Compare Aviva Life Insurance Term Plans

Aviva-Life-Insurance-Company

Aviva Life Insurance Company

Aviva Life Insurance Company is a joint venture between one of India’s oldest and most respected business houses, Dabur Invest Corp and Aviva Group, UK based insurance group serving more than 31 million customers across 16 countries! Their combined synergy endeavors to provide insurance solutions to each and every citizen of the country so as to live a carefree and happy life, served by dedicated sales force and world-class products.

Aviva Term Insurance Plans

The company offers you a range of term insurance plans that will meet your individual requirements. The entire purpose of offering such a variety is to make sure that you and your loved ones can live without any worries and your family is assured of financial stability even in your absence. These plans can be bought easily online without much of an effort.

Term Plans:
Term plans are insurance products designed to provide financial stability to your family members in your absence. These are the most economical life insurance products that do not have any maturity benefits, but provide the sum assured to the nominee if the insured dies before the term of the policy ends.

Common Features of Aviva Term Insurance Plans:

  • Economical term plans with lowest premiums to cater to everyone’s financial needs
  • Death benefits for the family
  • Income Tax benefits on premium payments

List of Different Term Insurance Plans Offered By Aviva Life Insurance Company, With Features, Benefits And Eligibility

Aviva i-Life

Features:

  • Basic term insurance plan where there are no maturity benefits
  • Sum assured is paid to the nominee if the insured dies before the policy term ends

Benefits:

  • Avail income tax benefits on the premium paid under section 80C of the Income Tax Act
  • Rebate is offered on the premium if sum assured chosen is in the higher range
  • An additional 5% discount is offered on premium to women compared to men

Eligibility:

Entry Age Minimum – 18 years last birthday | Maximum - 55 years last birthday
Maturity Age Maximum – 70 years last birthday
Policy Term 10 years – 35 years
Sum Assured Rs. 25 lakhs – No Limit
Premium Payment Term Equivalent to policy term
Premium Payment Frequency Yearly or Half-yearly

Exclusions:

If the insured commits suicide within 12 months:

  • From the date of the initiation of the policy, the nominee shall receive 80% of the premium paid excluding any extra premium paid or taxes, provided the policy is active
  • From the date of revival of the policy, the nominee shall receive an amount which is higher of 80% of the premium paid excluding extra premium paid and taxes or the Surrender Value as available on the date of the death

Aviva i-Life Secure

Features:

  • This term plan involves a component of guaranteed income for the family for 15 years after the death of the insured
  • Guaranteed lump sum amount to the family at the time of death
  • No maturity benefits as it is a pure term insurance plan with annual income payouts
  • Tax benefits on premium paid
  • Plan can be purchased easily online at nominal cost

Benefits:

  • Death benefits are available to the nominee of the policyholder if he dies within the policy term:
  •  10% of the sum assured will be paid to the nominee at the time of death
  • 6% of the sum assured will be paid at every death anniversary for 15 years and the first such payment shall begin after the first year of death
  •  Premium attracts a rebate if sum assured is chosen in the higher ranges
  •  The insurance policy enjoys tax benefits under section 80C and section 10(10D) of the Income Tax Act

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 50 years completed
Maturity Age Maximum – 70 years
Policy Term Minimum: 10 years | Maximum: 25 years
Sum Assured Minimum – Rs. 50 lakhs | Maximum: Rs. 10 crores
Premium Payment Term Equivalent to policy term
Premium Payment Frequency Yearly, half yearly

Aviva i-Shield

Features:

  • It is a term insurance plan with return of premium feature added to it
  • Provides higher protection coverage at minimal expense
  • Rebate on premium is offered on choosing a sum assured of Rs. 20 lakhs and above
  • At the initiation of policy, a free medical examination is offered
  • Maturity benefits are offered if the insured outlives the term of the plan

Benefits:

