IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Aviva Freedom Life Advantage TM – A flexible plan to help you choose the right combination of saving and protection as per your changing needs Different individuals have different needs, which change over time. Aviva recognizes this and offers you a plan that provides solutions for all your financial goals, be it saving for your child, planning for that dream home or providing for your retirement. We recognize that you need the right combination of protection and savings which may change during different stages of your lifetime. Aviva Freedom Life Advantage provides you the flexibility to change your plan as per your changing needs.
Aviva Freedom Life AdvantageTM – Unique Attractions • Comprehensive Protection: Comprehensive protection to you and your family in case of your unfortunate death by: Payment of the sum assured or the fund value, whichever is higher Joint life option to secure your spouse under the same policy Enhanced protection with choice of one or more of our contemporary riders providing additional death benefit, cover against critical illness and permanent total disability. Superior investment returns: Obtain superior investment returns with: Choice of 8 unit linked funds – Balanced Fund-II, Bond Fund-II, Enhancer FundII, Growth Fund-II, Index Fund-II, Infrastructure Fund, PSU Fund and Protector Fund-II depending on your investment objectives and also investment flexibility through the Systematic Transfer Plan (STP) and Automatic Asset Allocation (AAA) High allocation rates and a competitive charging structure Regular loyalty additions during the term Greater convenience: Flexibility to increase the level of protection and savings during the policy term Easy liquidity through free partial withdrawals after 5 years Aviva Freedom Life AdvantageTM – Eligibility
The Term Paper on Moving To Virginia Changed My Life
Who knew, changing environments could have a vast effect on my life and the lives of my four children. Changing environments changed our lives socially, economically and spiritually. All I had to do was want it bad enough, dream it big enough and prepare for the best life I had always envisioned for us. Positive changes occurred within all of us, just by changing our environment. Who knew a better ...
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Minimum entry age (last birthday) Maximum entry age (last birthday) (age of elder life to be considered for joint life policies) Maturity Age (last birthday) Policy Term (PT) Premium Payment Term (PPT)
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2 years (without riders) 18 years (single life with rider(s) and both lives for joint life policies with or without rider(s)) 60 years (single life or joint life without riders) 55 years (single life with riders or) 50 years (joint life with riders) 18 – 75 years (age of elder life in case of joint life policies) 15 to 30 years subject to maximum maturity age
5 years or same as Policy Term For PPT=5 years 10 x Annual Premium or 0.5 x PT x Annual Premium, whichever is higher Base Sum Assured : For PPT = PT Minimum: 1.05 x PT x Annual Premium Maximum: 2.5 x PT x Annual Premium Top-up Sum Assured : 1.25 x Top-up premium Minimum: Rs 25,000 for PPT=PT; Rs 1,00,000 for PPT=5 Annual premium : Maximum: No limit, subject to underwriting Minimum Rs 5,000; Top-up premium : Maximum: No limit, subject to underwriting On life of Insured: Riders available : Aviva Dread Disease (DD) Rider Aviva Term Plus Rider Yearly, Half-Yearly and Monthly (through ECS only) Premium frequency : Grace period for Yearly and Half-Yearly frequency is 30 days and for Monthly frequency is 15 days Lock-in-Period for Annual Premium : 5 Years from the date of commencement of the Policy Lock-in-Period for Top-up Premium : 5 Years from the date of allocation of Top-up Premium TM Aviva Freedom Life Advantage – Easy steps to your plan Step 1: Decide the corpus you wish to build for your future and the time when the same should be available. This will influence the choice of premium and the policy term Choose the level of protection you desire • Cover on single or Joint life with spouse • Level of life cover • Optional Riders Choose the amount of premium you wish to pay, which will be determined by Step 1 & 2. Also choose the Premium Payment Term (PPT) and Premium Payment Frequency (PPF) based on your convenience Choose the funds you want to invest in depending on your risk appetite. • 8 Fund options to select from basis your risk appetite
The Essay on Change Of Life Love Years People
It seemed as if sixteen years of my life had simply passed me by. All I was able to see was the pain and suffering that I endured due to others. I was chained down, heavily burdened by the sheer contempt I held for the doctrine of humanity. All was in disarray, my life was like an ever enduring Armageddon. As my junior year came to a close, all of this changed. Sometimes I find it hard to believe ...
