then the insurance cover ceases, the Fund Value will be transferred to the Discontinued Policy Fund. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.

Free Look Period: Policyholders have a limited free look period of thirty days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.


  • The policyholder may switch between the three unit-linked funds at any point of time during the policy term.

Additional Features or Riders

  • The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
  • The policyholder has the option to decrease the Sum Assured if the need for protection decreases.
  • Various charges apply to this policy. They are as follows:
  1. Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder
  2. Policy Administration Charge is deducted at the start of each month.
  3. Fund Management Charges are charged at a rate of 1.35% p.a. on the three unit linked funds while calculating the NAV on a daily basis.
  4. At the beginning of each month, Mortality Charges are deducted by cancellation of units from the fund value.
  5. Switching Charge – There is a limit of twelve free switches allowed in a single policy year. Subsequently each switch is charged at 0.5% of the amount switched, subject to a maximum of Rs. 500 per switch.
  6. A Discontinuance Charge is levied for discontinuing the plan before the end of the policy term.
  7. There are Miscellaneous Charges in the form of service tax and education cess, which is applied on the notification from the government from time to time.


  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund the Fund Value as on the date of death.
  • The Accidental Death benefit is not paid if the death was caused directly or indirectly by alcohol or drug abuse, failure to seek or follow medical advice, engaging in racing of any kind excluding athletics and swimming, any kind of war or riots, participation in hazardous pastimes, any mental or functional disorder, etc.

Documents Required

The policyholder has to fill up an ‘Application form’ with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips.

Written By: PolicyBazaar - Updated: 16 March 2016