Aviva i-Life Term 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.
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
In case of death of the life insured, the nominee gets the sum assured
There are no maturity benefits under this plan as it is a pure protection plan.
Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
How it works
Let's Understand The Plan With An Example:
|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|
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.
There are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.
Loan facility is also not available under this policy.