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Aviva Freedom Life AdvantageTM – Benefits Death Benefit: In case of the unfortunate death of the life insured during the term of the policy and subject to the condition that all due premiums have been paid, the nominee will receive the Base Sum Assured or Fund Value pertaining to regular premiums, whichever is higher plus top-up Sum Assured or Fund Value pertaining to top-up premiums(if any), whichever is higher. If the policy is issued on joint life basis with spouse, the policy will terminate by paying the Death Benefit as defined above on first death. If a policy is discontinued, the Company shall send a notice within a period of 15 days from the date of expiry of grace period to the Policyholder to exercise the option to revive the policy within a period of 30 days of receipt of such notice. During this period the policy is deemed to be in-force with full risk cover as per terms and conditions of the policy and death benefit described above shall be payable during this period.
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An Accidental death cover, subject to a maximum of Rs 50 Lacs is also payable if the age of the Life Insured is between 18 to 60 years last birthday at the time of death and the death is because of an accident. The amount of Accidental Death Sum Assured shall be specified in the Policy Schedule. Maturity Benefit: On survival till the maturity date, you will receive the Fund Value pertaining to regular premiums, top-up premiums and loyalty addition, if any, as on the maturity date. Loyalty Addition: You will get fund value related loyalty additions on various policy years as per the table given below. These loyalty additions are added to the units pertaining to regular premium in the various fund(s) in the proportion same as that of the defined regular premium distribution. Loyalty additions shall be allocated only if all the due regular premiums till the due date of respective Loyalty Addition are paid. Loyalty additions once allotted shall continue to be attached and payable under all events. Policy Year Loyalty Addition as a percentage of Fund Value pertaining to regular premium If Annual Premium is
The Essay on Monetary Policy Funds Rate
I. Introduction In order to promote national economic goals, a central bank acts to influence the availability and cost of money and credit, this is known as monetary policy. The Fed has three main tools with which to carry out policy. These instruments of monetary policy are open market operations, discount policy and reserve requirements. Open market operations are the Fed s most important tool. ...
Please note that the fund value pertaining to top-up premiums will not be eligible for loyalty addition. Settlement option This option allows you to keep your money invested in the fund even after maturity and enables you to receive the same systematically over a period between 1 to 5 years. This option can be opted at maturity only, by giving a written notice at least 15 days before maturity This option is allowed only if you have paid all due regular premiums. The payout option allowed is as a fixed units per payout or fixed amount per payout on a monthly, quarterly, half-yearly or yearly basis through cheque or direct credit / ECS (mandatory for monthly and quarterly frequency).
You shall have to state the proportion, subject to a minimum of 25%, of the Maturity Benefit that you want to be paid as structured payouts through this Settlement Option. Partial withdrawals and Unit switches will not be permitted during the Payout Term. All these payments will be made as arrears and there will be no risk cover during the settlement period. The death benefit shall be the balance Fund Value If at any time during the settlement option period, the Fund Value falls below the first year annual regular premium then the Fund Value shall be paid to the Policyholder immediately and the policy shall terminate. No charges except the Fund Management Charge shall be levied during the Payout Term. During the settlement option period, all investment risks shall continue to be borne by you. Benefit Illustration: This illustration is for a male aged 35 years, opting for minimum Sum Assured, pays premiums yearly and invests 100% into the Enhancer Fund-II. (Premium Paying Term = Policy Term) Annual premium (Rs) 25,000 7,87,500 10,50,000 50,000 15,75,000 21,00,000 1,00,000 31,50,000 30 30 20 30 20 Sum Assured (Rs) 5,25,000 Policy Term (years) 20 Gross Investment Return (%) 6% 10% 6% 10% 6% 10% 6% 10% 6% 10% 6% 10% Projected Fund Value at Maturity (Rs) 792,996 1,267,298 1,535,918 3,259,722 1,585,993 2,534,596 3,071,837 6,519,444 3,239,059 5,168,213 6,323,995 13,398,413 Yield net of charges (% p.a.) 4.21% 8.21% 4.29% 8.33% 4.21% 8.21% 4.29% 8.33% 4.39% 8.37% 4.45% 8.47%
The Term Paper on The success of China’s Foreign Policy
China’s foreign policy since the end of the Cold War has been characterised by an embracement of the international system. It is my reckoning that the success of this new foreign policy has indeed been exaggerated, but in order to give weight to this assumption, it is necessary to look at the key elements in shaping the foreign policy of the Beijing Government, and to discuss in turn the arguments ...
