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Aviva iGrowth Plan

Aviva iGrowth Plan is a unit linked plan where the policyholder can invest premiums for capital appreciation and also enjoy insurance protection through inbuilt death cover. It is an online investment plan which is available easily by filling up a Declaration of Good Health. Moreover, Loyalty Additions also enhance the Fund Value if premiums are paid duly.

Key features of the plan

  • There are three fund options for investments under the plan.
  • Loyalty Additions are added in the last 3 policy years if regular premiums are paid under the plan.
  • There is an inbuilt accidental death benefit under the plan. Under the benefit, an additional Sum Assured is paid if the insured dies due to an accident within the plan term.
  • The Sum Assured can be reduced after the first 3 policy years.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, policy term and premium paying frequency. The minimum and maximum Sum Assured would then be calculated and the policyholder should decide the coverage amount.

Step 2 – the policyholder then chooses to invest the allocated premium in any of the available 3 funds. The funds are Balanced Fund II, Bond Fund II and Enhancer Fund II.

Step 3 – the policyholder can make partial withdrawals, premium redirections or switch his investments if required.

Step 4 – in case of death during the plan term, the death benefit is paid. An additional accidental benefit is also paid in case of accidental death.

Step 5 – if the insured survives the plan tenure, the maturity benefit is paid which is the Fund Value.


Asha, aged 30 years, buys the plan with an annual premium of Rs.50, 000 and Sum Assured is Rs.5 lakhs. The policy term is 20 years.

Option 1 – Asha is involved in a road accident due to which she dies in the 4th year of the policy. As the Fund Value would possibly be lower than the Sum Assured, the nominee gets Rs.5 lakhs as death benefit. Moreover, another Rs.5 lakhs is paid as an accidental death benefit.

Option 2 – Asha can make partial withdrawals, switch between funds and also redirect future premiums to any other fund.

Option 3 – if the plan matures and Asha is alive, the Fund Value is paid.

Plan benefits

  • Death benefit – in case of death during the term of the plan, higher of the Sum Assured, Fund Value or 105% of premiums paid till death is paid to the nominee. If the insured dies due to an accident, besides the above-mentioned death benefit, an additional benefit is paid which is equal to the Sum Assured under the plan subject to a maximum of Rs.50 lakhs.

    If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
    If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.

  • Maturity Benefit – when the plan matures, the available Fund Value is paid to the policyholder. Loyalty Additions are added in the last 3 years of the plan which are also paid on maturity.
  • Loyalty Additions – if all due premiums have been paid, Loyalty Additions accrue in the last 3 years of the plan. Loyalty Additions are calculated as a percentage of the Fund Value. The rate of such additions depends on the policy term chosen by the policyholder and is as follows:
    Policy term selected Rate of Loyalty Addition
    10 years 1.25%
    15 years 2.70%
    20 years 3%
  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years of the policy. The minimum amount of withdrawal allowed is Rs.5000 and the Fund Value after withdrawal should not fall below twice the annual premium.
  • Switching –the policyholder can change the choice of funds and reallocate the Fund Value among different funds through switching. The minimum switch amount is Rs.5000.
  • Premium redirection – If the policyholder wants, he can choose to redirect future premiums to another fund different from the one in which the premium is currently being allocated to.
  Minimum Maximum
Age at entry (in completed years) 18 years 50 years
Age at maturity (in completed years) NA 60 years
Term of the plan 10,15,20 years  
Premium paying options Regular pay  
Premium Paying term Equal to plan tenure  
Annual premium amount Rs.35,000 Age 18-40 years:
If Sum Assured is 10 times the annual premium – Rs.5 lakhs
If Sum Assured is 20 times the annual premium – Rs.2.5 lakhs
Age 41-50 years:
If Sum Assured is 10 times the annual premium – Rs.3 lakhs
If Sum Assured is 20 times the annual premium – Rs.1.5 lakhs
Sum Assured (10 or 20 times the annual premium) Rs.3.5 lakhs Age 18-40 years – Rs.50 lakhs
Age 41-50 years – Rs.30 lakhs

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.

In case of accidental death, death occurring after 90 days of the accident is not covered. Moreover, accidental death due to

participation in hazardous activities, war or war-like situations, alcohol or drug abuse, suicide or attempted suicide, aviation or criminal acts would not be covered under the plan.