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  • Aviva i-Life Secure

    Aviva Term Insurance

    Aviva Life Secure Term Insurance Plan is most suitable for those looking to secure an annual income or life cover for their families in their absence. Aviva i-Life Secure provides an annual income for 15 years and a lump sum, if the life insured dies. The family of the insured, therefore, get a guaranteed annual payout for 15 years and a guaranteed lump sum in the event of the death of life insured. Customers can enjoy the benefit of buying this term insurance policy online at a nominal cost. Customers can also enjoy tax benefits as per section 80C and 10 (10D) of the IT Act. All quotes under this plan should be in INR only. Premium rates under this plan can increase or decrease on the basis of the profile of the and health status of the customer. Documents required for processing the policy include photo identity proof (PAN card or passport) and income proof (3 months’ salary slip, Form 16) The said documents can be e-mailed or uploaded on the official website to facilitate faster processing.

    Features of Aviva i-Life Secure Term Insurance Plan

    1. The minimum sum assured is Rs. 50 lakhs while the maximum is 10 crores (subject to underwriting)
    2. Premium rates are calculated based on the smoking status, age, gender and extra mortality ratings.
    3. The minimum entry age is 18 years while the maximum age is 50 years (maximum maturity age is 70 years)
    4. Premium can be paid on a yearly and half-yearly basis (half-yearly premium is 51.08% of the annual premium). Alteration from yearly to half-yearly modes is permissible at any policy anniversary after payment of Rs. 100 as alteration charge (subject to change).
    5. The minimum policy term is 10 years while the maximum is 25 years (premium payment term is equal to policy term).
    6. If a customer requests for a cancellation before policy issuance, Aviva will refund application charges after deduction of medical examination expenses. However, if a customer requests for a cancellation post policy issuance, Aviva will refund the premium amount after deducting risk premium for stamp duty charges and medical examination expenses.

    Complete Features & Benifits Of i-Life Secure Term Insurance Plan

    Entry age

    18-50 years.

    Maturity age

    70 years.

    Policy term

    10 years – 25 years.

    Sum assured

    Rs.50 lakhs to Rs.10 crores.

    Premium payment frequency

    Yearly and Half-yearly.

    Premium payment term

    It is equal to the policy term.

    Death benefit

    One-time payment of 10% of the sum assured is paid at the time of claim settlement.

    6% of the sum assured is paid on each death anniversary of the insured for 15 years.

    Maturity benefit

    No maturity benefits are paid.

    Premium rebate

    On choosing a sum assured of Rs.1 crore and above, you get premium rebate.

    Grace Period

    30 days grace period is allowed for paying the premium. If the insured dies in the grace period, the death benefit will be paid after deducting the outstanding premium.

    Lapse

    If you miss the premium payment and the grace period, the risk cover will cease immediately. It will not acquire any surrender value during the policy term. The policy can be revived within 2 years and failure to do so will end in termination of the policy without any value. The revival fee is Rs.250.

    Tax benefits

    You can enjoy tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

    Nomination

    Nomination is allowed and can be amended as well.

    Surrender value

    No surrender value is payable.

    Freelook period

    You get 30 days from the date of receipt of the policy document to return the policy if you want to. The company will refund the premium on the date of cancellation. But deductions are made on proportionate risk premium, expenses incurred on medical and stamp duty charges.

    Exclusions

    In case of death of the insured due to suicide from 12 months from taking the policy:

    • Nominee is entitled to 80% of the premiums paid excluding the payment of taxes and extra premiums provided the policy has been in force from the inception of the policy.

    • From the date of revival, the nominee is entitled to an amount higher than 80% of the premiums paid excluding the payment of taxes and extra premiums or the Surrender Value as available on the date of death.

    Documents required

    • Photo identity proof like passport, driving license or pan card.

    • Income proof, last three months’ salary slip and a copy of the latest ITR or Form 16.

    Other Benefits of Aviva i-Life Secure Term Insurance Plan

    1. There are no maturity benefits payable since Aviva Life Secure is a pure protection plan.
    2. If the Life Insured dies within the policy term, his or her nominee will receive one-time payment of 10% of Sum Assured and 6% of Sum Assured on the death anniversary for 15 years (first payment will be due one year after life insured’s death).
    3. The aforementioned death benefits are applicable only if all the premiums are duly paid till the death of the life insured.
    4. Customers who opt for Aviva Life Secure Term Insurance Plan can avail of tax benefits under section 80C and 10(10D) of the IT Act. Tax benefits are, however, subject to change.
    5. Customers can also avail of rebate per Rs.1,00,000 of Sum Assured.

    Example – How Aviva i-Life Secure Term Insurance Policy Work?

    Aditya Sekri, a 35-year-old advertising executive, bought this plan for a sum assured of Rs.1 crore for 25 years. In the unfortunate event of his death, his nominee will get a lump sum which is equal to 10% of the sum assured, i.e, Rs.10 lakh while the remaining sum of Rs.90 lakh will be paid over a period of 15 years at every anniversary of his death. However, the nominee can choose to have the entire lump sum payment at any point instead of a regular income. In case the nominee opts for a lump sum payment, all the outstanding instalments are then discounted at 9%. If Sekri’s nominee opts for a lump sum payment, he or she will receive around Rs.58 lakh.

    Aviva i-Life Secure Term Insurance – FAQs

    1. What are some of the main benefits of Aviva Life Secure Term Insurance Plan?
    2. If the Life Insured dies within the policy term, his or her nominee will receive one-time payment of 10% of Sum Assured and 6% of Sum Assured on the death anniversary for 15 years. Customers can avail of tax benefits under section 80C and 10(10D) of the IT Act and rebate per Rs.1,00,000 of Sum Assured.

    3. What is the minimum Sum Assured under this plan?
    4. The minimum sum assured is Rs. 50 lakhs while the maximum is 10 crores (subject to underwriting).

    5. How do i buy this plan?
    6. Customers have to zero in on the annual income (life cover) and calculate the premium based on their age, gender and lifestyle habits such as smoking, following which, they can enter their details in the proposal form available on the official website of Aviva. Customers should then upload the required documents and make the payment using their debit/credit card or via their net banking account.

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