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Aviva LifeSaver AdvantageAn overview
UIN: 122L082V01
"For internal and partner use only and not to be shared with public. Violation of this could lead to immediate termination."
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Positioning Saving Plan
Key Drivers Regular PPT, protection, med-high cover
Target AudiencePerson looking at disciplined saving with high level of financial security for the family,
in case something untoward happens
Features to appeal Increasing death benefit, Aviva Child Education Rider
Sales Pitch
Aviva LifeSaver Advantage is predominantly a savings plan with a high level of
financial security for the family.
In the event of your unfortunate death:
- Your family enjoys an increasing level of protection and receives the Sum Assured
and Fund Value, in the event of your death
- Your family receives a monthly income, in your absence, till the end of the policy
term, with the Aviva Child Education Rider
Aviva LifeSaver Advantage
Product Positioning Saving Plan
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Positioning Child Plan
Key Drivers Aviva Child Education Rider , Option of high/low SA
Target AudienceParents who would like to provide the security of a replacement income, in the event of
their death, to guarantee the childs education
Features to appeal Aviva Child Education Rider , Increasing death benefit (SA + FV)
Sales pitch
Aviva LifeSaver Advantage is a child plan that secures your childs education needs :
-through an increasing life cover payable as a lump sum on death (Guaranteed SA +
FV)
-stream of regular income payable to the child till the end of the original policy term
(Aviva Child Education Rider)
Aviva LifeSaver Advantage
Product Positioning Child Plan
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Step 1: Decide the corpus you wish to build for your medium to long term needs and the time when
the same should be available. This will influence the choice of premium and the policy term
Step 2: Choose the level of protection you desire through: Level of Life Cover (Sum Assured)
Choice of Riders
Step 3: Arrive at the amount of premium you need to pay, which will be determined by step 1&2. Also
choose the Premium Paying Frequency (PPF) based on your convenience.
Step 4: Choose the funds you want to invest in depending on your risk appetite.
8 Fund options to select from basis your risk appetite Safe entry into equities and safer exit through Systematic Transfer Plan
Aviva LifeSaver Advantage
Easy Steps to Your Plan
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Aviva LifeSaver Advantage Product Specifications
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Entry AgeLife Insured: Without riders: 2 to 60 years
With riders: 18 to 55 years
Policy Term (PT) 15, 20, 25 or 30 years s.t. maximum maturity age of 75 years
Maturity Age 18 to 75 years
Premium Payment Term (PPT) Equal to Policy Term
Premium Minimum: Rs.25,000Maximum : No limit, depends on underwriting
Premium Payment Frequency Yearly, Half-yearly and Monthly (monthly mode by ECS/Direct Debit only)
Sum Assured (SA)Minimum: 1.05 x Policy Term x Annualized Premium
Maximum: 1.50 x Policy Term x Annualized Premium
Top up Premium Minimum: Rs.5,000; Maximum: No limit, depends on underwritingSum Assured on Top-up premium: (1.25 x Top up Premium)
Riders
In-built: Accidental Death Benefit
Optional: Aviva Dread Disease (DD) Rider
Aviva Child Education (CE) Rider
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Aviva LifeSaver Advantage
The Product Specifications
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Aviva LifeSaver Advantage Features
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Commencement of Risk and Auto-Vesting
Risk cover commences immediately starting from the date of commencement of the policy
If LI is a minor at DOC, the policy automatically vests in the LI on his/her completion of age 18 years l.b.d
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Aviva LifeSaver Advantage
The Product Features
Top-up premiums
Top-up premiums can be paid any time during the PT (except during the last 5 years of the policy) provided all due
premiums are paid
Minimum Rs.5,000; Maximum: No limit. Depends on underwriting
SA on Top-up premiums = 1.25 x Top-up premium
Top-up premiums are allocated in funds in the same proportion as applicable for regular premium, unless otherwise
specified at the time of paying the top-up premium
In-built Accidental Death Benefit
The policy provides an in-built Accidental Death Benefit (ADB) provided LI(s) is/are between 18 60 years l.b.d. as on
date of death
This in-built accidental death benefit would equal to the Base Sum Assured, subject to the total ADB
cover not exceeding Rs.50 lacs. (as on date of proposal)
