Aviva Bharat Parivar Vikas Yojana
Aviva Bharat Parivar Vikas Yojana
Financial insecurity is a daily challenge for many Indian families. A survey found that 69% of households struggle to make ends meet. Juggling bills, healthcare costs, and the uncertainty of the future, saving money often feels like a distant dream. But what if there was a way to build a brighter future, even with limited resources?
The Aviva Bharat Parivar Vikas Yojana is an individual, non-linked, participating life insurance plan designed to help families take the first steps toward financial security. It is an easy-to-buy affordable plan, which offers choice of premium or sum assured allowing customers to tailor the plan to their convenience.
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Disclaimer: *Guaranteed benefits are available only if all due premiums are paid.
Why should you buy Aviva Bharat Parivar Vikas Yojana
With small, regular contributions, you can gradually build a substantial savings fund that can provide a much-needed safety net in times of need.
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Monthly premium of as low as INR 1000 to avail product benefits
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Waiver of Premium in case of unfortunate death
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Get a maturity benefit of at least 101% of the total premiums paid
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Receive extra coverage for critical illnesses like cancer and myocardial infarction
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Enjoy tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961
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Pay premiums within 30 days of the due date without any late fees
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Cancel your policy within 30 days and get a full refund if you're not satisfied
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Change your payment frequency (monthly, quarterly, half-yearly, or annually) for free at any policy anniversary
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Take out a loan against your policy if you need financial help
Benefits of Aviva Bharat Parivar Vikas Yojana
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Secures Your Family’s Future: If you pass away during the policy term with all premiums paid, your family or nominee will receive death sum assured. This amount will be the highest of either the Death Sum Assured or 105% of the total premiums paid. In addition to the above, the vested simple reversionary bonuses and terminal bonus, if any shall also be paid to the nominee. Further, the maturity sum assured shall also be paid to the nominee on the maturity date without any bonuses.
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Guaranteed Maturity Payout: If you survive until the policy’s maturity date with all premiums paid, you will receive the Maturity Sum Assured along with any bonuses. The guaranteed savings plan concludes with this payment, and the maturity benefit will be at least 101% of the total premiums paid.
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Enhance Your Coverage: You can boost your guaranteed savings plan by adding an optional rider—Aviva Cancer Cardio Non-Linked Rider—for extra financial protection against unforeseen risks.
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Loan Benefit: You have the option to take a policy loan of up to 80% of the higher value between the Guaranteed Surrender Value and the Special Surrender Value.
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Revival of Your Policy: If your policy lapses due to missed payments, you can revive it within five years by paying all overdue premiums plus interest, allowing you to keep your benefits intact.
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Free Look Period: You have a 30-day free look period to review your policy after receiving the documents. If you find any terms unsatisfactory, you can return the policy for cancellation and receive a refund, minus any applicable stamp duty charges.
Terms & Conditions of Aviva Bharat Parivar Vikas Yojana
Features of Aviva Bharat Parivar Vikas Yojana
Aviva Bharat Parivar Vikas Yojana options
Option A
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Under option A, the Death Sum Assured is set at 10 times the Annualized Premium. The Maturity Sum Assured, which is the amount received upon the completion of the policy term, is determined by factors such as the policyholder’s entry age, the annualized premium, and the policy term chosen. Since the premium payment term (PPT) is 5 years less than the policy term (PT), it allows policyholders to stop paying premiums while still enjoying coverage until the policy matures.
Option B
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In Option B, the Death Sum Assured is equal to the Maturity Sum Assured. The premium payable under this option is calculated considering the policyholder’s entry age, sum assured, and the policy term chosen. Similar to Option A, the premium payment term is 5 years less than the policy term.
