Aviva Extra Cover A Combo Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
Aviva Insurance is a first-rate insurance company that has its operations across different countries around the globe. In India, the company is a joint venture comprising Aviva Group and Dabur Invest Corp. Aviva offers specific insurance plans for individuals, SMEs, and groups. The Aviva Extra Cover Combo Plan is a blend of Aviva Health Secure and Aviva i-Life.
Eligibility – Who is the Aviva Extra Cover Combo Plan for?
The Aviva Extra Cover Combo Plan is an apt insurance plan for anybody who is looking for extensive life cover as well as protection for diagnosis of critical illnesses. With this plan, you can get coverage for unfortunate and unexpected incidents. Let us take a look at the eligibility criteria that needs to be met for this plan:
| Minimum entry age | 18 years |
| Maximum entry age | 55 years |
| Minimum maturity age | Information not provided |
| Maximum maturity age | 65 years for critical illness cover 70 years for term insurance |
Sum Assured and Premium Range – What you get and what it costs?
The Aviva Extra Cover Combo Plan offers 100% sum assured. The nominee selected by the policyholder will receive the lump sum amount when the policyholder dies. This plan provides protection for all types of death. You can also enjoy great discounts on the sum assured. If you are someone who does not consume tobacco, you can enjoy low rates for your premiums! Let us take a look at the sum assured and premium range for this plan:
| Minimum sum assured | Rs.5 lakhs for critical illness cover Rs.25 lakhs for term insurance |
| Maximum sum assured | For critical illness cover, it is Rs.50 lakhs. This consists even of the other critical illness policies that you have taken with Aviva. For term insurance, there is no limit. It depends on the underwriting for the term insurance. |
| Policy period | For term insurance, 10 to 35 years For critical illness cover, 10 to 30 years |
| Premium payment mode | Annually and half-yearly |
| Premium payment term | This is equivalent to the policy period. |
| Premium | Your minimum and maximum premium will be determined by the age, income, policy period, life history, and health conditions. |
Premiums vary based on age, location, plan term and other factors.
Plan Coverage – What the Aviva Extra Cover Combo Plan covers?
The Aviva Extra Cover Combo Plan ensures that your family members will be financially secure even when you are not around. This will give you a sense of certainty especially if you are the one and only earning member of your household. This plan gives out 2 types of benefits. It does not offer any maturity benefit. You can view the table to get a clear picture about what this plan covers:
| Type of benefit | Features of the benefit |
| Critical illness benefit | With this benefit, a sum assured will be given when the policyholder is diagnosed with any of the 12 critical illnesses that are covered by this plan. The critical illnesses covered by this include first heart attack, cancer, open-chest CABG, kidney failure, stroke, bone marrow transplant, open heart replacement, benign brain tumour, coma, multiple sclerosis, permanent paralysis of limbs, and more. You can check the Aviva Health Secure brochure for full details. The sum assured is given only if the policyholder lives for 30 days after the critical illness has been diagnosed. |
| Death benefit | If the policyholder dies during the policy period, the company will provide the sum assured to the nominee or the beneficiary who has been selected by the policyholder. The plan gives full sum assured that has been accumulated as on the date of death. |
Exclusions – What the Aviva Extra Cover Combo Plan doesn’t cover?
Insurance plans generally come with a few exclusions. In this case, exclusions are described as elements that are not covered by the plan. The Extra Cover Combo Plan offered by Aviva provides the death benefit for all forms of death. However, if the policyholder dies after committing a suicide within 1 year of taking the policy, then no death benefit will be offered. You can get in touch with your life advisor for complete details about the suicide exclusion.
Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.
The Aviva Extra Cover Combo Plan provides a host of significant features in many arenas. Let us take a look at the table to understand the other important features of this plan:
| Free-look period | With the Aviva Extra Cover Combo Plan, you will get a free-look period during which you will be allowed to check all the terms and conditions of this plan. After you check all the details, you can return the policy within this period if you want to. You will have to give valid reasons while giving back the plan. |
| Discounts on sum assured | When you choose this plan, you can enjoy discounts on sum assured. |
| Grace period | This is an extra period during which you can pay your premiums if you forget any payment deadline. |
| Nominee | This plan enables you to select a nominee. This person will act on your behalf. |
| Assignment | With this feature, you can move the rights of this policy to any other individual known as the assignee. This process is known as assignment. |
| Surrender value | When you surrender or cancel your insurance policy, you will be paid an amount which is known as the surrender value. The surrender value will be fixed according to the premium that has been paid and how the time remaining in the policy period. |
Tax Benefits – How you can save with the Aviva Extra Cover Combo Plan?
When you go for the Aviva Extra Cover Combo Plan, you will receive tax benefits. These tax benefits will be provided to you according to the rules and regulations given in the Income Tax Act, 1961. These tax laws can get altered on a regular basis.
Other Benefits – How you can save with the Aviva Extra Cover Combo Plan?
These are some of the other advantages of choosing the Aviva Extra Cover Combo Plan:
- This combo plan can be purchased online conveniently from your home itself.
- You can use the official website of the company to check how much premium you will need to pay.
- The grievance redressal system is very well-organised and methodical.
- The website of Aviva has ‘Quick Help’ segments. There are many useful options such as Pay My Premium, File Claim, Top Up My Premium, and more.
Why should you buy the Extra Cover Combo Plan from Aviva?
Aviva is a prominent insurance provider that has specific plans for each core reason of saving your finances. You can save your funds for your medical expenses, for a bright future, for your child’s education, for your retirement, and for your family.
The organisation has won many awards and recognition for its out-and-out performance. Some of the awards include ‘Certificate of Excellence’ provided by PR Week Asia Awards 2014, Gold award for ‘What’s Your Big Plan’ in the ‘Most Effective Insurance Marketing Campaign of the year’ category, and much more.
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