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Aviva Health Plus Plan
Aviva Health Plus Plan is a Health Insurance Plan from a Life Insurance Company. This is a Traditional Plan without Bonus facility.
This is a Health cum Life Insurance Plan for 10 years where the premium needs to be paid only for 5 years. There are only 2 options for premium payment in this plan of Rs 15,000 or Rs 35,000, irrespective of the age at entry.
This plan provides for regular hospitalization benefit by way of Daily Cash of Hospitalization. Accidental Death and Disability Benefit is also provided under this plan along with Critical Illness Coverage and Total and Permanent Disability due to sickness. Surgical Cash Benefit is paid for in case of multiple surgeries. Also, a certain Guaranteed Amount is paid as Maturity Benefit when the policy matures. However, if the Life Insured dies within the Policy Tenure, then the entire Sum Assured is paid as Death Benefit, irrespective of any benefits paid earlier.
Key Features of Aviva Health Plus Plan
Benefits the policyholder get from Aviva Health Plus Plan
Death Benefit – In case of death of the Life Insured within the policy tenure, the full Sum Assured is paid irrespective of any benefits paid earlier and the policy would be terminated.
Maturity Benefit – On maturity, a certain Guaranteed Maturity Benefit is paid to the policyholder. The Guaranteed Maturity Benefit is more than all premiums paid till the age of 42 years.
Health Benefit – This plan provides for 5 health benefits, listed below
|
Name of the Health Benefit |
Amount of Coverage |
|
Accidental Death and Disability Benefit |
10 x Annual Premium payable for maximum 2 accidents |
|
Total and Permanent Sickness Disability |
10 x Annual Premium payable only once |
|
Critical Illness Benefit |
10 x Annual Premium payable only once |
|
Surgical Cash Benefit |
10 x Annual Premium payable for multiple surgeries |
|
Hospital Cash Benefit |
Fixed Benefit of Rs 1,750 per day for Hospitalization & Rs 3,500 for ICU upto 180 days for hospitalization for the entire Policy Term & 60 days per Policy Year |
Income Tax Benefit – The premium paid towards Life Insurance Coverage is allowed a deduction under section 80C and the premium paid towards Health Insurance upto Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D. The limit is Rs 20,000 for Senior Citizen. The Maturity Benefit is tax free under section 10(10)D of the Income Tax Act.
Eligibility conditions and other restrictions in Aviva Health Plus Plan
|
|
Minimum |
Maximum |
|
Death Benefit Sum Assured (in Rs.) |
Rs 1,50,000 for AP = Rs 15,000 |
Rs 3,50,000 for AP = Rs 35,000 |
|
Policy Term (in years) |
10 |
|
|
Premium Payment Term (in years) |
5 |
|
|
Entry Age of Policyholder(in years) |
18 |
55 |
|
Age at Maturity(in years) |
- |
65 |
|
Premium (in Rs.) |
15,000 |
35,000 |
|
Payment modes |
Only Annual |
|
Sample illustration of Aviva Health Plus Plan
The below illustration is of the Guaranteed Maturity Benefit for an individual of
Ages 30, 40 and 50 years respectively
Annual Premium of Rs 15,000 and Rs 35,000 respectively
Additional Features and Benefits of Aviva Health Plus Plan
Riders – There are no riders available in this policy
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, the policy cover and all its benefits will cease.
However, if at least 2 years’ premiums have been paid the policy acquires a Paid Up Value. In that case, the policy continues for the rest of the Policy Term with the reduced coverage and a Paid Up Maturity Benefit is paid on maturity.
You want to surrender the policy – This policy can be surrendered is at least 2 years’ Annual Premium has been paid.
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
This plan also has a Special Surrender Value.
You want a loan against the policyholder policy - There is no loan available under this plan.
