A term insurance policy is the most fundamental type of life insurance. It is one of the cheapest types of life insurance since it provides a large quantity of coverage for a low payment. Term insurance policies cover your family’s financial requirements while you are not present. Consider it like draping a blanket over your sleeping child: the term insurance policy provides a safety net for your loved ones in the future. You may not be present physically to support their future objectives, but term insurance can and will.
Aviva i-Life is a pure-term plan designed to safeguard the policyholder’s beneficiaries in the tragic event of their untimely death. This coverage may be purchased online and without the involvement of an agent. There are additional incentives for female consumers and those who choose large Sum Assured levels.
The Aviva i-Life term insurance plan is exclusively offered to Indian residents. Customers’ premium rates under this plan might be increased or decreased based on their profile and health status. Aviva Life Insurance will pay for medical examinations at the time of insurance acquisition. However, the expense of a medical examination will be borne by the client when lapsed insurance is revived.
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Why should you get Aviva Term Insurance ?
"Why should I acquire term life insurance ?"
you’re probably wondering. We’ve gone through the advantages of purchasing term life insurance for you and your family.
1. To ensure the financial future of your family
Life is full of surprises, and as the breadwinner in your family, it is your obligation to ensure the financial security of your parents/spouse/children. Purchasing the greatest term insurance plan will allow you to get a large guaranteed sum with a reasonable cost for your family in the event of a tragic catastrophe.
2. To safeguard your valuables
To build a house, start a business, or purchase a car, we all have to take out loans and incur debt. But what if something unexpected occurs to you? If you purchase a term plan ahead of time, it will help you pay off your obligations while also insuring the financial stability of your family.
3. To safeguard against lifestyle hazards
The loss of a family’s earning member can flip your loved ones’ lives upside down in an instant. It frequently makes it difficult for families to satisfy their financial obligations. However, by purchasing term life insurance online, you may ensure that your family will not be left to fend for themselves after your death.
Features of Aviva i-Life Term Insurance :
• The minimum Sum Assured is Rs. 25,00,000, with no upper limit (depending on underwriting)
• The minimum admission age is 18 years old, while the maximum age is 55 years old.
• Premiums can be paid on a yearly or semi-annual basis. After paying Rs. 100, you can switch between yearly and half-yearly payment patterns.
• The lowest policy term is 10 years, while the maximum policy term is 35 years (premium payment term- is equal to policy term)
• If clients do not pay their regular premiums within 30 days of the due date, the insurance will expire and have no surrender value.
• This is a pure protection package with no extras.
• This coverage is only available for purchase online and in a few cities.
• The policy assists policyholders in securing the future of their loved ones in the event of their death.
Aviva i-Life Term Insurance Plan Features and Benefits :
The entry age: 18-55 years.
Age of Maturity: 70 years.
policy phrase: Ten to thirty-five years.
Assured Minimum Sum: The amount is Rs.25 lakhs.
Maximum sum guaranteed: There is no upper limit.
The regularity with which premium payments are made: Every year and every half-year.
Payment terms for premiums: It is the same as the policy phrase.
Riders: There are no riders available.
Rebate for females: Females are eligible for an extra 5% discount.
The death benefit: If the guaranteed dies as a result of an unlucky circumstance within the insurance period, the money insured will be paid to the beneficiary.
Advantage of maturity There is no maturity advantage.
The Grace Period: A grace period of 30 days is provided to pay your subscription.
Lapse: If you fail to pay the premium and the grace period, your risk coverage will be terminated immediately. The insurance can be reactivated within two years, and failing to do so will result in the policy being terminated with no value. The charge for a revival is Rs.250.
Tax advantages: You are entitled to tax breaks by current tax regulations.
Tax on Services: From time to time, a service tax and an education cess will be levied.
Nomination: Nomination is permitted and can be modified.
Medical examination fees: All medical testing will be paid for by you when the lapsed coverage is reinstated.
Free trial period: If you wish to return the insurance, you have 30 days from the day you received it to do so. The premium will be refunded on the day of cancellation. However, deductions are made for proportionate risk premiums, medical expenditures, and stamp duty payments.
Exclusions: In the event of the insured’s suicide within 12 months of purchasing the policy.
If the insurance has been in place since its start, the nominee is entitled to 80% of the premiums paid, excluding taxes and additional premiums.
The nominee is entitled to a sum of more than 80% of the premiums paid, minus taxes and extra premiums, as of the date of resurrection, or the Surrender Value as of the date of death.
