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  • Aviva Jana Suraksha Plan

    Aviva Life Insurance

    Overview

    A traditional non-linked non-participating insurance plan which focuses on turning savings into a protective financial shield for one’s immediate family or dependants. The plan provides a life cover that ensures any exigencies are dealt with in a better manner. This plan comes with regular and single pay terms and is meant for people who wish to have a risk cover to provide for their family through the two available policy tenures.

    Eligibility Conditions for Aviva Jana Suraksha Plan

    The eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Entry Age

    18 years

    45 years

    Maturity Age

    50 years

    55 years

    Key Features of Aviva Jana Suraksha

    This plan is aimed at providing a risk cover at a relatively low cost and has the following salient features -

    Parameters

    Details

    Plan Type

    Traditional non-participating non-linked insurance plan

    Basis

    Individual policy

    Policy Term

    5 years, 10 years

    Policy Validity

    Depends on the chosen policy term and payment term

    Basic Sum Assured

    The minimum sum assured amount would be INR 20,000 and the maximum is INR 50,000

    Coverage

    Death Benefit = Sum Assured + Extra Amount equalling Sum Assured (in case of accidental death)

    Free look Period

    30 days in case of online purchase. 15 days otherwise

    Grace Period

    Based on the discretion of the insurer

    Nomination and Assignment

    Based on the discretion of the insurer

    Reinstatement or revival

    Policy, if not surrendered, can be revived within two years from the date of last unpaid premium (in case of regular pay)

    Benefits and Advantages of Jana Suraksha Policy

    This plan from Aviva Life is designed as a low cost insurance option. Life insurance provided by this policy throughout the policy term has an added inbuilt benefit of accidental death. The advantages of this plan can be outlined as the following -

    1. Life cover is present throughout the policy term
    2. Two policy tenures for hassle-free insurance
    3. Low premium cost helps in case of financial constraints
    4. Applicable tax benefits can be availed as per the Income Tax Act

    The key benefits under this policy can be explained as below -

    1. Death Benefit - In case of the death of the insured life, the Sum Assured on Death will be payable to the nominee. In case the cause of death is an accident an extra amount equal to the Sum Assured will be paid
    2. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible and the received benefits can also avail tax deductions. These benefits are dependent on the prevailing tax laws

    Aviva Life Jana Suraksha Policy in Action

    Vinod, aged 30 years, decides to go for a 10 years term of Jana Suraksha Policy. Through a regular premium payment term he needs to pay a premium of INR 175 for a period of 10 years regularly for a Sum Assured of INR 50,000.

    In case Vinod passes away in the 5th year of the policy, his nominee would receive INR 50,000 (Sum Assured).

    If in case Vinod’s death was caused by an accident, his nominee would receive INR 100,000 (Sum Assured + Extra amount equal to the Sum Assured)

    Premium Payment for Aviva Life Jana Suraksha Plan

    The details of premium payment for this plan can be summarised in the table below (Premium amounts are indicative and do not include taxes or other charges and can change as per the insurer’s discretion) -

    Premium Parameter

    Details

    Minimum

    The minimum payable premium for a regular pay option would be INR 175 and under a single pay option it would be INR 1,050

    Maximum

    The maximum payable premium for a regular pay option would be INR 225 and under a single pay option it would be INR 1,600

    Premium Payment

    Single Pay or Regular Pay for 5 years or 10 years

    Payment Frequency

    Can be paid in monthly, quarterly, half-yearly and yearly frequencies

    Payment Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

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