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  • Aviva i-Life

    Aviva Term Insurance

    Aviva i-Life term insurance plan is available to resident Indians only. Premium rates under this plan can be increased or reduced based on the profile and health status of customers. Aviva Life Insurance will bear the cost of medical examinations at the time of purchase of the policy. However, the cost of medical examination will be borne by the customer at the time of revival of a lapsed policy.

    Features of Aviva i-Life Term Insurance Plan

    • The minimum Sum Assured is Rs. 25,00,000 while there is no limit on maximum(depends on underwriting)
    • The minimum entry age is 18 years while the maximum is 55 years.
    • Premium can be paid on a yearly and half-yearly basis. Alteration between yearly and half-yearly payment modes is permissible after payment of Rs. 100.
    • The minimum policy term is 10 years while maximum is 35 years (premium payment term- is equal to policy term)
    • If customers do not pay regular premiums within the grace period of 30 days from the due date of premium, the policy will lapse and not have any surrender value.
    • Documents required for policy processing include photo identity proof (copy of PAN Card or driving license), income proof (3 months’ salary slip, Form 16). The required documents can be uploaded on the official website.

    Complete Features And Benefits of Aviva i-Life term insurance plan

    Entry age

    18-55 years.

    Maturity age

    70 years.

    Policy term

    10 years – 35 years.

    Minimum Sum Assured

    Rs.25 lakhs.

    Maximum sum assured

    No higher limit.

    Premium payment frequency

    Yearly and Half-yearly.

    Premium payment term

    It is equal to the policy term.

    Riders

    No riders are available.

    Rebate for females

    An additional 5% rebate is offered to females.

    Death benefit

    If the assured dies due to an unfortunate situation during the policy term, then the sum assured will be paid to the beneficiary.

    Maturity benefit

    No maturity benefit is paid.

    Grace Period

    30 days grace period is given to pay your premium.

    Lapse

    If you miss the premium payment and the grace period, the risk cover will cease immediately. The policy can be reinstated 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 as per the prevailing tax laws.

    Service Tax

    Service tax and education cess will be charged from time to time.

    Nomination

    Nomination is allowed and can be amended as well.

    Cost of medical examination

    All the medical tests, will be borne by you at the time of revival of the lapsed policy.

    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 Term Insurance Plan

    • Death Benefit: In the event of the unfortunate death of the life assured during the policy term, the Sum Assured will be paid to the nominee.
    • Maturity Benefit: There are no maturity benefits since it is a pure protection plan.
    • Tax Benefit: Customers can avail of tax benefits under section 80C.
    • Rebate: Additional rebate of 5% for female lives on tabular premium rates for male lives.
    • Rebate on Large Sum Assured: Aviva provides rebates depending on the Sum Assured (Rs. 50 lakh to less than Rs. 1 crore, Rs. 1 crore to Rs. 5 crore and above).
    • If the policy lapses during the term, you can reinstate it within two years from the first unpaid premium. The revival fee is Rs. 250.
    • Customers can review the terms and conditions within 30 days of the receipt of the policy document. If customers cancel the policy within the freelook period, the company will refund the premium after deducting risk premium and stamp duty expenses.

    Example – How The Plan Work

    Vikram Sekhri, a 30-year-old employee of an IT company, opts for Aviva i-Life Plan for a policy term of 20 years and a sum assured of Rs. 1 crore. Sekhri opted for a term insurance plan since they are the simplest form of life insurance and entail low costs. For example, Sekhri who is a non-smoker pays a low premium of Rs 22 per day under Aviva i-Life, a traditional non-participating life insurance plan. In the event of the unfortunate death of Sekhri during the policy term, his nominee will receive the Sum Assured. However, if Sekhri survives the policy term, he will not receive any maturity benefits. Shobith Sharma, a 30-year-old marketing executive (non-smoker) opts for the same plan for a sum assured of Rs. 50 lakh for a term of 25 years. He pays an annual premium of Rs. 5,153. In the event of his death, his nominee will receive the death benefit.

    Aviva i-Life Term Insurance Plan FAQs

    1. How do i buy the plan?
    2. You can buy Aviva i-Life Plan from AVIVA Life online only via a special tool at the official website. You can provide the necessary details, upload supporting documents and pay via online credit/debit card.

    3. What are some of the main benefits of Aviva I life?
    4. Aviva Life’s i-Life offers low premium, longer terms and and rebate on large sum insured.

    5. What is the minimum Sum Assured under this plan?
    6. The minimum Sum Assured is Rs. 25,00,000 while there is no limit on the maximum (depends on underwriting)

    7. Are there any riders available under this plan?
    8. No. There are no riders available under this plan.

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