Aviva ULIP Plans
A collaboration between Aviva Group and Dabur Invest Corp, Aviva Life Insurance Company has carved a name for itself in the past few years. The company offers innovative yet practical insurance solutions to customers.
One of the first few companies to introduce the concept of ULIPS in the country, Aviva offers various benefits through its Unit Linked Insurance Plans. It also offers the flexibility to the investors to choose a fund that suits their risk appetite. Within a lock-in period of 5 years, it is a great way to invest when you have long-term investment goals.
Main Features of Aviva ULIP Plans
| Name Of Plan | Entry Age | Policy Term |
| Aviva Affluence | Minimum-2 years Maximum- 50 years | 15 to 30 years (subject to maturity age) |
| Aviva i-Growth | Minimum-18 years Maximum- 50 years | 10, 15 or 20 years |
Benefits of Buying Aviva ULIP Plans
- Combo of Insurance and Investment
The biggest benefit of ULIP plans is that along with the death/ maturity benefit, you get to invest a chunk of the premium in the market. - Invest as per Your Needs
ULIP plans are market-linked, and thus they contain a certain risk factor. With Aviva ULIP plans, you have the freedom to choose your investment, if you are a risk-taking investor go for equity funds, and in case you want to take the moderate risk, invest in debt and equity. - Partial Withdrawals
When you invest in Aviva ULIP plans, you have the option for making partial withdrawals after a specific lock-in period. This flexibility lets you manage as well as strategize your long term investment plans. - Long Term Investment
If you have long-term plans of buying a house, financing your child’s wedding or education etc. Aviva ULIP plans are the best option. When you invest for long, you can expect the best results. - Tax Benefits
Apart from returns Aviva ULIP plans also offer tax benefits. You can avail tax exemption up to INR 1.5 lakh for the premiums that you pay. - Freedom to Switch
As you have the option to manage your returns, you have the freedom to invest and maximise your returns. - Stay Updated
Unlike many other long-term investment options, with Aviva ULIP plans you can stay updated about how your investments are performing. - Affordable Investment
ULIPs used to be an expensive affair till a few years back, however, Aviva ULIP plans are no longer heavy on the pocket. You pay a very low charge making it an affordable investment.
Most Popular Aviva ULIP Plans
- Aviva Affluence
Aviva Affluence is an individual unit-linked non-participating life insurance plan. With this plan, you can ensure that if an untoward incident takes place, your loved ones will be protected with a financial cover. With Aviva Affluence, you pay for a fixed tenure and in turn, stay invested for a long time. You can plan your retirement, or your child’s education or his/her wedding. The plan comes with an inbuilt-Accidental Death Benefit. - Aviva i-Growth
Aviva i-Growth is an individual unit-linked non-participating life insurance plan. This plan has been created to provide the customers with the protection of a life cover while also making their savings grow. The plan offers you loyalty additions by staying invested. A convenient and simple-to-follow plan, it does not require any pre-policy medical test.
Insight on Aviva ULIP Plans
When it comes to investment opportunities, there are plenty. However, when the purpose is to create wealth along with a life cover, one of the best avenues for investment is Aviva ULIP Plans. A customised investment+insurance product, a ULIP divides your investment, one part is used to give you life cover and the other is put in market-related investments. This can be a very healthy amalgamation of debt, equity and hybrid funds. With Aviva ULIP Plans, you also get to save on taxes under Section 80C of Income Tax Act, 1961. The biggest advantage of investing in Aviva ULIP Plans is that you can switch your investments as per your goals.
Aviva ULIP Plans FAQs
1. Can I reduce the sum assured that I picked in Aviva i-Growth?
If at the inception of the policy, you opted for a life cover of 20 times the Annual Premium, then after 3 policy years, you can reduce the sum assured. The Sum Assured can only be reduced to 10 times the Annual Premium, and this can be done only through a written notice, 15 days before the policy anniversary.
2. Do I need to pay when I make a partial withdrawal from my Aviva ULIP plans?
Partial withdrawal is allowed after your lock-in period, however, over the specified limit you may have to pay certain charges.
3. Will my partial withdrawals affect the death benefit?
Under most plans, if partial withdrawals were made in the last 2 years, the amount would be deducted from the death benefit.
4. What are the benefits of investing in Aviva i-Growth?
The benefits are:
- No medical tests are required before purchasing the policy
- You have the option to select from 3 unit-linked funds, select the one that suits your risk appetite
- When you pay the premiums regularly, in the last 3 years, you can enjoy loyalty benefits
5. What are the benefits of investing in Aviva Affluence?
The benefits are:
- You have the option to pick a policy term that suits your investment goals
- You can pay for a term of your choice, for 7/ 10/ 15 years or entire tenure
- You would have easy access to your money through partial withdrawals
- There is the option to enhance your funds by opting for Top-Ups
6. Are there any Riders available with Aviva ULIPs?
Currently, no riders are available.