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Aviva Life Insurance on Thursday announced the launch of Aviva Signature Investment Plan, a unit-linked non-participating individual life insurance plan targeting millennial and GenX customers, the company said in a press release.
The plan comes with two options, Signature Millennial and Signature GenX.
Signature Millennial has an inbuilt premium waiver and a guaranteed corpus for a dependent parent, spouse, or child after the insured person’s death.
On the other hand, Signature GenX offers customers the opportunity to grow their wealth for up to 60 years through disciplined monthly savings.
The plan has seven fund options that provide ample liquidity when required, with the flexibility of multiple premium payment frequencies and policy terms.
Commenting on the plan, Vinit Kapahi, marketing head of Aviva, said: “In line with the need of first-time, cautious entrants to the equity market, Aviva recalibrated the product dynamics,” bringing real value to customers.
Kapahi added, “Our new-age ULIP product –Aviva Signature Investment Plan, is an ideal recipe for creating wealth while guaranteeing your family’s safety from unfavourable circumstances.”
Key Highlights of The Plan:
· Zero allocation charges
· Periodic milestone boosters every 3rd year starting at the end of the 6th policy year.
· Two plan options: Signature Millennial and Signature GenX
· Up to 100 per cent mortality & policy administration charges at maturity
· All future premiums are waived in case of death of the life insured during the policy term in the Signature Millennial option.
· Depending on the individual’s risk profile, the customer can choose from seven fund options
· Ample liquidity during unexpected needs through partial and systematic partial withdrawals.
· Staggered investment from equity to debt funds through Systematic Transfer Plan.
· To employ the “RetireSafe Strategy” to safeguard the accrued returns.
In addition, it comes with various other benefits, such as death benefits, top-up premium facility, rewards, premium redirection, and premium redirection.
Under Signature GenX, the nominee receives the sum assured or fund Value pertaining to Limited/Regular Premium or 105 percent of the total premiums paid in case of the demise of the policyholder.
Also, the policyholder can make top-up premium payments at any time, provided no limited or regular premium payments are due.
Partial Withdrawal and Systematic Partial Withdrawal Options are also available.
The policyholder will also get periodic milestone boosters as rewards for staying invested through the entire plan.
Under Signature Millennial, the sum assured is paid to the nominee in case of the death of the policyholder, and all the due premiums are paid by Aviva as death benefits in addition to the value of the top-up sum assured, if any.
Furthermore, on request of the policyholder, the company will allow the policyholder to modify the allocation proportion of the renewal premium.
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