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42,00,000 2,00,000 63,00,000 Please note:
20 30
6% 10% 6% 10%
6,478,118 10,336,426 12,706,173 26,919,383
4.39% 8.37% 4.48% 8.49%
The values shown above include all charges and prevailing Service Tax (10.3% including cess) The assumed rates of return shown in the illustration above are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy, which depends on a number of factors including future investment performance. Partial Withdrawals This plan addresses any liquidity concerns you may have by allowing you to withdraw money from your fund without complete withdrawal of your policy. Partial withdrawals from fund value pertaining to regular premiums are allowed after completion of first 5 policy years, and from Fund Value pertaining to top–up premiums are allowed after 5 years from the date of payment of each top–up premium. Partial withdrawals are permitted only if life insured has attained age 18 years last birthday. The partial withdrawal will be made first from the fund value pertaining to top–up premium, if any and eligible, and then from the fund value pertaining to regular premium. You may make upto 4 partial withdrawals in a policy year, with the minimum withdrawal amount being Rs. 5,000 and maximum being 25% of the fund value pertaining to regular premiums as at the beginning of such year.
The maximum limit of 25% is not applicable if the age of life insured is more than or equal to 58 years (age of elder in case of joint life policy) at the time of such withdrawal. The maximum limit is not applicable on the withdrawal from fund value pertaining to top-up premiums. The minimum balance after partial withdrawal should not fall below first year annual premium for premium paying term of 5 years, and 2 times of first year annual premium for premium paying term equal to policy term. If the age of insured (age of elder in case of joint life policy) at the time of death is below 60 years, the sum of partial withdrawals made during last 2 years will be reduced from the death benefit to arrive at the death benefit payable. In case the age of insured (age of elder in case of joint life policy) exceeds age 60 at the time of death, all withdrawals made after age 58 of insured will be reduced from the death benefit. Complete withdrawal: There is a lock-in period of 5 years under this policy. However, you have the option to withdraw completely from the policy at any time after the commencement of the policy. Complete withdrawal during first 5 years: On complete withdrawal during the lock-in period of 5 years, the risk cover under the policy as well as any riders, if opted will cease immediately.
The Term Paper on Canadas Present Immigration Policy
Canada just like the USA has been growing economically and politically because of the inflow of immigrants. Canada had attempted to establish policies that would attract the world renowned brains that subsequently would contribute to the Canadian development in the years to come. Nevertheless, the process in which Canada's immigration policy was formulated was not democratic and did not hold ...
The fund value as on the date of withdrawal will be credited to the discontinued policy fund after deduction of applicable discontinuance charge and will be refunded at the end of lock-in period. During such period, there will be no charges applied and your fund will continue to earn a minimum return of 3.5% per annum compounded annually. The minimum return prescribed may change subject to regulatory guidelines from time to time. Complete withdrawal after 5 policy years: On complete withdrawal after the lock-in period of 5 years, the Fund Value pertaining to regular premiums and top-up premiums, if any, shall be paid to you and the policy will terminate. Tax Benefits: Tax benefits will be as per prevailing tax laws. Tax laws are subject to change. Aviva Freedom Life AdvantageTM – Protection and Investment Options A.
a)
Protection Options: Riders ( Please see key feature of riders for complete details)
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This plan offers you 2 specially designed riders, which you may select to optimize protection offered by your policy. The riders can be opted for at inception only. You have the right to withdraw any rider by giving us a written notice of at least 15 days prior to the policy anniversary. Once withdrawn, the rider cannot be taken again. In case of joint life policies, riders if opted are applicable for both the lives insured. Both the lives insured shall be entitled for the rider benefits independently. Please refer the table below for coverage term of each rider: Rider Aviva Dread Disease Rider Aviva Term Plus Rider Coverage term Premium Payment Term or age 65, whichever is earlier Premium Payment Term or age 70, whichever is earlier
The Essay on How Do Domestic Factors Affect Foreign Policy Making
How Do Domestic Factors Affect Foreign Policy Making? What are the pressing problems of the presidency in foreign policy decision making, and what, if anything, can and should be done about them? There are several empirical and normative dilemmas associated with this question. However, mainly domestic factors affect American foreign policy. While forthright in asserting American interests, U.S. ...