Eligibility
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Eligibility
| Entry Age |
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| Policy Term |
Note: The policy term for the Aviva Cancer Cardio Non-Linked Rider will match the premium payment term of the base plan. |
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| Premium Payment Term |
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| Maturity Age |
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| Base Annualized Premium |
"Annualized Premium" refers to the yearly premium amount selected by the policyholder, excluding taxes, rider premiums, underwriting extra premiums, and any loadings for modal premiums, if applicable. |
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| Base Death Sum Assured |
Minimum:
Maximum
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| Payment Frequency | Policyholders can pay premiums either yearly, half-yearly, quarterly, or monthly. |
Frequently Asked Questions - Aviva Bharat Parivar Vikas Yojana
The minimum age limit for Aviva Bharat Parivar Vikas Yojana is 25 years, and the maximum age limit is 50 years.
The sum assured under this savings plan starts at Rs. 1,00,000, with no maximum limit, subject to the approved underwriting policy.
To apply for this guaranteed savings plan, you only need an Aadhaar card and a UPI ID. This simple process makes it easy for individuals to access the benefits of the Yojana.
Before buying Aviva Bharat Parivar Vikas Yojana, consider the following:
- Age Limits - The plan is available for people aged 25 to 50.
- Premium - Ensure you can afford the premium payments, which start at Rs. 10,000 annually.
- Policy Term: - Choose a policy term that suits your financial goals (15 to 30 years).
- Premium Payment Term - Ensure the premium payment term (10 to 25 years) aligns with your financial capacity.
- Sum Assured Under the Plan - The minimum sum assured is Rs. 1,00,000, with no upper limit.
- Riders - Optional riders like Aviva Cancer Cardio Non-Linked Rider can be added for extra protection.
- Surrender Value - Know the surrender value in case you decide to discontinue this guaranteed return plan before maturity.
- Tax Benefits - Check the potential tax benefits under sections 80C and 10(10D) of the Income Tax Act.
The amount to invest in Aviva Bharat Parivar Vikas Yojana depends on your financial goals and capacity. The minimum annual premium is Rs. 10,000, but you can opt for a higher premium based on the sum assured and the policy term you choose. Consider your budget, desired sum assured, and policy term when deciding your investment amount. It's crucial to select an amount that you can comfortably maintain throughout the policy term.
The Death Sum Assured is the amount paid to the nominee if the policyholder passes away during the policy term, providing financial security to the policyholder's family.
For the Aviva Bharat Parivar Vikas Yojana:
- Minimum Death Sum Assured: Starts at Rs. 1,00,000.
- Maximum Death Sum Assured: There is no upper limit, but it depends on the underwriting policy approved by the board.
- Rider Options: You can increase the Death Sum Assured by adding optional riders, such as the Aviva Cancer Cardio Non-Linked Rider.
The Aviva Bharat Parivar Vikas Yojana offers the Aviva Cancer Cardio Non-Linked Rider as an optional add-on. This rider provides extra coverage for critical illnesses such as cancer and myocardial infarction (first heart attack of specific severity). It offers additional financial support if you are diagnosed with these serious conditions.
The rider must be added at the time of purchasing the base policy, allowing you to customize your coverage and secure protection against major health issues while building your savings.
The premium payment modes available for this savings plan include:
- Yearly
- Half-yearly
- Quarterly
- Monthly
Yes, you can take a loan against this plan.
The current interest rate for policy loans is 9.23% per annum, compounded yearly. This rate is calculated based on the Average Annualized 10-year benchmark G-Sec Yield plus 2%, reviewed annually on March 31st. Loans can be up to 80% of the higher of the Guaranteed or Special Surrender Value. Loan amounts and interest will be deducted from any benefits paid out.
If the policyholder commits suicide within the first year of the policy or its revival, the nominee will receive 80% of the total premiums paid or the surrender value (whichever is higher), provided the policy is active.
Yes, there is a grace period for premium payments under this plan. For annual, semi-annual, and quarterly premiums, it is 30 days. For monthly saving plan premiums, it is 15 days. During this time, the policy remains active and the risk cover continues without interruption.
Yes, a lapsed or paid-up policy can be revived within 5 years from the date of the first unpaid premium. To do this, you must provide proof of continued insurability, pay all overdue premiums with interest at 9% per annum, and any applicable taxes. The company may also apply additional premiums and may require a medical exam, which will be at your expense.
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UIN: 122N179V01 | AN Nov 46/24
