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Aviva Life insurance offers a wide range of term insurance plans and, iLife plan is one of them. Aviva iLife Plan is a simple pure term plan which is available online. The plan provides substantial coverage. The premiums, on the other hand, are very reasonable and affordable. Regular premiums are payable for the plan.
Option 1 - the policyholder chooses the Sum Assured, plan term and the premium paying frequency.
Option 2 - the premium is then decided on the life insured’s age and the above plan parameters.
Option 3 - if the life insured dies during the term of the plan, the Sum Assured is paid in lump sum.
Option 4 - If the plan matures, no benefit is paid.
Mr.X, a non-smoking male aged 35 years, buys iLife Plan for a Sum Assured of Rs.50 lakhs. The chosen term is 30 years.
Option 1 – If Mr. X dies during the term, Rs.50 lakhs would be paid to his nominee.
Option 2 – if the plan matures and Mr.X is alive on maturity, no benefit is payable
|Age at entry (in completed years)||18 years||55 years|
|Age at maturity (in completed years)||NA||70 years|
|Term of the plan||10 years||35 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.25 lakhs||No limit|
If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.
If the life insured dies within one year of reviving a lapsed plan, higher of 80% of premiums paid or the Surrender Value acquired by the plan is paid.
Given in the chart below are the expected rates of premiums payable by a non-smoking male at different combinations of age, Sum Assured and plan term. The premiums are assumed to be paid annually.