The age here means the age of the insured (age of elder life in case of joint life policies).
Please note that Sum Assured under each rider should not exceed the Base Sum Assured and the sum of rider premiums should not exceed the regulatory limit which is currently 30% of the base premium. In case the rider premium crosses the limits prescribed by the Regulator on riders’ premium, then the rider won’t be offered.
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Aviva Dread Disease (DD) Rider [UIN: 122B014V01] If this rider is opted for, then upon Permanent Total Disability due to illness or accident OR contracting any of the listed 18 Critical Illnesses, the rider Sum Assured shall be paid immediately and the policy will continue without this rider. The critical illnesses covered under this rider are: Heart Attack, Stroke, Cancer, End stage kidney failure, Major organ transplant, Coronary artery bypass surgery, Benign brain tumour, Deafness, Blindness, Aorta Graft Surgery, Heart Valve Surgery, Paraplegia, Motor Neurone Disease, Multiple Sclerosis, Coma, End stage liver disease, End stage lung disease and Aplastic Anaemia. The minimum Sum Assured allowed under DD rider is 2,00,000 and a maximum of Rs. 50,00,000, under all the policies issued by the company with this rider or any other critical illness rider. There is a waiting period of 180 days for this rider from the date of commencement of the policy or the date of revival of the policy, in case of revival.
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Aviva Term Plus Rider [UIN: 122B017V01] This rider pays Aviva Term Plus rider Sum Assured in addition to the death benefit payable under the policy. The minimum Sum Assured allowed under this rider is Rs. 50,000 and the maximum can be upto the base Sum Assured, subject to underwriting.
b)
Option to increase Base Sum Assured: This option allows you to increase your sum assured, i.e. cover multiple, incase your need for protection increases. This facility is available if you have opted for a cover multiple less than the maximum multiple allowed under this policy and all the due premiums are paid till date. The premium will not change if this option is exercised. The option can be exercised after 3 policy years by giving a written notice at least 15 days before the policy anniversary, provided the age of life insured (elder insured in case of joint life policy) is less than or equal to 45 years. The revised cover multiple should not be more than the maximum limit allowed under the policy. The increase in Sum Assured shall not apply on any rider, if opted under the policy. The increase shall be subject to underwriting and the company reserves the right to decline the increase in Sum Assured and/or impose extra mortality charges in case of adverse health conditions at that time.
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Base Premium of the policy would not be altered over the currency of the contract due to any increase in sum assured.
c)
Option to reduce Base Sum Assured: This option allows you to reduce your sum assured, i.e. cover multiple, incase your need for protection decreases. This facility is available if you have opted for a cover multiple more than the minimum multiple allowed under this policy. The premium will not change if this option is exercised. The option can be exercised after 3 policy years policy year by giving a written notice at least 15 days before the policy anniversary. The reduced cover multiple should not be less than the minimum Sum Assured allowed under the policy. The decrease in Sum Assured shall also apply to Aviva Dread Disease rider and Aviva Term Plus rider , if opted under the policy, such that it always remains less than or equal to the Base Sum Assured. The revised Sum Assured will be applicable from the policy anniversary falling immediately after the acceptance of request and communication of the same to the policyholder in writing. Base Premium of the policy would not be altered over the currency of the contract due to any reduction in sum assured. However, rider premium may be reduced proportionately due to reduction in rider sum assured.
