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  • Aviva Term Plan

    Aviva Term Insurance

    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:

    1. Aviva life Shield Plus
    2. Aviva I Life
    3. Aviva i-Shield
    4. Aviva i-Life Secure
    5. Aviva Life Shield Advantage
    6. Aviva Life Shield Platinum
    7. Aviva Extra cover
    8. 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

    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

    Aviva Sampoorna Suraksha Plan

    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:

    1. 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.

    2. Q. Do the plans come with tax benefits?

      Yes, the plans qualify for tax benefits under the Income Tax Act, 1961.

    3. 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.

    4. 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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