Aviva ilife Secure Term Plan

Aviva iLife Secure

Aviva iLife Secure is an online term insurance plan whereby the sum assured is paid to thenominee if the life insured dies during the policy term. Unlike the usual term plans, where the Sum Assured is paid as a lumpsum amount in one go, Aviva iLife Secure pays the benefit amount (on death) in 2 parts – lumpsum and annual payout for 15 years. Since this is a pure protection plan, nothing is payable at maturity.

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Key Features

• Guaranteed annual payout to family for 15 years, in case of death of Life Insured
• Guaranteed lumpsum is paid immediately to the family, in case of death of Life Insured
• Convenience of buying online at a nominal cost
• Tax benefits as per Section 80C and 10 (10D)

COMPARE THIS PLAN WITH OTHER TERM PLANS

Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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Benefits

• Maturity Benefit – This is a pure protection plan. If the life insured survives till the end of the policy term then nothing is payable at maturity.
• Death Benefit – If the life insured dies during the policy term, the nominee shall receive the following payouts:
  a) One-time payment of 10% of the Sum Assured at the time of claim settlement
  b) 6% of Sum Assured on each of the death anniversary of the life insured for 15 years, with the first such payment will be made one year after the date of death of life insured.
  OR
  In case the beneficiary would like to get a lump sum instead of the regular payouts, a discounted value of the outstanding regular installments shall be paid as lump sum. The discounted value shall be calculated using a discount rate of 9% per annum compounding yearly.

• 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 and the policy will be eligible for benefits under 10(10D).
   

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  Example

  Mr. Sharma is a 35 year. Mr. Sharma decides that his family should get an annual income of Rs.6 lakhs in case he is not around. He decides that for his purpose, the 25 year cover is the best option. This will protect his family during his earning years (till age 60).
• The Sum Assured for generating an annual income of Rs.6 lakhs for his Policy will be Rs.1 crore.
• The Annual premium for his Policy at Sum Assured of Rs.1 crore and Policy Term of 25 years comes out to be Rs. 7,962 + Taxes.
  What will happen if Mr. Sharma dies in the 10th year of Policy Term?

Eligibility Conditions and other Restrictions

	Minimum	Maximum
Sum Assured (in Rs.)	50,00,000	10 crores
Policy Term (in years)	10	25
Premium Payment Term (in years)	Equal to Policy Tenure
Entry Age of Life Insured (in years)	18	50
Age at Maturity (in years)	-	70
Payment modes	Yearly and Half-Yearly

Additional Features and Benefits

• Riders – There are no riders available in this policy

What happens if

You stop paying the premiums
If the due regular premium is not paid within the grace period, then the Policy will lapse and the insurance cover will cease immediately. Policies will not acquire any Surrender Value or Paid-up Value.

You want to surrender the policy
There will be no Surrender Value payable under this plan.

You want a loan against your policy
Loan facility is not available in this policy.