B. a)
Investment Options: Systematic Transfer Plan (STP): This option allows you to enter and exit the equity market not abruptly at once but slowly at different times and at different levels. This has the effect of averaging out the risks associated with the equity market, thus reducing the overall risk you face. However all investments through this option are still subject to investments risks which shall be continued to be borne by you This facility is available to you if you pay premium on yearly basis and at least 10% of premiums are allocated to Protector Fund-II This feature will enable automatic switching as detailed below, immediately on allocation of premium into different funds as decided by you. STP is available as a weekly and a monthly option. Under this, units from Protector Fund – II to Enhancer Fund-II are transferred through automatic switching free of charge, in the following pattern:
In case of weekly STP Week 1 …… Week 26 …… Week 52 In case of monthly STP Month 1 …… Month 6 …… Month 12
1/52th of the units available at the end of Week 1 ….. 1/27th of the units available at the end of Week 26 ….. Balance units available at the end of Week 52 1/12th of the units available at the end of Month 1 ….. 1/7th of the units available at the end of Month 6 ….. Balance units available at the end of Month 12
Reverse STP: During the last 2 years (i.e. last 24 months) before maturity, the following proportion of units will be switched from the Enhancer Fund-II to the Protector Fund-II: Month 1 …… Month 12 …… Month 24 1/24th of the units available at the start of 24th month ….. 1/13th of the units available at the start of 12th month ….. Balance units available at the start of the last month
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In case STP is opted, no other switches into or from the Protector Fund-II is allowed during the period of switching from Protector Fund-II and correspondingly from Enhancer Fund-II during the switching from Enhancer Fund-II The 12/52 switches carried under STP will be free of cost and the restriction of minimum switch amount and minimum balance after switch is not applicable for switching under STP Systematic Transfer Plan (STP) option can be started at inception or on any policy anniversary during the term of the policy except last three policy years, by giving a written notice at least 30 days prior to the policy anniversary. STP may be stopped on any policy anniversary by a written request at least 30 days prior to the policy anniversary. You may request to restart this option later. STP cannot be opted along with Automatic Asset Allocation (AAA) b) Automatic Asset Allocation (AAA) Plan: This option helps you to automatically decrease your exposure to equity and increase your exposure to debt, as you grow older. This option relies on the fact that an individual’s risk appetite reduces with age and he tends to be more conservative with his investment. This option provides you the flexibility of leveraging the returns from equity market and secure/book the profits by the way of auto asset allocation (balancing) as he advances in his age.
You can opt for AAA only at the inception of the policy, if your premium frequency is yearly. Choose the initial allocation into Enhancer Fund-II and Bond Fund-II. Your first year premium will be allocated as per the proportion specified by you. Allocation to any other fund is not allowed when AAA is opted. At the end of every year, the accumulated fund value will be automatically redistributed through switching between Enhancer Fund-II and Bond Fund-II using the formula: X% Allocation to Enhancer Fund – II = X% − ( ) * (Z − Y ) Policy Term Where X% is the initial allocation into Enhancer Fund-II, Y is your age at exercising AAA and Z is your current age. Balance will be allocated to Bond Fund-II. The restriction of minimum switch amount and minimum balance after switch is not applicable for switching under AAA The future premiums will also be allocated into Enhancer Fund-II and Bond Fund-II using the above formula every year. During the period when AAA is operational, no other switches into or from the Bond Fund-II and Enhancer Fund-II is allowed. AAA may be stopped on any policy anniversary by a written request at least 30 days prior to the policy anniversary. Once discontinued, this option can not be restarted.
