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Aviva Life Term Insurance Plans

Everyone wants to secure the family’s future, so their family can easily lead a comfortable and financially independent life even in their absence. Aviva Life offers a variety of term plans with flexible protection options that ensure financial protection for your family.

Aviva Life has 83.07% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

Aviva Life Insurance Company offers following Term Plans:

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1. Aviva i-Life

In today’s hectic lifestyle, people always want to secure the future of the loved ones. Aviva i-Life is a pure term plan, keeping your family secure, so they can lead a comfortable life, even in your absence. This term plan is available online, so buy it at few clicks in a hassle free manner.

Key Features

• Life cover at a reasonable cost

• Covers your death irrespective to the reason

• Dedicated claims assistance

• Rebate on choosing higher sum assured

• Premium discounts for female lives

Benefits

  • Death Benefit

  • In case of untimely demise of the life insured during the policy term, the sum assured will be paid to the beneficiary.

  • Tax Benefit

  • Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity - 70 years
Policy Tenure 10 years 35 years
Premium Paying Term Same as policy term -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not Available -

2. Aviva i-Shield

Aviva i-Shield is a non-linked & non-participating term plan with return of premium. This term plan protects the financial future of the family in case of unfortunate death of the life insured. It is a protection-oriented online term plan that protects your family. It also pays back 110% of the premiums paid, in case of your survival till maturity of the policy.

Key Features

• Avail complete protection at nominal cost

• Guaranteed return of premiums on maturity

• Avail Premium discounts on the sum assured of Rs. 20 lacs and above

• Free medical examination

Benefits

  • Death Benefit

    In case of death of the life insured during the policy term, the insurer will pay an assured death benefit, as follows.

    o    If the life insured dies during 1st to 10th policy year, 100% of the sum assured is paid.

    o    If the life insured dies during 11th to 20th policy year, 110% of the sum assured is paid.

    o    If the life insured dies during 21st to 25th policy year, 120% of the sum assured is paid.

    The amount payable on death is higher of 10 times the annualized Premium, 105% of all the Premiums paid, the amount payable on the maturity of the Policy, or assured death benefit.

  • Maturity Benefit

  • In case of survival of the life insured till maturity of the policy, you are entitled to receive 110% of all premiums paid.

  • Surrender Benefit

  • Surrender benefit is payable, if you have paid premiums for at least 3 full policy years. Surrender Value is higher of Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV).

    SSV = 110% of Premiums paid * Special Surrender Value (SSV) Factor

    GSV = GSV factor * sum of Premiums paid till date.

  • Tax Benefit

  • Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity - 65 years
Policy Tenure 10 years 25 years
Premium Paying Term Same as policy term -
Premium Paying Mode Monthly, Semi Annually & Annually -
Sum Assured 15 Lacs 5 crores (subject to underwriting)
Riders Not Available -

3. Aviva LifeShield Advantage

Aviva LifeShield Advantage is a non-linked & non-participating protection plan that ensures financial protection for the family, when you are not around. The amount you pay as premiums for this plan is also returned back, if you survive at the end of the policy term.

Key Features

• Comprehensive protection for the family at a nominal cost

• Premiums are returned back in case of your survival till maturity

• Discounted premiums on choosing higher sum assured

• Easy procedure to buy the plan

Benefits

  • Death Benefit

    o   Life Protection: In the event of your death during the policy term provided the policy is in-force, the sum assured is paid to the nominee. The policy terminates after payment of the death benefit.

    o   Life-cum-disability Protection with Return of Premium: In the event of your death or suffering from accidental permanent total disability, whichever happens earlier within the policy year, the sum assured plus the sum of all premiums paid (till date of notification of death) will be paid. The policy terminates after payment of the benefit.

    The amount payable on death will be higher of the following

    o   10 times the annualized premiums

    o   For single premium, 125% of the single premium paid and for regular premium, 105% of all the premiums paid

    o   Amount payable at maturity of the policy

    o   For life protection option, it is sum assured and for life-cum-disability protection, it is sum assured plus the sum of all premiums paid

  • Maturity Benefit

  • In case of your survival till end of the policy term, all the premiums paid are returned.

  • Surrender Benefit

  • For single pay policies (applicable under life protection option), you can surrender policy anytime after completion of first year. For regular pay policies, you will get the surrender value, provided you have paid the premiums for at least the first 3 years from commencement of the policy. The surrender benefits are payable immediately on surrender as mentioned in the policy contract.