  • 110% of the premiums paid are returned to the policy holder if he outlives the policy term
  • If the policyholder dies during the term of the plan, his nominee shall be eligible for an assured amount. That amount depends on the length of the term at which the insured died. It is calculated as:
  • If death happened within 1st-10th year of the term, 100% of sum assured shall be paid
  • If death happened during 11th-20th year of the term, 110% of the sum assured shall be paid
  • If death happened during 21st-25th year of the term, 120% of the sum assured shall be paid
  • Income tax benefits under section 80C and section 10 (10) D are applicable on premium paid

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 55 years completed
Maturity Age Maximum – 65 years
Policy Term Minimum: 10 years | Maximum: 25 years
Sum Assured Minimum – Rs. 15 lakhs | Maximum: Rs. 5 crores
Premium Payment Term Equivalent to policy term
Premium Payment Frequency : Yearly, half yearly or monthly

Exclusions:

If the insured commits suicide within 12 months:

  • From the date of the initiation of the policy, the nominee shall receive 80% of the premium paid excluding any extra premium paid or taxes, provided the policy is active
  • From the date of revival of the policy, the nominee shall receive an amount which is higher of 80% of the premium paid excluding extra premium paid and taxes or the Surrender Value as available on the date of the death

Surrender Value Benefit in i-Shield:
The company offers you an option to surrender your policy any time after three years of the initiation of the policy provided at least three years of premium is fully paid.

Aviva LifeShield Advantage

Features:

  • Sum assured is paid to nominee of the insured if he dies within the active policy term
  • Additional feature of coverage against permanent total disability is provided to the insured
  • At the time of maturity of the policy, total premiums paid are returned to the insured if he outlives the term of the plan
  • Income tax benefits are available

Benefits:

  • Term plan that offers return of premium at the time of maturity
  • Option A: Considering all payments are paid on time, sum assured shall be paid to nominee at the death of insured within the policy term
  • Option B: Sum assured plus return of premiums on death or Permanent Total Disability (PTD) due to an accident, whichever is earlier during the policy term, will be paid provided all premiums are paid in full and on time
  • Income tax benefits are applicable under Section 80C and section 10 (10) D of the Income Tax Act
  • Rebate on premium available if sum assured is chosen from the higher ranges

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 55 years completed
Maturity Age Minimum – 28 years | Maximum – 65 years
Policy Term Minimum: 10 years | Maximum: 30 years
Sum Assured Minimum – Rs. 2 lakhs | Maximum: Option A: No limit | Option B: Rs. 50 lakhs
Premium Payment Term Equivalent to policy term
Premium Payment Frequency Yearly, half yearly, quarterly or monthly or Single Payment for Option A

Aviva LifeShield Platinum

Features:

  • This term insurance plan offers three types of protection cover:
  • Option A: Life Protection:  This option offers a lump sum payment to your family in your absence. Differential premium rates are offered for smokers, non-smokers and preferred rates are offered to (Healthy) non-smokers
  • Option B: Income Replacement: This helps in your family receiving regular income in your absence for a pre-decided period of time
  • Option C: Loan replacement: This covers your liabilities and responsibilities and the life cover decreases evenly across the policy term
  • Rebate on premium is offered for selecting higher ranges of sum assured
  • Smokers, non-smokers and healthy non-smokers are offered different premiums
  • Income Tax benefit applicable on premiums paid

Benefits:

  • Life Protection: Offers sum assured to the nominee if the policyholder dies within the policy term
  • Income Replacement:  A regular monthly income is provided to the family in case the insured dies within the policy term. Also, this amount increases by 5% per annum compounded annually from the very first year of the policy. The premium obligation under this option is 2/3rd of the policy term
  • Loan Replacement: It helps to pay off liabilities and responsibilities and the sum assured reduces evenly across the policy term. The applicable sum assured as on the year of the death is paid to the nominee. Again, the premium obligation is 2/3rd of the policy term
  • Surrender Benefit: For Option A, there is no surrender value while for Options B and C, the policy will have surrender value at the end of the premium payment term, provided all due premiums are paid in full
  •  Income tax benefits are applicable under section 80C and section 10 (10) D