AAA can not be opted along with STP. c) Top up: You have the option to make additional lump sum investments through top-ups anytime during the policy term, provided all due premiums are paid. Top up premiums will carry a Sum Assured of 1.25 times of the top-up premium paid. The minimum top up premium is Rs 5,000 Top-up will not be allowed in last 5 policy years There would be “Lock-in-period” of five consecutive years from the date of allocation of each Top-Up premium. During this lock-in-period no partial withdrawal will be allowed. However, payment with respect to units pertaining to Top-up premiums will be made only in case the policy is terminated due to: 1. Complete withdrawal from the policy after the lock-in-period of first five year from the commencement date, or 2. Death of Life Insured, or 3. Maturity d) Investment Funds:
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This plan provides you the flexibility to simultaneously invest in one or more of the eight unit linked funds. You can invest 100% of your premiums in any of the funds or choose a combination of funds. Fund name and objective Asset allocation Risk profile
Balanced Fund-II: To generate a Debt & Money Market 0 – 100% balance of capital growth and steady Medium Equities 0 – 45% returns. Bond Fund-II: To generate a steady Debt & Money Market 100% income through investment in high Low Equities 0% quality fixed income securities. Enhancer Fund-II: To provide Debt & Money Market 0 – 40% aggressive, long term capital growth with High Equities 60 – 100% high equity exposure. Growth Fund-II: To generate long term Debt & Money Market 0 – 70% capital appreciation with high equity High Equities 30 – 85% exposure. Index Fund-II: To generate returns in Debt & Money Market 0 – 20% line with the stock market index – S&P High Equity 80% – 100% CNX NIFTY Infrastructure Fund: To generate Debt & Money Market 0 – 40% steady returns through investment in High Equities 60% – 100% infrastructure and related equities Protector Fund-II: To generate steady Debt & Money Market 0 – 100% returns with a minimum exposure to Low Equities 0 – 20% equities. PSU Fund: To generate steady returns Debt & Money Market 0 – 40% through investment in PSU and related High Equities 60 – 100% equities You may kindly note that: Investment in Debt and Equity would include Debt and Equity Derivatives, if the same is permissible by IRDA. Minimum and maximum limits on asset categories, as above, have been determined to have the investment flexibility in the fund to take the advantage of investment opportunities vis-à-vis risks involved. It is recommended that your choice of funds be based on your investment objectives and your appetite for risk. Ideally, you should opt for a mix of all funds, which results in diversification and consequently lower risk. e) Premium Re-direction:
You have the option to redirect your premiums to different funds at anytime, upto 2 times in a policy year, for all future premiums. The minimum allocation in each selected fund must be 10%. The unused options cannot be carried over the future years and limit is 2 times in a policy year. f) Unit switches: You may switch your accumulated funds (partly or fully) between the 8 funds, at anytime during the policy term. In case of a part switch, the minimum amount switched and the balance left in the fund after switching, should be Rs. 5,000. The first 12 unit switches in a policy year are free of charge. These free switches, if unavailed in a policy year, shall not be carried forward. Aviva Freedom Life AdvantageTM – Charges:
1.
Premium Allocation Charge (defined as 100% minus Allocation Rate)
Allocation rate will depend on the policy year as detailed below: Policy Year 1 2 to 5 6 onwards Allocation Rate Annual Premium =1 lac 94% 94% 96% 96% 98% 100%
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Allocation Rate (For Top-up premium): 98% 2. Fund Management Charge (FMC): An FMC of 1.35% will be applied for all funds while calculating NAV on a daily basis. 3. Policy Administration Charge(PAC): A Policy administration charge of 0.10% of Annual Premium per month, subject to a maximum of Rs. 400 per month, will be deducted by monthly cancellation of units from the unit account. 4. Mortality Charge: Mortality charge will be deducted by monthly cancellation of units from the unit account. Sample annual charges per thousand Sum Assured for a healthy male are given below: Age 25 30 35 40 Rs. 1.4250 1.4638 1.7938 2.6875 In addition to above mortality charge, Re.0.60 per 1000 Sum Assured will be charged for in-built Accidental Death Benefit, if applicable.
5.
Rider Premium: The rider premium will be payable separately and there will be no investment or surrender value pertaining to this premium.
6.
Discontinuance Charge: Where the policy is discontinued during the policy year 1
Discontinuance charges for policies having Annualised premium of Rs. 25000 Lower of 20% of (AP or Fund Value) subject to a maximum of Rs.3000 Lower of 15% of (AP or Fund Value) subject to a maximum of Rs.2000 Lower of 10% of (AP or Fund Value) subject to a maximum of Rs.1500 Lower of 5% of (AP or Fund Value)subject to a maximum of Rs.1000 Nil
Discontinuance charges for policies having Annualised premium above Rs. 25000 Lower of 6% of (AP or Fund Value)subject to a maximum of Rs.6000 Lower of 4% of (AP or Fund Value) subject to a maximum of Rs.5000 Lower of 3% of (AP or Fund Value) subject to a maximum of Rs.4000 Lower of 2% of (AP or Fund Value) subject to a maximum of Rs.2000 Nil
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4 5 and onwards
There will be no discontinuance charge on fund value pertaining to Top-up premium, if any.
