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Investment Plans 141 views August 5, 2021
Aviva Fortune Plus Plan is a unit-linked insurance plan that offers individuals dual benefits on their investments. They can build a corpus over time and protect their loved ones in case of death during the policy term. One of the key features of this plan is that you can choose from seven fund options according to your risk-taking capacity. If needed, customers can also increase their policy term by 5 or 10 years beyond the original maturity date.
You should check the highlights of the plan mentioned below to get an overview.
- Flexible Policy and Premium Payment Term Options
- Death and Maturity Benefits
- Return of Morality, Premium Allocation and Policy Administration Charges
- Investment Needs as per Risk Appetite
- Partial Withdrawal Facility
- Unlimited Free Switches
- Option to Extend Policy Term by 5 or 10 years
- Availability of Additional Protection
- Tax Benefits under Income Tax Act, 1961
Keep reading this page to understand the features and benefits of the Aviva Fortune Plus Plan in detail. Let’s start!
Table of Contents
- 1 Let’s Discuss the Features and Benefits of the Aviva Fortune Plus Plan in Detail
- 1.1 What is the Policy and Premium Payment Term?
- 1.2 What is the Minimum and Maximum Basic Sum Assured?
- 1.3 Multiple Premium Payment Frequency Options
- 1.4 How Much Premium Amount You Will Need to Pay?
- 1.5 Death Benefit
- 1.6 Maturity Benefit
- 1.7 Accidental Death Cover Add-on
- 1.8 Partial Withdrawal Facility
- 1.9 Extension of the Policy Term
- 2 Aviva Fortune Plus Eligibility Criteria
Let’s Discuss the Features and Benefits of the Aviva Fortune Plus Plan in Detail
We have talked about the features and benefits of the plan below. Please check.
What is the Policy and Premium Payment Term?
Aviva Fortune Plus offers multiple policy and premium payment term options from which policyholders can choose according to their convenience. To know more, check the below table.
| Policy Term (In Years) | Premium Payment Term (In Years) |
|---|---|
| 15 to 20 | Equal to Policy Term, 10, 7 or 5 |
| 10 to 20 | Single Premium |
What is the Minimum and Maximum Basic Sum Assured?
Both minimum and maximum sum assured depends on the policy and premium payment term options. You can have more information about the same on the table shown below.
| Policy Term (In Years) | Premium Payment Term (In Years) | Minimum Sum Assured (In INR) | Maximum Sum Assured (In INR) |
|---|---|---|---|
| 15 to 20 | Equal to Policy Term | 7,00,000 for yearly mode 8,40,000 for other modes | 10 times the Annualized Premium |
| 10 | 10,50,000 | ||
| 7 | 12,60,000 | ||
| 5 | 17,50,000 | ||
| 10 to 20 | Single | 6,25,000 | Up to Entry Age of 35 - 10 times the single premium |
| Up to Entry Age between 36 to 60 - 1.25 times the single premium |
Multiple Premium Payment Frequency Options
Policyholders can prefer to pay the premiums from different options – Single, Yearly, Half-yearly and Monthly.
How Much Premium Amount You Will Need to Pay?
The minimum premium amount depends on the premium payment frequency, policy and premium payment term. To know more, please check the below table.
| Policy Term (In Years) | Premium Payment Term (In Years) | Minimum Annualized/Single Premium (In INR) |
|---|---|---|
| 15 to 20 | Equal to Policy Term | 1,00,000 (For Yearly Mode) 1,20,000 (For Half-yearly and Monthly Mode) |
| 10 | 1,50,000 (For Yearly, Half-yearly and Monthly Modes) | |
| 7 | 1,80,000 For Yearly, Half-yearly and Monthly Modes) | |
| 5 | 2,50,000 For Yearly, Half-yearly and Monthly Modes) | |
| 10 to 20 | Single | 5,00,000 |
Death Benefit
If a policyholder dies during the policy term and all due premiums have been paid, the policy will provide a death benefit to the nominee. It will be a sum of the following amounts.
Highest of:
- Base sum assured
- Fund value related to limited/regular/single premium
- 105% of the total premiums received up to the date of death
And Highest of:
- Top-up sum assured
- Fund value pertaining to top-up premiums
- 105% of the top-up premiums received up to the date of death (if any)
Maturity Benefit
If the life insured survives until the maturity date, the policy will provide the following maturity benefits.
- Fund value of the units pertaining to limited/regular/single premium, and
- X% of the premium allocation, mortality and policy administration charges deducted during the policy related to regular/limited/single premium (Here, X depends on the policy term)
- Fund value related to top-up premiums (if any)
To know the percentage of X, check the below table.
| Policy Term (In Years) | Percentage of X |
|---|---|
| 10 | 100 |
| 11 | 100 |
| 12 | 105 |
| 13 | 105 |
| 14 | 110 |
| 15 | 110 |
| 16 | 115 |
| 17 | 115 |
| 18 | 125 |
| 19 | 125 |
| 20 | 125 |
Accidental Death Cover Add-on
If an insured person dies due to an accident, this add-on under the policy provides an accidental death benefit sum assured. The minimum death benefit in case of an accident stands at INR 5 lakh, and can go up to INR 50 lakh.
The minimum entry age of an individual choosing this add-on should be 18 years. Also, the add-on sum assured cannot be more than the base sum assured.
Partial Withdrawal Facility
This policy from Aviva Life allows policyholders partial withdrawal after completion of the first five policy years. You can make withdrawals from the top-up premium unit account. The minimum partial withdrawal amount stands at INR 5,000. On the death of the life assured, the base sum assured will be reduced by the partial withdrawals made within two years before the date of death.
Extension of the Policy Term
With this option, policyholders can increase the original policy term by 5 or 10 years at any policy anniversary. However, you can use this option 30 days before the policy maturity date. You cannot extend the policy term once your policy matures.
Aviva Fortune Plus Eligibility Criteria
Please check the important conditions related to the plan mentioned below.
- The minimum entry age stands at two years, while it can go up to 60 years.
- Any individual having attained a minimum of 18 years and a maximum of 75 years at the proposed maturity time can apply for the plan.