Please note that this is an built-in benefit and hence not required to be opted as a rider on the proposal form
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Aviva LifeSaver Advantage
The Product Features
Death Benefit
Provided death-risk cover is in force (during the PT, provided all due premiums are paid), the Death Benefit includes:
(SA + FV pertaining to base plan) + (SA + FV pertaining to top-up premiums, if any) and Additional SA (if death is due to an accident, s.t. conditions specified under Accidental Death Benefit) and
Monthly Benefit as opted under Aviva Child Education Rider
(Paid to the beneficiary till the end of original policy term, if this rider has been opted for)
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Maturity Benefit
Fund Value (value of units pertaining to regular premium & top-up premium, if any) as on the maturity date
Option to reduce the Sum Assured
If existing SA is greater than minimum base SA allowed, base SA can be reduced at any policy anniversary (without
reducing base premium) such that the revised multiple does not fall below the minimum SA allowed under this plan
A written notice is required at least 15 days before the policy anniversary to exercise the option
The premium will not change if this options is exercised
Decrease in SA will result in proportionate decrease of rider SA ofAviva DD Riderand/orAviva Child Education
Rider, if any, on the life of Life Insured such that revised Rider SA
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Aviva LifeSaver Advantage
The Product Features
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Partial Withdrawals
Partial withdrawals allowed:
Only if the Life Insured is at least 18 years of age
After the first five policy years from the regular premium account
From top-up premium (TUP) account after completion of 5 years from date of allocation of that TUP
Partial withdrawals allowed upto a maximum of 4 partial withdrawals per policy year
Minimum amount per partial withdrawal = Rs.5,000
Partial withdrawals to first be made from top-up premium account, if any & if eligible, & thereafter from the
regular premium account, if any & if eligible
Minimum Fund Value (related to regular premiums) after such withdrawal should not fall below the 2 times of
first year annual premium
Any Partial withdrawals made shall not affect the level of sum assured.
Loan
Loan will not be available under this policy
Grace Period
30 days for Annual and Half-yearly frequency
15 days for Monthly frequency
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Aviva LifeSaver Advantage
The Product Features
Investment OptionsPolicyholders can invest option in any of the following eight Funds s.t. minimum 10% in any of the Funds chosen:
Switching between funds
Switching between the 8 unit linked funds allowed, anytime, any number of time
First 12 switches in a policy year are free of charge;
Subsequent switches will be charged at 0.5% of the amount switched s.t. a maximum of Rs 500 per switch
This charge is not applicable in case of switches under STP or reverse STP
Minimum switch amount & balance after part switch Rs 5,000 (limit not applicable if 100% of a fund is being switched)
Fund Investment Pattern Risk
Balanced Fund-II (To generate a balance of capital growth and steady returns) Debt & MM (0%-100%); Equity (0%-45%) Med
Bond Fund-II (To generate a steady income through investment in high quality fixed
income securities)
Debt & MM (100%); Equity (0%) Low
Enhancer Fund-II (To provide aggressive, long term capital growth with high equity
exposure)
Debt & MM (0%-40%); Equity (60%-100%) High
Growth Fund-II (To generate long term capital appreciation with high equity exposure) Debt & MM (0%-70%); Equity (30%-85%) HighIndex Fund-II (To generate returns in line with the stock market index S&P CNX
NIFTY)
Debt & MM (0%-20%); Equity (80%-100%) High
Infrastructure Fund (To generate steady returns through investment in infrastructure
and related equities)
Debt & MM (0%-40%); Equity (60%-100%) High
Protector Fund-II (To generate steady returns with a minimum exposure to equities) Debt & MM (0%-100%); Equity (0%-20%) Low
PSU Fund (To generate steady returns through investment in PSU and related
equities)
Debt & MM (0%-40%); Equity (60%-100%) High
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Aviva LifeSaver Advantage
The Product Features
Premium re-direction
Change of allocation proportion of future premiums allowed, anytime, free of charge
Premium redirection is allowed upto 2 times a policy year
Unused options cannot be carried forward to future years
Minimum allocation in each selected fund must be 10%
Systematic Transfer Plan (STP with Reverse STP)
Allowed at inception or at any policy anniversary (except last 3 policy years) for annual premium frequency policies bygiving a written notice at least 30 days prior to the policy anniversary.