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 60 years completed
Maturity Age Minimum – 28 years | Maximum – 65 years
Policy Term Minimum: 10 years | Maximum: 52 years
Sum Assured Minimum – Rs. 50 lakhs | Maximum: No limit
Premium Payment Term Option A: Equal to Policy Term | Option B & C: 2/3RD of the policy term
Premium Payment Frequency Yearly, half yearly, quarterly or monthly

Aviva LifeShield Plus

Features:

  • Regular term insurance plan offering sum assured to the nominee of the policyholder if he dies before the expiry of the policy term
  • Option of paying regular premiums over the term of the plan or making one lumpsum payment
  • Income tax benefits

Benefits:

  • Sum assured will be paid at one go to the family of the insured at the time of his death within the term of the policy

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 55 years completed
Maturity Age Minimum – 28 years | Maximum – 65 years
Policy Term Minimum: 10 years | Maximum: 30 years
Sum Assured Minimum – Rs. 10 lakhs | Maximum: No limit
Premium Payment Term Equal to Policy Term or Single Pay
Premium Payment Frequency Yearly, half yearly, quarterly or monthly or Single Pay

Aviva Sampoorna Suraksha

Features:

  • At the death of the life insured within the policy term, a lumpsum amount will be paid to the nominee as sum assured
  • Guaranteed returns on maturity
  • Plan offers the flexibility to select the premium paying duration
  • Policies available with annual premium as low as Rs. 750/- only

Benefits:

If the insured survives the policy term, at the time of maturity he will be eligible for guaranteed returns. These will be paid premiums based on the tenure of the policy. The details are as follows:

Eligibility:

Policy Tenure Premium Paying Tenure Entry Age <=30 years Entry age 31-40 years Entry Age 41-45 years Entry Age 46-50 years
8 Single Pay 125% of Single Premium Paid 120% of Single Premium Paid 115% of Single Premium Paid 110% of Single Premium Paid
9 5 130% of total premium paid 125% of total premium paid 120% of total premium paid 115% of total premium paid
10 7 135% of total premium paid 130% of total premium paid 125% of total premium paid 120% of total premium paid
15 10 155% of total premium paid 150% of total premium paid 145% of total premium paid 140% of total premium paid

Option is available to pay premium at one go or for a limited duration of time
Income Tax benefits available under section 80C and section 10 (10) D

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 50 years completed
Maturity Age Maximum – 65 years
Policy Term 8/9/10/15 years
Sum Assured Minimum – Single Pay: Rs. 2500 | Limited Pay: Rs. 750 | Maximum: Rs. 60,000
Premium Payment Term Single Pay or 5/7/10 years
Premium Payment Frequency Yearly, half yearly or Single Pay

Aviva Extra Cover

Features:

  • This is a combination of two products, Aviva i-Life and Aviva Health Secure
  • Provides sum assured to the nominee at the death of the insured within policy term
  • Covers 12 major critical illnesses
  • Income Tax benefits are applicable

Benefits:

  • Lumpsum amount is paid at the time of death of the insured before the expiry of the policy
  • 12 major critical illnesses as mentioned in the Aviva Health Secure brochure are covered. No premium will be charged for the coverage for first 5 years from the date of commencement of the policy. However, after the fifth anniversary of the policy, premium will be reviewable and premium will be charged based on IRDA regulations.
  • Sum assured will be payable provided the insured survives for 30 days after the diagnosis of the critical illness
  • The policyholder can claim at the first diagnosis of the critical illness provided it has been diagnosed after 90 days from the initiation of the policy or from the date of renewal
  • Rebate is offered for choosing high range sum assured
  • Non-smokers enjoy lower premiums
  • Income tax benefit is applicable under section 80C and section 10 (10) D

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 55 years completed
Maturity Age Maximum – 70 years for term insurance | 65 years for critical illness cover
Policy Term Minimum: - 10 years | Maximum – 35 years for term insurance | 30 years for critical illness cover
Sum Assured : Minimum – Rs. 5 lakh for critical Illness cover; Rs. 25 lakhs for term insurance | Maximum - Rs. 50 lakhs for critical illness cover; No limit for term insurance
Premium Payment Term Equivalent to policy term
Premium Payment Frequency Yearly, half yearly
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