Documents required :
Photo identification, such as a passport, driver’s license, or pan card.
Proof of income, last three months’ pay stubs, and a copy of the most recent ITR or Form 16.
• In the terrible event that the policyholder passes away, the nominee receives the Sum Assured as the Death Benefit.
• Large Sum Assured amounts are eligible for a discount.
• Female lives are eligible for an extra 5% discount.
• Sections 80(C) and 10 (10D) of the Income Tax Act provide tax breaks on premium payments and death benefits.
Other Advantages of the Aviva i-Life Term Insurance Plan :
Death Benefit: If the life guaranteed dies during the policy term, the Sum Assured is paid to the nominee.
Maturity Benefit: Because this is a pure protection plan, there are no maturity benefits.
Customers are eligible for tax savings under Section 80C.
Refund: A 5% additional rebate for female lives on tabular premium rates for male lives is available.
Large Sum Assured Rebate: Aviva offers refunds based on the Sum Assured (Rs. 50 lakhs to less than Rs. 1 crore, Rs. 1 crore to Rs. 5 crores and above).
If the insurance fails during the term, you have two years from the first unpaid premium to restore it. The charge for the resurrection is Rs. 250.
Customers have 30 days after receiving the policy paper to evaluate the terms and conditions. If clients cancel the insurance during the freelook time, the business will return the premium less the risk premium and stamp duty fees.
The term insurance policy is null and invalid if the individual covered, whether sane or crazy at the time, commits suicide within one year of the policy’s inception. The corporation will only return 80% of the premiums paid, minus any payments for taxes and additional premiums. If the insured commits suicide within one year of the policy’s reinstatement, the business will reimburse greater than 80% of the premiums paid or the Surrender Value as of the date of death.
Policy Details :
There is a 30-day grace period from the due date of the delinquent premium to settle all dues. If the premiums are not paid within the Grace Period, the coverage will expire.
Policy Cancellation or Surrender Benefit:
If the policy is not resumed within the revival time, it is canceled. The policy is also terminated upon payment of the Death Benefit.
Free Look Time:
Policyholders have a 15-day free look period after obtaining policy documents to study the policy. If the policyholder decides not to continue with the coverage, he or she can cancel it.
The term insurance policy is null and invalid if the insured, whether sane or crazy at the time, commits suicide within one year of the policy’s inception. The corporation will only return 80% of the premiums paid, minus any taxes and excess premiums. If the insured commits suicide within one year of the policy being reinstated, the firm will reimburse the greater of 80% of the premiums paid or the Surrender Value as of the date of death.
The policyholder must complete an online ‘Application form’ together with picture identity evidence (Aadhar Card, Passport, PAN Card, or Driving license) and income proof (a copy of the most recent ITR or Form 16 or copies of the previous three months wage slips).
Aviva i-Life Term Insurance Plan Frequently Asked Questions :
1. How do I purchase the plan?
Aviva i-Life Plan from AVIVA Life may be purchased online exclusively using a specific facility on the official website. You may enter your information, submit supporting papers, and pay online with a credit or debit card.
2. What are some of the primary advantages of Aviva I life?
Aviva Life’s i-Life policy has a cheap premium, a longer term, and a refund on big sums covered.
3. What is the plan’s minimum Sum Assured?
The minimum Sum Assured is Rs. 25,00,000, and there is no upper limit (depends on underwriting)
4. Are there any riders included in this plan?
No. This plan does not include any riders.
5. What papers are necessary to purchase a term insurance policy online?
Purchasing term insurance online is straightforward; simply make a note of the following papers that must be included in your application form:
Proof of age, ID, and income
6. How can an Aviva term plan protect your family’s financial future?
Aviva term plan provides the finest term insurance plan with the following benefits:
- Term plans give a substantial sum insured at low premiums.
- Assist in covering the family’s financial obligations
- Allow for distribution as a single amount or as recurring income.
- Provides riders with critical sickness and disability coverage at a low cost.
- Provide tax advantages on premiums paid in accordance with tax legislation.
7. Can I have two policies of term insurance?
Yes, you can get as many term insurance policies as you require or choose. All term plans can be purchased online from a single insurer or numerous insurers. With age, expenditures, and responsibilities increase. As a result, it makes sense if you are considering purchasing numerous term life insurance policies. When purchasing numerous term insurance plans, you must keep two things in mind:
While purchasing a new policy, disclose all previous coverage to your insurer.
Read any term insurance-related documentation carefully and make sure you understand all of the features, advantages, inclusions, and restrictions.