Option of a weekly or a monthly STP
Systematic switches (52 or 12 p.a.) from Protector Fund-II to Enhancer Fund-II to be free of charge
During the last two years before maturity the units will be switched from Enhancer Fund-II to Protector Fund-II (Reverse
STP ) on a monthly basis only
No other switches into or from Protector Fund-II are allowed during this period
Option to close and restart STP on policy anniversaries
Conditions regarding switch fee, minimum switch, minimum fund after switch etc. for normal switching option shall not
be applicable to switches made under Systematic Transfer Plan.
Assignment and Nomination
Assignment and Nomination are allowed as per sections 38 & 39 respectively of the Insurance Act, 1938.
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Discontinuance means the state of a policy that could arise on account of non-payment of premium before expiry of
the grace period orupon receipt of information by Aviva from the insured about the discontinuance of the policy
No policy shall be treated as discontinued if, within the grace period, the premium has not been paid due to death of
the policyholderorthe insured orboth orupon the happening of any other contingency covered under the policy
The proceeds of a discontinued policy shall be payable :
Only after the completion of first f ive policy years (i.e. the lock-in period) and
After addition of interest computed at the minimum interest rate as prescribed by IRDA from time to time for
the period for which the policy remained in the Discontinued Policy Fund (the current minimum interest
rate is 3.50% p.a.)
Discontinued Policy Fund means the segregated fund of Aviva that is set aside and equals the Fund Value of all
discontinued policies determined in accordance with the prevailing regulations
Lock-in-period means the period of five consecutive years from the date of commencement of the policy, during
which period the proceeds of the discontinued policies cannot be paid by Aviva to the policyholder or to the insured,
except in the case of death of Life Insured
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Premium Discontinuance
Options available to the Policyholder upon discontinuance of the policy
policyholder shall be entitled to exercise one of the following options upon the discontinuance of the policy:
evival of the policy, or
omplete withdrawal from the policy without any risk cover
Note: Revival of the policy after expiry of grace period will be subject to underwriting requirements
Aviva LifeSaver Advantage
The Product Features
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Obligations of the Company for revival of the policy
Where a policy is discontinued, the Company shall send a notice within a period of 15 days from the date of expiry of grace period
to the Policyholder to exercise the option to revive the policy within a period of 30 days of receipt of such notice
During this period the fund value of the policy shall be part of the segregated fund chosen till the policyholder exercises his/her
option or till the expiry of 30 days of notice period whichever is earlier and the policy is deemed to be in-force with full risk cover as
per terms and conditions of the policy.
If the Policyholder does not exercise this option within the stipulated period of thirty days, the Policyholder shall be deemed to have
exercised the option of complete withdrawal from the policy without any risk cover.
Where the Policyholder exercises the option to revive the policy, the policy shall continue with full risk cover.The revival of the policy after the end of grace period will be subject to underwriting requirements and will be effective only after
Aviva specifically approves the Policyholders request for revival and communicates the same to the Policyholder in writing
Obligation of the Company upon complete withdrawal of the policy
Prior to completion of lock-in period:
If the policyholder exercises the option of complete withdrawal from the policy without any risk cover, within the lock-in period, the
fund value of the policy after deducting discontinuance charges, on the date of discontinuance of the policy shall be credited to the
discontinued policy fund.
