Aviva Life Traditional Plans

Aviva Life Insurance Company is a company jointly owned by Dabur Invest Corp and Aviva Group. The insurance company has offered one of the most revolutionary insurance plans in the country in just a few years. Along with insurance plans, Aviva Insurance also provides people with a range of investment plans, each uniquely catering to people's diverse needs. They are one of the first insurance companies to launch a Unit-Linked Investment Plan along with unit-linked profit generations.

Among the plethora of investment plans, Aviva insurance offers some traditional investment plans to help their members invest their hard-earned money and make a fortune for future utilization. Known as 

Aviva Life traditional plans, it is one of the most basic types of investment schemes offered by the Aviva Life Insurance Company. Under this plan, all the investor has to do is invest and then receive the investment returns at the end of the maturity period or as a death benefit. These investment plans do not allow the investor to know their investment position.

Aviva Life Insurance Company Highlights:

The Aviva Life Insurance Company boasts of a claim settlement ratio of 97.53% in the financial year 2019-20. Besides, it has also won many awards in the last few years. Take a look at some of them below:

Year Awards Won Awarded By
2019 8th Most Trusted Private Life Insurance Brand of the Year TRA
2019 Best Brand of the Year Economic Times
2018 BFSI Underwriting and Claims Customer Care Initiative of the Year  

Why Choose Aviva Life Traditional Plans? 

Some of the common features of the Aviva Life Traditional Plans are as follows:

  • Income Guarantee: Every Aviva life traditional plan comes with the guarantee of income/wealth generation at the investment period's maturity. This return varies with the type of traditional plan selected and can range from 7% to 50%.
  • Insurance Incentives: If the insured completes the policy up to its maturity, he/she receives the policy maturing benefit where the insurance company pays the return to the individual. This payment can be made either in annual installments or at one go.
  • Death Payout: This is also known as the death benefit. It provides compensation to the individual nominated by the investor under circumstances where the policyholder dies before completing the policy period. This compensation varies from plan to plan and often provides an amount higher than the investment premium on top of the total sum assured of the policy.
  • Terminal Benefit: This is another benefit where the policyholder or the nominee receives the terminal add-on sum under situations like settlement of death-claim and payment of premium at policy term.
  • Tax Exemptions: Aviva Life Traditional Plans offer tax exemptions under Section 80C of the Income Tax Act, 1964. The returns received on the maturity of the investment policy are also eligible for tax exemption as per Section 10D of the Income Tax Act. *Tax benefits are subject to change as per income tax laws.
  • Emergency Surrender: In case of an emergency where the policyholder requires immediate cash, Aviva Life Traditional Plans provides him/her to make cash withdrawals from the investment funds even if the policy tenure has not been completed. However, the surrender withdrawals are liable for penalty charges.

Types of Aviva Life Traditional Plans:

The various types of Aviva Life Traditional Plans are as follows:

  • Aviva Dhan Nirman
  • Aviva Dhan Samruddhi
  • Aviva Dhan Vriddhi+Plan
  • Aviva Family New Income Builder Plan
  • Aviva Wealth Builder Plan
  • Aviva Young Scholar Secure Plan

All these plans signify various stages of one’s life and can help to satisfy the needs arising in these stages. An individual can select the type of traditional plan depending on the stage of life they’re in and the type of financial planning they aspire to develop.

The eligibility, features and benefits of the various types of Aviva life traditional plans are discussed below.

Type of Plan Eligibility Age Maturity Age Policy Tenure options Policy Premium Total Sum Options for a term of premium payment Type of premium payment
Aviva Dhan Nirman 4 -50 years 75 years · 18 years· 21 years· 25 years· 30 years Minimum- Rs 14,486   Maximum- Rs 9,98,000 Minimum -Rs 2 Lakh   Maximum-Rs 1 Crore  · 14 years· 15 years· 16 years· 18 years  YearlyHalf-yearlyQuarterlyMonthly
Aviva Dhan Samruddhi 13 - 55 years 23 -70 years · 10 years· 15 years· 20 years Minimum- Rs 6464  Maximum- Rs 47.53 Lakh Minimum -Rs 1 Lakh Maximum-Rs 5 Crore 10 years YearlyHalf-yearlyQuarterlyMonthly
Aviva Dhan vriddhi+ Plus 18 -50 years 70 years 20 years Minimum- Rs 21,258 Maximum- Rs 48,68,500 Minimum-Rs 3 Lakh Maximum- Rs 5 Crore · 5 years· 7 years· 11 years Annually
Aviva Family New Income Builder Plan 6 -50 years 18 to 62 years 12 years Minimum- Rs 24,000 Maximum- Rs 1 Crore Minimum-Rs. 9.6 LakhsMaximum-Rs 24 Crore 12 years Annually
Aviva Wealth Builder Plan 5 -50 years · 18,20 or 22 years when the age of entry is 5 years· 63,65 or 67 years when the age of entry is 50 years · 13 years· 15 years· 17 years Minimum· Regular Pay- Rs 50,000· One time pay- Rs 1.5 Lakh Maximum- Rs 1 Crore Minimum· One-time payment- Rs 3 Lakh· 5 installments- Rs 5 Lakh· 10 installments- Rs 10 LakhMaximum-· One-time assurance- Rs 2 Crore· 5 instalments- Rs 10 Crore· 10 instalments- Rs 20 Crore  · One-time pay· 5 years or 7 years Single payment or annual payment
Aviva Young Scholar Secure Plan 1 year to 17 years 18 years 18 years21 years Minimum- Rs 25,000 Maximum- Rs1 Lakh 10 times the premium based on the plan selected Single payment Single payment

* Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by the insurer

Let's discuss the exclusion and inclusions of each plan separately.

