Aviva offers a wide range of term plans tailor made to suit the different requirements of different individuals in the society. Each plan offered by the bank has its own set of features and benefits. The bank offers a mix of online and offline term insurance plans. Each plan comes at an affordable cost along with a wide range of benefits.
Types of Aviva Term Insurance Plans:
- Aviva life Shield Plus
- Aviva I Life
- Aviva i-Shield
- Aviva i-Life Secure
- Aviva Life Shield Advantage
- Aviva Life Shield Platinum
- Aviva Extra cover
- Aviva Sampoorna Suraksha Plan
Aviva life Shield Plus
Aviva Life Shield Plus is a term policy that offers comprehensive cover at an affordable cost. Listed below are some of the important features of the product.
Eligibility Criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | 28 years | 65 years |
Policy term | 10 years | 30 years |
Sum assured | Rs.10 lakhs | No maximum limit |
Aviva Life Shield Advantage
It is term plan that offers return of premium on maturity.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | 28 years | 65 years |
Policy term | 10 years | 30 years |
Sum assured | Rs.10 lakhs |
Option A-No maximum limit Option B- Rs.50 lakhs |
Aviva Life Shield Platinum
This is a unique term insurance policy offered by Aviva that provides three types of benefits along with various other attractive benefits.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | 28 years | 65 years |
Policy term | 10 years | 30 years |
Sum assured | Rs.10 lakhs |
Option A-No maximum limit Option B- Rs.50 lakhs |
Aviva I Life
It is a pure term online insurance plan that can be purchased online. The plan offers rebate in premium if the insured chooses higher ranges of sum assured.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | 28 years | 65 years |
Policy term | 10 years | 30 years |
Sum assured | Rs.10 lakhs |
Option A-No maximum limit Option B- Rs.50 lakhs |
Aviva i-Shield
It is an online term plan that offers the option of premium return on maturity. 110% of the premiums paid are returned to the policyholder on maturity of the policy under this plan.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | - | 65 years |
Policy term | 10 years | 25 years |
Sum assured | Rs.15 lakhs | Rs.5 crore |
Aviva i-Life Secure plan
A pure online term insurance plan that offers annual payouts. The plan can be purchased online by lowering premiums.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | - | 65 years |
Policy term | 10 years | 25 years |
Sum assured | Rs.50 lakhs | Rs.10 crore |
Aviva Extra cover is an offline term insurance plan that is offered under Aviva i-Life and another health plan by Aviva. The plan offers insurance along with a critical illness cover.
Eligibility criteria | Minimum | Maximum |
Age at entry | 18 years | 55 years |
Maturity age | Nil |
65 years for critical illness cover 70 years for term insurance |
Policy term | 10 years |
30 years for critical illness cover 35 years for term insurance |
Sum assured |
5 years for critical illness cover 10 years for term insurance |
Rs. 50 lakh for critical illness cover No maximum limit on sum assured for term insurance |
It is term insurance plan that guarantees return of premium on maturity of the plan.
Policy tenure | Premium paying tenure | Entry age below 30 years | Entry age between 31-40 years | Entry age between 41-45 years | Entry age between 46 and 50 years |
8 years | Single payment | 125% of the single premium paid | 120% of the single premium paid | 115% of the single premium paid | 110% of the single premium paid |
9 years | 5 | 130% of the total premium paid | 125% of the total premium paid | 120% of the total premium paid | 115% of the total premium paid |
10 years | 7 | 135% of the total premium paid | 130% of the total premium paid | 125% of the total premium paid | 120% of the total premium paid |
15 years | 10 | 155% of the total premium paid | 150% of the total premium paid | 145% of the total premium paid | 140% of the total premium paid |
Features and benefits of Aviva Term Insurance:
Listed below are the features and benefits of Aviva Term Insurance plans- Aviva offers different types of term insurance plans
- The plans offer comprehensive coverage
- Flexible payment period
- Offers high amount of sum assured
- The plans come at an affordable cost
- Some of the insurance plans offer a rebate in premium if the insured chooses a higher sum of premium
- Almost all the plans qualify for tax benefits and tax deductions under the Income Tax act, 1961.
- Offers a basket of online and offline plans
- Hassle free application process
- Minimum documentation
- Dedicated team of customer service to take you through the process
How does Aviva term plan work?
One can choose an Aviva Term Plan depending upon the cover they want and the pricing. After choosing a term plan, the insured has to pay for the insurance policy. The premium payment term is equal to the policy term in most of the Aviva Term plans. The nominee nominated by the insured at the time of initiation of the policy will be the beneficiary who receives the death benefit in case of death of the nominee. The insured can also avail tax benefits under this term plan.
Aviva Term Insurance FAQs:
- Q. Does the bank offer online term plans?
The bank offers online term plans such as Aviva i-shield term plan, Aviva i-secure plan and Aviva i-Life plan.
- Q. Do the plans come with tax benefits?
Yes, the plans qualify for tax benefits under the Income Tax Act, 1961.
- Q. What is the minimum age required to be eligible for the plan?
The individual has to be at least of 18 years to be eligible for the plan.
- Q. How can one apply for the plan online?
One can either apply for the plan online through the bank’s official website or through a third party financial website.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017