The proceeds of the discontinued policy shall be refunded only upon completion of the lock in period and after addition of interest
subject to the minimum interest rate as prescribed by the IRDA from time to time for the period for which the policy remained in the
Discontinued Policy Fund (currently minimum interest rate is 3.50% p.a. on compounding basis)
The income earned on the discontinued policy fund shall also be payable to the Policyholder after the end of lock in period.
Post completion of lock-in period:
If the Policyholder exercises the option of complete withdrawal from the policy without any risk cover after the end of the lock in
period, the Company will pay the fund value to the Policyholder and the policy terminates
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Obligations of the Company in case of Premium Discontinuance
Aviva LifeSaver Advantage
The Product Features
Note: Revival of the policy after expiry of grace period will be subject to underwriting requirements
Once a policy is moved to Discontinuance Fund, it cannot be revived
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Exclusions
No benefit, except FV as at date of notification of death of LI is payable if death occurs due to suicide or attemptedsuicide within 12 months from date of commencement or from date of revival of policy, in case of revival, following which
the policy terminates
The additional benefit on account of Accidental Death during the policy term shall not be payable if the Accidental
Death is caused or aggravated directly or indirectly by:
Alcohol or drug abuse including drug taking other than prescribed by a medical practitioner, any crime
committed by the insured, willful self inflicted injury, suicide or attempted suicide or unreasonable failure to
seek or follow medical advice.
Failure to seek and follow medical treatment and advice from a registered and qualified medical practitioner
immediately following an accident. The word immediately here does not mean that the insured should
approach instantly to a medical practitioner in case of an accident, but he/she should not avoid the treatment
knowingly.
Aviation other than as a passenger in a commercially licensed passenger aircraft.
Engaging in racing of any kind other than athletics or swimming.
Any form of war, invasion, hostilities (whether war be declared or not), civil war, rebellion, riots, social
disorder, insurrection, military or usurped power, or willful participation in acts of violence.
Radioactive contamination due to a nuclear accident.
Participation in sports or pastimes of a hazardous nature including (but not limited to) parachuting, potholing,
mountaineering and hot air ballooning.
Any condition existing prior to the Commencement Date unless it has been previously disclosed to the
Company before or at the time of application for this Insurance. However, claim eligibility will be subject to the
provisions of Section 45 of the Insurance Act 1938.
For rider exclusions, if any, please refer the section on riders.
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Aviva LifeSaver Advantage
The Product Features
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Aviva LifeSaver Advantage The Riders
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Aviva LifeSaver Advantage
An overview of the riders
Rider option Maximum expiry agefor rider benefit Minimum SA Term of Rider Premium PayingTerm of Rider
Aviva Dread Disease (DD)
Rider *
65 Rs. 200,000 PPT of base plan PPT of base plan
Benefit: A lump sum equal to Aviva DD rider Sum Assured is paid on contracting
any of the 18 critical illnesses covered or on PTD, and the policy continues with
the rest of the benefits intact.There is a waiting period of 180 days and survival period of 30 days for this rider
Aviva Child Education
Rider **
70 12,000 x PT
Same as Policy
Term of base
plan
Approximately half
of PT of base plan
Benefit: In the event of death of Life Insured, a monthly income, as decided at
inception of the policy, is paid to the nominee till the end of the policy term.
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Note:
- All the riders are stand-alone riders and will not impact the other benefits under the plan
- Rider SA (for any Rider) cannot exceed the Base SA
* Cover under Aviva Dread Disease Rider to expire at the age 65 years or end of PPT of Base Plan whichever is earlier.