7.
Switching Charge: There are no charges on the first 12 switches in a policy year; subsequent switches are charged at 0.5% of amount switched, subject to a maximum of Rs 500 per switch.
8.
Miscellaneous charge: Service tax and education cess will be applied as notified by the government from time to time. Exclusions: No benefit is payable except fund value as on the date of notification of death if death occurs due to suicide or attempted suicide within 12 months of the date of commencement or date of revival in case of revival. The additional benefit on account of Accidental Death during the policy term shall not be payable if the Accidental Death is caused or aggravated directly or indirectly by:
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Alcohol or drug abuse including drug taking other than prescribed by a medical practitioner, any crime committed by the insured, willful self inflicted injury, suicide or attempted suicide or unreasonable failure to seek or follow medical advice. Failure to seek and follow medical treatment and advice from a registered and qualified medical practitioner immediately following an accident. The word “immediately” here does not mean that the insured should approach instantly to a medical practitioner in case of an accident, but he/she should not avoid the treatment knowingly. Aviation other than as a passenger in a commercially licensed passenger aircraft. Engaging in racing of any kind other than athletics or swimming. Any form of war, invasion, hostilities (whether war be declared or not), civil war, rebellion, riots, social disorder, insurrection, military or usurped power, or willful participation in acts of violence. Radioactive contamination due to a nuclear accident. Participation in sports or pastimes of a hazardous nature including (but not limited to) parachuting, potholing, mountaineering and hot air ballooning. Any condition existing prior to the Commencement Date unless it has been previously disclosed to the Company before or at the time of application for this Insurance. However, claim eligibility will be subject to the provisions of Section 45 of the Insurance Act 1938, as defined below.
For rider exclusions, if any, please refer the rider key feature. Freelook period: You have a right to review the policy terms and conditions within 15 days from the date of receipt of the policy document. If you cancel the policy during this Freelook period, the company will refund the fund value on the date of cancellation plus the un-allocated premium (if any) plus any charge deducted by cancellation of units, after deducting a proportionate risk charges and expenses incurred on medicals and stamp duty. Disclosures: Aviva Life Insurance Company India Ltd. is only the name of the Insurance Company and Aviva Freedom Life Advantage is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The premiums and funds are subject to certain charges related to the fund or to the premium paid and there is a possibility of increase in charges. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document or the insurer. “*S&P®” and “Standard and Poor’s®” are trademarks of the McGraw-Hill Companies, Inc. (“S&P”), and have been licensed for use by IndiaIndex Services & Products Limited in connection with the S&P CNX Nifty Index. The Product is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”) or Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”).
Neither IISL nor S&P makes any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product. Risk factors: Unit Linked life insurance products are different from traditional insurance products and are subject to risk factors. The premium paid in Unit Linked life insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market. The insured/policyholder is responsible for his/her decisions. Unit Linked Funds are subject to market risks and there is no assurance or guarantee that the objective of the investment fund will be achieved. Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns. Insurance is the subject matter of the solicitation.
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Section 41 In accordance with Section 41 of the Insurance Act, 1938, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees”. Section 45 In accordance with Section 45 of the Insurance Act, 1938, “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose: Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.” About Aviva Aviva Life Insurance is a joint venture between Dabur group and Aviva group – a UK based insurance group, whose association with India goes back to 1834. By choosing Aviva Life Insurance you benefit from the management experience of one of the world’s oldest Insurance Group, with a history dating back to 1696. Today, Aviva has 53 million customers in over 27 countries. Founded in 1884, Dabur is one of India’s oldest and largest groups of companies. It is the country’s leading producer of traditional healthcare products. Aviva Freedom Life AdvantageTM Annexure 1. Coverage of minor lives: If the age at entry of the life insured is below 18 years, then the policy shall automatically vest in the name of such child on attaining age 18 years last birthday.
