For Indian customers looking to invest in term plan, Aviva Life Insurance has launched a new product called Aviva i Life.
Aviva i Life is a pure term plan which can be purchased online. The minimum sum assured that one can opt for is 25 lakhs with no upper limit. The maximum policy term is 35 years and the minimum entry age is 18 years. The maximum age at maturity cannot exceed 70 years.
Read our expert review of ‘Aviva i Life’ term plan.
A term plan is a protection plan wherein, if the insured person dies within the policy term then the sum assured is paid out to their nominee or beneficiary. However, if the person survives the policy term, then there is no payment made at the end of the policy period.
Term plans are the cheapest insurance plans with benefits of a higher sum assured. For instance an individual aged 30 years can get a cover of 50 lakhs for a premium amount as low as Rs 4,501.
Most individuals consider a term plan to be a mandatory form of insurance as it provides financial security to the family and loved ones in case of death of the earning member.
Off late, insurance companies are reaching out to customers by directly selling online policies to them. There is no intermediary agent involved in an online transaction and hence the cost of buying an insurance policy is comparitively cheaper. Such transactions are completely safe and secure and customers get the price benefit.
At present, Aviva i Life is available in 33 select cities and can be exclusively purchased online.
