Aviva – Freedom Life Advantage Plan Review
Official Overview
Aviva Freedom Life Advantage allows you to choose the proportion of savings and protection and change it subsequently, in line with your changing needs, with the option to pay premiums for as few as 5 years, through:
- Option to increase / decrease Life Cover (Sum Assured)
- Option to cover husband and wife under the same policy
- 100% allocation from sixth year if Annual Premium is Rs. 1 lakh or more
- Inbuilt Accidental Death cover
- Loyalty additions every 3 years from the end of 10th policy year
- Pay off all the premiums in 5 years or choose to pay throughout the term
- Flexibility to choose Life cover
- Enhance maturity proceeds and life cover with Top-up Premiums
- Select from two optional riders for additional protection – Aviva Dread Disease (DD) Rider and Aviva Term Plus Rider
- 8 fund options (Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU, and Index-II Funds)
Editor’s Review
About Aviva Freedom Life Advantage
Aviva Freedom Life Advantage is Winner Plan from Aviva Life Insurance. Aviva Freedom Life Advantage has all the bells and whistles what a person can expect from any life Insurance Plan. We are sold out on its features as compared to other Plans in Market. This is the reason it is rated best overall among other ULIP Insurance Plans.
Whatever, feature you require, this plan has it low charges, good net yield of charges, loyalty additions, option to change life cover, inbuilt accidental insurance etc…
Key Features
- Low Charges
- Good Yield Net of Charges
- Option to increase / decrease Life Cover (Sum Assured)
- Option to cover husband and wife under the same policy
- Inbuilt Accidental Death cover
- Loyalty additions every 3 years from the end of 10th policy year
- Pay off all the premiums in 5 years or choose to pay throughout the term
- Flexibility to choose Life cover
Benefits
- Great Value for Money with least charges
- Good Loyalty Additions based on Fund Value
- Good Fund Options
- Option to Cover Spouse
- Additional Included Accidental Death Cover
Negatives
- Only First 12 fund switches are free in a Year, if you are an avid switcher.
About the Company
Aviva Life is a joint venture between Dabur, One of the oldest and larges group of companies in India, and Aviva Uk, one of the biggest insurance groups in the world.
JV partner: Dabur (74% stake)
Foreign partner: Aviva plc (26% stake). One of the world’s top Insurance groups and the biggest in the UK. It is one of the leading providers of life and pensions products to Europe. Aviva has a 53 million-customer base worldwide with £379 billion assets under management.
Managing Director & Chief Executive Officer: Mr. TR Ramachandran
Paid up Capital: Rs 2004 crores
Locations: 159 branches, close to 3,000 locations
Bank partners: RBS, Punjab & Sind Bank, IndusInd Bank and more than 30 Cooperative Banks and Regional Rural Banks.
| Information | |
|---|---|
| Entry Age | 2-60 years |
| Policy Term | 15-30 years |
| Paying Term | 5 – Policy Term |
| Allocation Charges | Year 1 – 6% Year 2-5 – 4% > Year 6 – 0-2% |
| Admin Charges | 0.1% of annual premium per month subject to a maximum of Rs 400 p.m |
| Mortality Charges | Rs. 3.5 per ’000 |
| Minimum Premium | Rs. 25,000 |
| Riders | Critical Illness, Term Plus |
| Loyalty Additions | 10th Year – 3% of Fund Value 13th Year & Every 3rd Year – 1.75% to 2% of Fund Value |
| Yield Net of Charges | @10% – 8.21%-8.49% @ 6% – 4.21%-4.48% |
Aviva Freedom Life Advantage allows you to choose the proportion of savings and protection and change it subsequently, in line wit…
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