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)

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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.