Aviva i-Life Term Plan

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Aviva i Life Term Insurance Plan

 

Aviva i Life is a pure protection plan which is available for online purchase without any agent intervention. Pure Term Plans have Death Benefit if the life insured dies within the policy tenure and no Maturity Benefit if he survives the entire term. It is a vanilla term plan with no fringes attached. 

 

Compare Term Plans 

 

Key Features of Aviva i Life Term Plan

 

  • It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit.
  • Exclusively available on the internet for an online purchase and only available in  select cities
  • An additional rebate for female lives of 5% on the tabular premium rates for male lives
  • There is a rebate for large Sum Assured

 

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Benefits you get from Aviva i Life Term Plan

 

Death Benefit – In case of death of the life insured, the nominee gets the sum assured

 

Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions and other restrictions in Aviva i Life Term Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

25,00,000

No Limit

Policy Term (in years)

10

35

Premium Payment Term (in years)

Equal to policy term

Equal to policy term

Entry Age of Policyholder

18

55

Age at Maturity

-

70

Single premium (in Rs.)

NA

NA

Payment modes

Yearly, Half-Yearly

 

 

Sample illustration of premium amount in iLife Term Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years

 

 Aviva iLife Term Insurance Sample Premiums

 

 

Additional Features and Benefits of iLife Term Plan

 

Riders – No riders are available in this policy

 

 

What happens if?

 

You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.

 

You want to surrender the policy – There are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.

 

You want a loan against your policy – Loan facility is also not available under this policy.

 

 

Alternate term plans from different insurance companies


iProtect from ICICI Prudential

iTerm Plan from Aegon Religare

Met Protect from MetLife

IndiaFirst Anytime Plan

 

 

Other term insurance plans from AVIVA Life Insurance


Aviva Life Shield Platinum

Aviva Life Shield

Aviva Life Shield Plus

Aviva Life Shield Advantage

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