Aviva i-Life Term Plan

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Aviva i-Life Term Plan

 

	Objective		This is a pure term plan that can only be bought online. This makes its premiums lower than other term plans from the same insurer.
What does it do?		The policy pays only death benefit to the nominees and there is no surrender or maturity value. There are no rider options available with this policy, making it only a life cover insurance plan.
Pros		Premiums costs are low. The policy allows policyholders to change premium payment frequency from half-yearly to yearly and vice-versa, on payment of a fee. It also offers premium rebates on high value covers. The premium for women is lower than that for men. Premiums paid towards this policy qualify for tax deduction.
Cons		The minimum sum assured available under this plan is Rs 25 lakh. The policy does not have any rider options.
Suited for		This policy can be taken by those with access to internet. It’s a low cost policy with high value cover.
Our View		A pure risk term plan is suitable for all ages, especially for those looking for a high value insurance cover without going through intermediaries.
Eligibility
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		70
Policy Term (years)
Minimum		10
Maximum		35
Sum Assured (Rs)
Minimum		2500000
Maximum		No limit
Minimum Premium (Rs)
Yearly		2000
Single		10000
Premium Payment Frequency		Yearly and Half-yearly
Premium Payment Term		Single or equal to policy tenure
Premium Factor (multiply with annual premium)		Half Yearly: 0.5108 times annual premium
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any. The revival fee is Rs 250.
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Customer Service
Address		Aviva Life Insurance Company India Ltd. Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V, Sector 43, Gurgaon 122 003, Haryana

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