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Aviva Live Smart Plan

What is the Plan all About?

Aviva Live Smart Plan is a non-participating unit linked insurance plan that helps you invest, so you can fulfill your family’s future financial needs. This plan also offers a life cover that ensures complete protection for your family.

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What are the Key Features?

  • Option to invest in 7 Unit Linked funds
  • Loyalty additions to boost the fund value
  • Get fund value as maturity benefit
  • Comprehensive protection for family
  • Flexibility to customize the policy options
  • Partial withdrawals after 5 policy years
  • Enjoy switching among funds
  • 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.

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

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

    In the event of death of the life insured when the policy is transferred to Discontinuance Policy Fund, the proceeds are payable to the nominee.

    After payment of the death benefit, the policy shall terminate.

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 a maximum of Rs 50 Lacs.

Maturity Benefit

    On survival of the life assured till end of the policy term, Fund Value of Units pertaining to regular/top-up premium along with the loyalty addition, as applicable is payable.

Loyalty Addition

    Loyalty additions as a percentage of the regular premium fund value is payable. 0.75% of the fund value is payable at the end of the 10th & 15th policy year. 1% of the fund value is payable at the end of the 20th & 25th policy year. 1.50% the fund value is payable at the end of the 30th policy year. No loyalty addition is payable towards top-up premiums fund.

Top-up Premium

    You have the option to pay additional premium as Top-up Premium and you can exercise this option any time, except the last 5 years of the policy. The minimum Top-up premium allowed is Rs 5,000.

    Top-up Sum Assured is 1.25 times the Top-up Premium.

Switching

    You can switch between 7 fund options to capitalize market opportunities and helps you grow the savings.

Premium Re-direction

    Premium Re-direction is used to modify the allocation proportion of future premiums to various funds in accordance with your changing needs.

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. The minimum balance after such withdrawal in the regular premium account should not be less than 2 year’s regular premium.

Bonus

    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 after deducting discontinuance charges 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.

    Upon surrendering the policy after the lock-in period of 5 years and on complete withdrawal from the policy, the total fund value 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 50 Years
Age at Maturity 18 Years 65 Years (Base Cover), 60 Years (In-built Accidental Death Cover)
Policy Tenure 15 Years 30 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually Only -
Annual Premium Rs 50,000 No Limit (subject To Underwriting)
Base Sum Assured (fixed) < 45 Years: Sum Assured Multiple = Higher Of 10 Or 0.5 * Policy Term >=45 Years Sum Assured Multiple Is 10 (entry Age More Than 45 Years) Depends On Maximum Sum Assured Multiple (Base Cover), Equal To Base Sum Assured (In-built Accidental Death Cover)
Top-up Premium Rs 5,000 Sum Of Top-up Premiums Paid
Top-up Sum Assured 1.25 Times The Top-up Premiums Paid -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) 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. The premium allocation charge is 9%/7%/6%/3% for 1st policy year/2nd policy year/3rd to 10th policy year/11th policy year onwards, respectively. 2% of premium allocation charge is levied for top-up premium.

Policy Administration Charge: Monthly policy administration charge is levied by the redemption of units under the policy. The policy administration charge is levied through the entire policy term. 0.02% of annual premium, subject to a maximum of Rs 400 is payable during 2nd to 5th policy year, 0.30% of annual premium, subject to a maximum of Rs 400 is payable during 6th policy year. No charges are applicable during the 1st policy year.

Mortality Charge: Mortality charge is applied on Sum at Risk (SAR) and it is deducted on each Policy Month Anniversary. 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.

Discontinuance Charge: This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

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.

Miscellaneous Charge: Taxes as applicable, are levied, subject to change in tax laws.

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 Live Smart Plan with the policy term of 15 years and annual premium of Rs 1 Lac.

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