2.
Grace Period: There is a grace period of 30 days to pay your premium for Yearly and Half Yearly modes & 15 days for Monthly mode.
3. Discontinuance of Premium: Discontinuance means the state of a policy that could arise on account of non-payment of the contracted premium due before the expiry of the grace period or upon receipt of information by the Company from the insured about the discontinuance of the policy. No policy shall be treated as discontinued if, within the grace period, the premium has not been paid due to the death of the Life Insured or due to the happening of any other contingency covered under the policy when the premiums are not required to be paid.
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Where a policy is discontinued, the Company shall send a notice within a period of 15 days from the date of expiry of grace period to the Policyholder to exercise the option to revive the policy within a period of 30 days of receipt of such notice. The proceeds of a discontinued policy shall be payable only after the completion of first five policy years (i.e. the lock –in- period) and after addition of interest subject to the minimum interest rate as prescribed by the IRDA from time to time for the period for which the policy remained in the Discontinued Policy Fund. Currently the minimum interest rate is 3.50% p.a. compounded annually Options available to the Policyholder upon discontinuance of the policy A Policyholder is entitled to exercise one of the following options upon the discontinuance of the policy: i. ii. i. Revival of the policy, or Complete withdrawal from the policy without any risk cover
Revival of the policy Where the Policyholder exercises the option to revive the policy, the policy shall continue with full risk cover. The revival of the policy after the end of grace period will be subject to underwriting requirement. Once a policy is moved to Discontinuance fund, the policy can not be revived.
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Complete withdrawal from the policy without any risk cover If the Policyholder exercises the option of complete withdrawal from the policy without any risk cover within the lock-in-period, the fund value of the policy after deducting discontinuance charges (mentioned in charges section), on the date of discontinuance of the policy shall be credited to the discontinued policy fund. The proceeds of the discontinued policy shall be refunded only upon completion of the lock-in-period. The income earned on the fund value shall also be payable to the discontinued policy fund and shall be payable to Policyholder after the end of lock-in-period.
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Net Asset Value (NAV) calculation: When Appropriation / Expropriation is applied the NAV of a Unit Linked Life Insurance product shall be computed as, market value of investment held by the fund plus/less the expenses incurred in the purchase/ sale of the assets plus the value of any current assets plus any accrued income net of fund management charges and applicable Service Tax less the value of any current liabilities less provisions, if any. This gives the NAV of the fund. Dividing by the number of units exiting at the valuation date (before any new units are allocated/ redeemed), gives the unit price of the fund under consideration. First premium will be allocated based on the NAV of the date of commencement of the policy. The premium shall be adjusted on the due date even if it has been received in advance. Also, Aviva will not accept any amount less than the due stipulated regular premium payable stated in the policy schedule. For the premium received through outstation cheques, NAV of the clearance date or due date, whichever is later, will be applied. Transaction requests (including renewal premiums by way of local cheques, demand draft, switches etc) received before the cutoff time will be allocated the same day’s NAV and the ones received after the cutoff time will be allocated next day’s NAV. The cutoff time will be as per IRDA guidelines from time to time, which is currently 3:00 p.m. There is no provision of loan on the policy from Aviva.
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10. Assignment and Nomination is allowed as per the provisions under section 38 and 39 of Insurance Act 1938. 11. Aviva will not be liable to any claim until acceptance of risk and receipt of premium in full.
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Queries and Complaints If you would like additional information or if you have any queries or complaints, please contact us at the numbers given below: For more details, call us at 1800 180 2244 (Toll free for BSNL/MTNL users) or 0124-2709046 or SMS “Aviva” to 5676737 Aviva Life Insurance A Joint Venture between Dabur and Aviva Aviva Life Insurance Company India Ltd. Aviva Tower, Sector Road, Opposite Golf Course, DLF Phase-V, Sector 43, Gurgaon-122 003 www.avivaindia.com Registered Office: 2nd Floor, Prakashdeep Building, 7, Tolstoy Marg, New Delhi-110 001 Aviva Freedom Life AdvantageTM is a Non-Participating Unit Linked Plan UIN: 122L083V01 Advertisement Number: 1582
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