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Aviva Life Bond Advantage Plan

What is the Plan all About?

Aviva Life Bond Advantage is a non-participating savings oriented unit linked insurance plan that provides a golden opportunity to grow the savings, so you can easily fulfill your family’s medium to long term financial needs. This plan also provides an option to access your money anytime after 5 policy years. With life cover, this plan also ensures financial protection for the family.


What are the Key Features?

  • Single premium plan
  • Choice of 7 Unit Linked funds
  • Loyalty additions to enhance savings
  • Enjoy liquidity through partial withdrawal
  • Avail switching between funds
  • In-built accidental death benefit
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 7 investment funds, you can invest with subject to the minimum limit of 10% in any of the funds chosen.

  • Protector Fund-II
  • Bond Fund-II
  • Balanced Fund-II
  • Growth Fund-II
  • PSU Fund
  • Infrastructure Fund
  • Enhancer Fund-II

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured during the policy term and the policy is in-force, the nominee will receive the higher of Base Sum Assured or 105% of the single premium paid or the single premium fund value.

    Additionally, the higher of top-up sum assured, 105% of the top-up premiums paid or the top-up premiums fund value.

    Upon death of the life assured, the base sum assured is reduced by all the partial withdrawals made with-in two years before the date of death. If the age of the life assured is 60 years or more, the base sum assured is reduced by all the partial withdrawals made after 58 years of age.

In-Built Accidental Death Benefit

    In the event of accidental death of the Life Insured when aged more than 18 years but not exceeding 60 years, an amount equal to accidental death sum assured of the policy in addition to death benefit mentioned above is payable, subject to maximum of Rs 50 Lacs.

Maturity Benefit

    On survival of the life assured till end of the policy term, Fund Value as applicable on the maturity date is payable.

Loyalty Addition

    Loyalty additions as a percentage of the single premium fund value is payable. At the end of the 10th policy year, 4% of the single premium fund value is payable and on every subsequent 10th policy year end, 2% of the single premium fund value is payable.


    You can switch between fund options to capitalize market opportunities and helps you grow the savings.

Partial Withdrawal

    Partial Withdrawal is allowed up to 4 times during a policy year and it is available after completion of  first 5 policy years. The minimum partial withdrawal amount is Rs 5,000, provided the minimum balance after such withdrawal should not be less than Rs 15,000.

    If the age of the life insured is less than 58 years, the total amount of partial withdrawals should not exceed 25% of the value of units pertaining to the single premium.

Settlement Option

    This option helps you keep the money invested even after maturity and enables you to receive the funds over a period of up to 5 years. You have to specify the proportion, subject to a minimum of 25% of maturity benefit that you want to be paid through the settlement option.


    The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years and on complete withdrawal from the policy, the fund value is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of lock-in period, subject to minimum guaranteed interest rate of 4% p.a. This amount is payable on maturity or death (as applicable).

    Upon surrendering the policy after the lock-in period of 5 years and on complete withdrawal from the policy, the total fund value for single/top-up premium as on the date of surrender is payable and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 2 Years 65 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10 Years 73 Years (maximum Age Of Life Insured At Maturity Is 75 Years)
Premium Paying Term (PPT) Single -
Premium Paying Mode Single -
Single Premium Rs 50,000 No Limit (subject To Underwriting)
Base Sum Assured (fixed) 1.25 Times The Single Premium -
Top-up Premium Rs 5,000 Up To Sum Of Premiums Paid
Top-up Sum Assured 1.25 Times The Top-up Premiums Paid -
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premium paid and the balance is invested in various funds, as opted by you. Premium Allocation Charge is 4%/3%/2% for single premium band of Rs 50,000 to Rs 99,000/Rs 1,00,000 to Rs 4,99,999/Rs 5,00,000 and above, respectively. Premium allocation charge for top-up premiums is 2%.

Policy Administration Charge: Monthly policy administration charge is levied by the redemption of units under the policy. The policy administration charge of Rs 40 per month is levied through the entire policy term.

Mortality Charge: Mortality charge is applied on Sum at Risk (SAR) and it is deducted on each Policy Month Anniversary. If Sum at Risk is zero or negative, mortality charge shall not be applicable. In addition to this mortality charge, Rs 0.60 per 1000 of accidental sum assured is levied for in-built accidental death benefit.

Fund Management Charges: Fund management charge for all funds except Discontinued Policy Fund is 1.35% p.a, for Discontinued Policy Fund, it is 0.50% p.a.

Switching Charge: You can avail 12 free switches in a policy year and upon exercising more switches, the amount is levied @0.50% of the amount switched, subject to a minimum of Rs 25 and maximum of Rs 500 per switch.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed as applicable under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Aviva Life Bond Advantage with the policy term of 10 years, single premium of Rs 1.5 Lacs, and the base sum assured is Rs1.875 Lacs.

Scenario A- Maturity Benefit: If Mr. Raman survives till maturity of the policy, he will receive the Fund Value as applicable. This maturity benefit helps meet the financial objectives.

Scenario B- Death Benefit: In the event of non-accidental death of Mr. Raman during any policy year, the higher of Base Sum Assured or 105% of the single premium paid or the single premium fund value. Additionally, the higher of top-up sum assured, 105% of the top-up premiums paid or the top-up premiums fund value is payable to the nominee.