  • Aviva Dhan Nirman:

    This was one of the first plans offered under the Aviva traditional plans range. It offers a bonus to the investor that is earned as company profit and then the return is paid to the policyholder at the end of the policy period.

    Inclusions:

    • The policy provides a survival benefit to the individual, which gives them an assured sum as payout, amountingto 105% of the individual's premium. This benefit is paid at the end of the policy period before maturity.
    • The policyholder receives a sum assured at the plan maturity, which is 5 to 8 times that of the premium amount. The maturity benefit varies with the selected policy period.
    • It provides a death benefit to the individual. In casethe policyholder suffers death, the nominee shall receive monetary compensation that is 10 times the amount paid as annual premium and 105% of the sum assured during the policy's commencement.
    • The policy also offers some terminal benefits andsimple bonuses under applicable
    • When the policyholder invests a sum of Rs5 lakh or above, the policyholder will increase the rate of returns accordingly along with the provision for additional savings on premiums.
    • Tax benefits are availableas per the Sec 80C and Sec 10D of the Income Tax Act.
    • *Tax benefits are subject to change as per income tax laws.
  • Aviva Dhan Samruddhi:

    This traditional investment plan comes with a guarantee of income and helps to provide steady cash flow to the policyholder.

    Inclusions:

    • The policy offers an add-on over the normal premium, which is yielded after the policy matures or in case the death benefit is availed. The rate of additions is about 7%-9%based on the policy term.  
    • It also provides a money-back benefit of 125% after the completion of every 5 years of the policy period.
    • The policyholder receives a guaranteed add-on amount, the sum assured, and maturity benefits at the end of the maturity period.
    • The death benefit can be availed if the policyholder dies before the completion of the policy period.In that case, the nominee is paid an amount that is 10 times higher than the premium along with the terminal benefits.
    • The policyholder can also ensuresavings when a higher premium is paid.
    • Tax benefits are availableas per the Sec 80C and Sec 10D of the Income Tax Act.

    *Tax benefits are subject to change as per income tax laws.

  • Aviva Dhan Vriddhi+Plan

    In this policy, the policyholder is required to pay the premiums for a limited policy period while the plan participates in bonuses.

    Inclusions:

    • On policy maturity, the investor receives the payout of the premium invested along with certain bonuses.
    • It also offers a death benefit.
    • Tax benefits are availableas per the Sec 80C and Sec 10D of the Income Tax Act.

    *Tax benefits are subject to change as per income tax laws.

  • Aviva Family New Income Builder Plan:

    This traditional plan is popular among investors as a mode of enhancing the investment up to double its value.

    Inclusions:

    • The premium and policy terms are fixedunder this plan.
    • The policy providespayouts amounting to 5 times the annual premium for up to 12 years of the policy.
    • The maturity benefit involves a lump sum payment amountingto 6 times of the annual premium as the last installment after 24 years from the policy initiation.
    • Italso provides a death benefit.
    • The policyholder can also avail the tax exemptions as tax benefits.

    *Tax benefits are subject to change as per income tax laws.

  • Aviva Wealth Builder Plan:

    This traditional plan also enhances the invested premiums to two times as a return on maturity.

    Inclusions:

    • The cumulative return at policy maturity will be double the total premium paid.
    • It also offers death benefits and terminal benefits.
    • The policyholder can also enjoy tax benefits as per the Income Tax Act.

    *Tax benefits are subject to change as per income tax laws.

  • Aviva Young Scholar Secure Plan:

    This is a unique traditional plan designed to plan for child education funding. The plan has four varieties viz- Silver, Gold, Diamond and Platinum.

    Inclusions of the Plan:

    • The premium varies as per the plan variant.
    • The policy provides a guaranteed annual payout or the Tuition Fee Support when the premium payment period This continues until the child reaches the age of 17 years.
    • Afterward, it provides a lump sum college education fund.
    • It also provides a lump sum fund for higher education at the age of 21 years.
    • It is also liable for a death benefit.

Exclusions of Aviva Life Traditional Plans:

Following are the exclusions under Aviva Life Traditional Plans:

  • It refutes a death benefit if the policyholder dies as a consequence of self-inflicted harm, such as suicide.
  • It does not allow the policyholder to make withdrawals until the policy premium has continued for 2 years. 

Document Required to Apply for Aviva Life Traditional Plans:

The documents required for buying an Aviva Life Traditional Plan are:

  • Policy application form
  • The credentials and identification proof of the person to be mentioned as the nominee.
  • The invest or and nominee’s residential proof
  • Records of the medical treatments received by the individual before policy purchase.
  • The applicant’s bank account information, such as savings account number and registered name.
  • PAN card of the applicant

Aviva Life Traditional Insurance Renewal Process:

The Aviva Life Traditional Plans can be renewed anytime online by following the below steps:

  • Visit the official website of the company oran insurance aggregator's website.
  • Findthe renewal option on the website
  • Select therespective policy to be renewed.
  • Pay the premium amount using net banking, e-wallets, or debit/credit cards

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