Compare Aviva iLife Secure Plan

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Aviva iLife Secure Plan

Aviva’s iLife Secure plan is a term insurance plan which pays a combination of lump sum and monthly incomes in case of death of the life insured. Moreover, the plan also has affordable rates of premiums which can be further reduced by availing rebates if a high level of Sum Assured is chosen.

Key features of the plan

  • This is an online term plan which promises monthly incomes in case of death.
  • A lump sum amount is paid on death of the life insured which is equal to 10% of the Sum Assured chosen by the policyholder.
  • The policyholder can also avail a high Sum Assured rebate if the level of Sum Assured is Rs.1 crore or above.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, the term of the plan and the premium paying frequency. 

Step 2 – premiums are paid every year throughout the chosen tenure of the plan.

Step 3 – if the life insured dies during the term of the plan, the death benefit is paid to the nominee in lump sum. This death benefit is 10% of the Sum Assured chosen by the policyholder when buying the plan.

Step 4 – from the next death anniversary of the life insured, 6% of the Sum Assured is paid to the life insured’s nominee or beneficiary for 15 years.

Step 5 – If the plan matures, no benefit is paid.

Example

Ram, a non-smoking male aged 40 years, buys iLife Secure Plan. He chooses a Sum Assured of Rs.75 lakhs and a policy term of 25 years.

Option 1 – if Ram dies during the term of the plan, 15% of the Sum Assured is paid in lump sum to the nominee. Thus, the nominee gets Rs.11.25 lakhs

Option 2 – from the next year after Ram’s death, 6% of the Sum Assured is paid every year as regular incomes for 15 years. Thus, Ram’s family gets Rs.4.5 lakhs every year for 15 years.

Option 3 – in case the plan matures, no benefit is paid as this is a pure term insurance plan.

Plan benefits

  • Death benefit – the death benefit is paid in case of death of the life insured during the plan tenure and if all premiums have been paid. The death benefit is defined as higher of the following:
  • 10 times the annual premiums paid under the plan
  • 105% of all premiums paid till death
  • Chosen Sum Assured

The Sum Assured is paid partly in lump sum and partly in annual incomes after death of the life insured. 15% of the Sum Assured is paid in lump sum on death. The rest is paid as annual incomes. 6% of the Sum Assured is paid for 15 years from the next death anniversary.

  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years 50 years
Age at maturity (in completed years) NA 70 years
Term of the plan 10 years 25 years
Premium paying options Regular pay
Premium Paying term Equal to the plan tenure
Sum Assured Rs.50 lakhs Rs.10 crores

What is not covered by the plan?
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 due to suicide within one year of reviving a policy which was lapsed, higher of 80% of the premiums paid or the Surrender Value acquired by the plan is paid.

Premium Illustration
Below are the sample rates of premium payable by a non-smoking male for different combinations of age, Sum Assured and term of the plan. The premiums are assumed to be paid annually.

FAQs

  • What are the premium rebates available under the plan?
  • The plan allows discounts in premiums if the policyholder chooses a Sum Assured of Rs.1 crore and above. If the chosen Sum Assured is Rs.1 crore to Rs.5 crores, Rs.10 per lakh of Sum Assured is offered as rebates. If the chosen Sum Assured is more than or equal to Rs.5 crores, the allowed rebate is Rs.15 per lakh of Sum Assured.

  • What are the available premium modes?
  • Premiums for the plan can be paid either yearly or half-yearly. In case of half-yearly premium, the amount of each instalment would be 51.08% of the annual premium.

  • What is the grace period allowed in the plan?
  • A period of 30 days is allowed as grace period under the plan for both annual and half-yearly premium paying modes.

  • Can a lapsed policy be revived?
  • Yes, a policy in which premiums have not been paid and which is lapsed, revival is possible. The lapsed policy can be revived within 2 years from the date of the first unpaid premium. To revive the policy, the following things would be required:

    • Proof of continued insurability
    • Revival fee of Rs.250
    • Outstanding premiums with interest thereon.
    • Can premiums be paid online?

    Yes, as the plan is available online, the premiums can also be paid online using the debit card, credit card or internet banking methods.

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