* SA for Aviva DD Rider together with the rider SA under Aviva Health Guard Rider, if already opted for cannot exceed Rs.50 lacs (on one
life for all Aviva policies)
** Cover under Aviva Child Education Rider to expire at age 70 years or end of PT of Base Plan whichever is earlier.
Premium to be collected in addition to the base premium for either of the riders with Aviva LifeSaver Advantage
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Aviva LifeSaver
Advantage
Death Benefit Maturity Benefit
Tax Benefits
On death of life insured the following shall be payablefollowing which the contract terminates:
(SA + FV pertaining to regular premium at date ofnotification of death) &
(SA + FV pertaining to top-up premiums, if any atdate of notification of death)
In the event of accidental death,
if age of LI(s) is/are between18
60 years l.b.d. as on date of death then,in addition to the Death Benefit mentioned
above, a benefit equal to the base SA shall also
be payable s.t. a maximum limit of Rs.50 lacs
Value of units pertaining to regular premium and top-uppremium, if any, as on the maturity date.
Tax benefits will be as per the prevailing tax laws
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Aviva LifeSaver Advantage
The overall benefits
Accidental Death
Benefit
Rider Benefits
Additional benefits through riders
for protection against illnesses/
disability and providing regular income tochild in case of death of LI
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Premium Allocation Charge:
Allocation Charge will be :
Allocation charge for top-up premium: 2%
Fund Management Charge:Fund Management Charge (FMC) of
1.35% p.a. will be applied on the below
given funds while calculating respective
NAVs on a daily basis
1st Yr2nd 5th
yr
6th yronwar
ds
Regular/
Limited
PPT
6% 4% 3%
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Aviva LifeSaver Advantage
The charge structures
Fund Risk Profile
Balanced Fund-II Medium
Bond Fund-II Low
Enhancer Fund-II High
Growth Fund-II High
Index Fund-II High
Infrastructure Fund High
Protector Fund-II Low
PSU Fund High
Discontinuance Charge:
A discontinuance charge is applied as follows:
Note: There will be no discontinuance charge on fund value
corresponding to Top up premium, if any.
Where the
policy is
discontinued
during the
policy year
Discontinuance
charges for policies
having Annualized
premium upto
Rs. 25,000
Discontinuance charges
for policies having
Annualized premium
above Rs. 25,000
1
Lower of 20% of AP or
Fund Value subject to a
maximum of Rs.3000
Lower of 6% of AP or
Fund Value subject to a
maximum of Rs.6000
2
Lower of 15% of AP or
Fund Value subject to a
maximum of Rs.2000
Lower of 4% of AP or
Fund Value subject to a
maximum of Rs.5000
3
Lower of 10% of AP or
Fund Value subject to a
maximum of Rs.1500
Lower of 3% of AP or
Fund Value subject to a
maximum of Rs.4000
4
Lower of 5% of AP or
Fund Value subject to a
maximum of Rs.1000
Lower of 2% of AP or
Fund Value subject to a
maximum of Rs.2000
5 and
onwardsNil Nil
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Policy Administration Charge (PAC):
- PAC will be made by monthly redemption of units from the policy unit account throughout the policy term.- PAC = 0.1% of Annualized Premium per month subject a maximum of Rs. 400 p.m.
Mortality Charge Base Product:
- Levied on Sum at Risk (SAR) by monthly redemption of units from the policy unit account. SAR is always >= Zero- SAR is defined as (Base SA minus FV pertaining to regular premium) + (Top-up SA minus FV pertaining to top-up
premium)-Two years age setback on male rates will be used in mortality charges for female
- Sample mortality charge per Rs. 1,000 of SA for a male of different ages is given below
- In addition, Re.0.60 per 1000 of Sum Assured will be charged for in-built Accidental Death Benefit, if applicable.
Rider Premium:- Rider premiums will be collected separately (apart from the basic premium) and will cover the rider benefits.