  • Tax Benefit

  • Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity 28 years 65 years
Policy Tenure 10 years 30 years
Premium Paying Term Regular and Single Pay Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 2 Lacs No Limit (subject to underwriting)
Riders Not available -

4. Aviva LifeShield Platinum

Aviva LifeShield Platinum is a unique protection plan that provides you to choose from multiple protection options. This plan provides pure protection that provides your family a complete financial protection even in your absence. You have the option to choose a lump sum or monthly income that secures your family’s future.

Key Features

• Secures your family’s future

• Enhanced life cover available at a nominal cost

• 3 payout options to choose from

• Avail lower premium rates for healthy living

• Multiple death benefit options to choose from

Benefits

  • Death Benefit

  • You can choose from 3 categories of protection.

    o   Option A- Life Protection: This option provides a lump sum to the nominee, in case of your death.

    o   Option B- Income Replacement: In the event of your death, the nominee will receive a monthly income (increasing @5% per annum compounded annually) till the end of the policy term. The sum assured under this option is equal to the monthly benefit chosen*policy term*12

    o   Option C- Loan Protection: Under this payout option, the sum assured reduces every year over a policy term. This option is helpful to ease out liabilities such as a home loan.

  • Surrender Benefit

  • The policy acquires a surrender value for Option B or Option C as mentioned in the policy contract.

  • Tax Benefit

  • Under this plan, the premium payment is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity 28 years 65 years
Policy Tenure 10 years 30 years
Premium Paying Term Regular and Single Pay Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 2 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not Available -

5. Aviva i-Life Secure

Aviva i-Life Secure is a non-linked & non-participating term plan that ensures the family’s protection, in case of your untimely demise during the policy term. It is a protection oriented plan that provides a regular stream of income to your family for a period of 15 years after your death.

Key Features

• Provides an uninterrupted source of income for 15 years

• Provides a lump sum amount to the family

• Enjoy premium rebate on choosing sum assured of Rs 1 crore and above

• Hassle-free procedure to buy plan online

Benefits

  • Death Benefit

  • In case of your death during the policy term provided all due premiums have been paid, the death sum assured payable is higher of 10 times the annualized premium, 105% of all the premiums paid, or sum assured amount.

  • Income Benefit

  • Under this payout option, the nominee/beneficiary receives 10% of the entire sum assured at the time of claim settlement. Monthly income (6% of the sum assured) is paid on each death anniversary for a period of 15 years.

  • Tax Benefit

  • The premium payment for the plan is eligible for tax benefits under section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 50 years
Age at Maturity - 70 years
Policy Tenure 10 years 25 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 50 Lacs 10 crores (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not available -

6. Aviva LifeShield Plus

You always work hard to ensure well being of the family. Aviva LifeShield Plus provides complete financial protection to your family, in an unfortunate event of your death. By buying this plan, you can secure the future of your loved ones at a nominal cost.

Key Features

• High level of protection available at low premiums

• Flexible premium paying options to choose from

• Lower premium rates for female lives

• Premium rebate on choosing sum assured of Rs. 25 lakhs or above

• Avail tax benefit with life cover

Benefits

  • Death Benefit

  • In case of your demise during the policy term, the sum assured chosen is paid to the nominee.

  • Surrender Benefit

  • For regular pay policies, there is no surrender value. Single pay policies, however, acquire the surrender value after completion of the first policy year. The surrender benefits are payable immediately on surrender as mentioned in the policy contract.

  • Tax Benefit

  • The premium payment for the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity 28 years 65 years
Policy Tenure 10 years 30 years
Premium Paying Term Regular and Single Pay Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 10 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not available -

7. Aviva Extra Cover

Everyone like to ensure family’s happiness, when they are not around. Aviva Extra cover is just a combination of Aviva i-Life and Aviva Health Secure. This plan provides comprehensive life protection at a nominal cost, plus covers 12 critical illnesses.

Key Features

• 100% sum assured is paid as a lump sum on death (except suicide within one policy year)

• Covers 12 major critical illnesses

• Rebate on choosing high sum assured

• Grab lower premiums for healthy lifestyle

• Hassle-free online procedure to buy the plan

• Avail 30-day free look period

Benefits

  • Death Benefit

  • In case of your death within the policy term, the sum assured is paid to the beneficiary in your family.

  • Critical Illness Benefit

  • Sum assured applicable for the critical illness is paid in case of diagnosis of any of the 12 major critical illnesses covered under the plan.

  • Tax Benefit

  • Avail tax benefits as per Section 80C & 80D of the Income Tax Act, 1961.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 55 years
Age at Maturity - 70 years
Policy Tenure 10 years 35 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 5 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -
Riders Not available -