- Rider premiums will be payable at the same frequency as the base plan for the duration of the PPT of the rider- Sum of rider premiums should not exceed 30% of the base premium. In case the rider premium crosses this limit,
then the riders SA would be reduced accordingly subject to the minimum limit for the rider. If the rider SA is lower
than this minimum limit then the rider wont be offered.-The rider charges are subject to change with prior approval of IRDA
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Aviva LifeSaver Advantage
The charge structures
Age 25 30 35 40 50 60 70
Rs. 1.4250 1.4638 1.7938 2.6875 6.9150 17.1650 48.0738
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Rider Premiums contd:
-Aviva DD Rider - Male & female rates are separate. Sample rates per Rs.1,000 of SA (healthy male, PT=15 yrs)
given below:
-For Aviva Child Education Rider, unisex rates are used. Sample rates for Rs. 1,000 of monthly payout (15 year PT, 7
year Rider PPT) are given below:
Switching Charge:-First 12 switches in a policy year: Nil. On subsequent switches, a charge of 0.5% of the amount switched subject to a
maximum of Rs.500 per switch
Miscellaneous Charge- Service Tax and Education Cess will be applied as notified by the government from time to time.
Minimum Guarantees on Charges-The PAC, Mortality Charge, Premium Allocation Charge and Discontinuance Charge are guaranteed under the
contract
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Aviva LifeSaver Advantage
The charge structures
Aviva DD Rider Rates (Male life, 15 year PT) Age 25 30 35 40
per Rs. 1,000 of SA Rs. 1.64 2.78 4.79 8.21
Aviva Child Education Rider Rates
(15 year PT, 7 year PPT of rider)Age 25 30 35 40
per Rs. 1,000 of monthly payout Rs. 264.47 315.35 446.88 692.72
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Aviva LifeSaver Advantage
Old vs. New 1/3
Features Old New
Entry Age
LI: 0 60 (no riders); 18 55 (with CHB/ AD&D
riders); 18 50 (with IB rider)Proposer: 18 60 (with PayorPlus rider)
LI: 2 60 (no riders);
18 55 (with riders)
PT / PPT
PT = 10, 15, 20, 25 & 30 yrs s.t. a max maturity
age of 75 years
PPT = PT
PT = 15, 20, 25 or 30 years s.t. maximum maturity
age of 75 years
PPT = No change
Flexibility- Increase in premium allowed (with SA increase)
- Decrease in SA allowed- Decrease in SA allowed
Minimum Premium Rs. 15,000 Rs. 25,000
Premium frequency Yearly, Half-yearly, Quarterly or Monthly Yearly, Half-yearly or Monthly
Sum AssuredMinimum: 5 x AP
Maximum: 1.5 x AP x PT
Minimum: 1.05 x AP x PT
Maximum: 1.50 x AP x PT
Riders Optional: AD&D, PayorPlus, IB, CHB
In-built: Accidental Death Benefit
Optional: Aviva DD Rider, Aviva Child Education
Rider,
Top-up premium
Minimum: Rs 1,000; total up to 25% of total
Regular Premium
SA on top-up premiums: NIL
Minimum: Rs 5,000Maximum: No limit, subject to underwriting
Every top-up will carry a SA = 1.25 x Top-up
premium
Loyalty Additions
During the term : 20% of FYP every 5 years,
starting 10th year (except on
maturity)
At Maturity :130% to 175% of FYP
NIL
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Features Old New
Lock-in 3 years 5 years
Partial withdrawals Allowed after 5 years No change
Allocation rate
65% to 70% in FY
75% in SY
98% in third to fifth year
100% from year 6 onwards
Top-up premiums: 98%
94% in FY
96% in 2nd 5th year
97% from year 6 onwards
Top-up premiums: No change
Policy Admin ChargePremium related :1% of FYP per month for first 5 years
Nil thereafter
0.1% of Annualised premium per months.t. a maximum of Rs. 400 p.m. throughout the
policy term.
Surrender penaltyNil after 5 policy years, irrespective of premiums
paid
- Discontinuance charge levied (basis year in
which policy is discontinued)
- NIL after 5 yrs, irrespective of premiums paid
Switching
First 4 switches in a policy year - Free
Subsequent switches charged @0.5% of amount
switched, subject to a maximum of Rs 500 perswitch
- First 12 switches in a policy year - Free
- Subsequent switches charged @0.5% of amount
switched, s.t. a maximum of Rs 500 per switch
Grace Period 30 days for all frequencies30 days for yearly and half-yearly frequencies
15 days for monthly frequency
Revival periodReinstatement period = Two years from the due
date of the first unpaid premium
Where a policy is discontinued, the Company
shall
send a notice within a period of 15 days from the
date of expiry of grace period to the Policyholder
to exercise the option to revive the policy within a
period of 30 days of receipt of such notice
Aviva LifeSaver Advantage
Old vs. New 2/3
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Aviva LifeSaver Advantage
New Vs Old 3/3
Page 24
Annual
premium
(Rs)
SA
(Rs)
PT
(years)
Gross
Investment
Return (%)
Projected
Fund Value at
Maturity (Rs)
Yield net of
charges
(%)
25,000
393,750 156% 484,895 3.15%
10% 680,219 7.14%
525,000 206% 713,267 3.27%
10% 1,133,672 7.28%
50,000
787,500 156% 969,791 3.15%
10% 1,360,439 7.14%
1,050,000 206% 1,426,534 3.27%
10%2,267,344 7.28%
1,00,000
1,575,000 156% 1,939,582 3.15%
10% 2,720,878 7.14%
2,100,000 206% 2,853,067 3.27%
10% 4,534,688 7.28%
Following are projected maturity values for a male aged 35 years, and invests 100% into Enhancer-II fund:
Projected
Fund Value at
Maturity (Rs)
Yield net of
charges
(Old)
500,439 3.53%
671,764 6.99%719,134 3.35%
1,098,949 7.02%
1,003,273 3.56%
1,347,703 7.03%
1,441,243 3.36%
2,204,138 7.04%
2,006,546 3.56%
2,695,407 7.03%
2,882,487 3.36%
4,408,277 7.04%
Note: The values are including Mortality and Service Tax
NEW OLD
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Aviva Life Saver Advantage
The improvement over Aviva New LSP
Page 25
Features Improvement
Accidental Death
Benefit
- Accidental Death Benefit is now in-built to the extent of Base SA s.t. a maximum of Rs. 50 lacs
(unlike LSP where Accidental Death & Dismemberment benefit was offered as a rider)
Health Rider
-CHB Rider has been replaced by the Aviva Dread Disease (DD) Rider
- Unlike the CHB Rider, Aviva DD Rider is a stand-alone rider
Benefit: Payout does not impact the base policy
Replacement ofIncome
- Income Benefit (IB) Rider has been replaced by the Aviva Child Education (CE) Rider
- With the IB Rider, the maximum rider SA was capped at Rs. 10 lacs i.e. the annual payout wascapped at Rs. 1 lac . However with Aviva CE Rider, the rider SA is capped only at the base SA
Benefit: Aviva CE Rider gives the option to select a higher monthly income
Policy
Administration
Charge (PAC)
- PAC has been reduced to 0.10% of Annualized Premium p.m. subject a maximum of Rs. 400 p.m.
(unlike LSP where PAC was 1% of Annualized Premium p.m. for the first 5 years with no cap)
Benefit: Motivation for the policyholder to buy the policy
AllocationCharge
- The Allocation Charge for the first 2 years has been lowered and charge is being levied evenly
(unlike LSP where the allocation charge was higher in the first 2 years)Benefit: Motivation for the policyholder to buy the policy
Top-up
premiums- There is no limit on Top-up premiums (unlike LSP where top-up premiums were capped at 25% of
the total premiums paid
Switching - 12 free switches in a policy year (unlike LSP with only 4 free switches in a policy year)
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Aviva plc 2009
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Aviva Dread Disease rider [UIN: 122B014V01]
If this rider has been opted for and the LI contracts a dread disease covered by this rider or suffers Permanent Total Disability
due to illness or accident, then on survival of LI for 30 days following the confirmed diagnosis of the said dread disease(s) andsubsequently upon our acceptance of claim, the Aviva Dread Disease (DD) Rider Sum Assured will be payable
Sum Assuredallowed for this Rider
Minimum: Rs. 200,000
Maximum: Base Sum Assured
[Aviva DD Rider SA should not exceed the SA under the base plan, subject to Rs. 50 lacs (under all policies issued with this
rider or Aviva Health Guard rider)]
Entry Age: 18 55 years
Maximum age for expiryof rider benefit: 65 years or upto PPT of Base product whichever is earlier
Rider Term = Rider PPT= PPT of Base product
Others:
This rider can only be taken at inception subject to the prevailing underwriting requirements
Aviva DD Rider premium should not exceed 30% of the premium under the base product otherwise rider SA would be reduced
accordingly. If for an SA of Rs. 2 lacs, Aviva DD Rider Premium is greater than 30% of the premium under the Base Product,
this Rider will not be offered.
Maximum SA under Aviva DD Rider is equal to the SA under the base plan subject to maximum of Rs.50 lacs (for all policiesissued by the Company under this rider)
Aviva DD rider is offered in stand alone form and its benefits are independent of death benefits. The rider is one single rider
and cannot be split into parts.
Upon the acceptance of a claim under this rider, Aviva DD rider benefits will cease
This rider can be withdrawn at any time during the term of the rider. Once withdrawn this rider cannot be taken again
No survival or death benefit is payable under this rider. The rider also does not acquire any surrender or paid up value
The rider will be available to substandard lives with appropriate extra premium as per Avivas underwriting practices.
For further details refer Rider Key Feature Document embedded alongside
Page 27
Aviva Dread Disease Rider
Aviva DD
Rider_KFD
Aviva DD Rider
Key Feature Document
A i Child Ed ti Rid
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Aviva Child Education Rider
Aviva Child Education rider [UIN: 122B015V01]
Specifications:
In case this rider is opted for, and life insured dies during the policy term, a guaranteed monthly amount is payabletill the end of policy term starting from month of notification of death of life insured
The amount of monthly benefit will be decided by the Policyholder at inception
The due date of this benefit shall be 1st day of every calendar month till the end of the policy term
Rider SA = Monthly Benefit chosen at Inception x Policy Term x 12
Minimum Monthly Benefit under this Rider= Rs. 1,000 p.m.
Maximum Monthly Benefit under this Rider = No limit [subject to (Monthly Benefit chosen at Inception x Policy Term
x 12) not exceeding Base SA] Entry Age: 18 55 years
Maximum age for expiryof rider benefit: 70 years
Rider Term = Policy term of Base product.
Rider PPT= Approximately half of the Policy Term of Base product
Other features
This rider can only be taken at inception subject to the prevailing underwriting requirements
The rider will be available to substandard lives with appropriate extra premium as per Avivas underwriting practices
No survival benefit is payable under this rider, however, if all due premiums have been paid in respect of this rider. a
special surrender value, as decided by Aviva, from time to time, shall be payable on premature policy surrender
If Aviva CE Rider premium crosses the limits prescribed by the Regulator on riders premium, then the riders SA
would be reduced accordingly subject to the minimum limit prescribed above. If the reduced rider SA is below the
minimum condition prescribed above then rider wont be offered.
If the policy becomes paid-up after all the due rider premiums of this rider have been paid, then also the benefits
relating to this rider will remain in-force till the expiry date of this rider. If due premium is not paid within grace period the policy lapses and Aviva CE Rider cover will cease immediately
KF - Aviva CE Rider
Aviva CE Rider
Key Feature Document