The Aviva Extra Cover is a combination of two specific insurance products designed by the Aviva Life Insurance Company. These are Aviva Health Secure insurance policy and Aviva i-Life insurance policy. An individual can avail the option of buying one or more products according to his/her convenience and choice. However, it is not compulsory for the customer to buy the combination of these plans. They can also be bought separately. It is advisable that the customers clarifies all his/her doubts before choosing the right combo of plans.
In order to buy the Aviva Extra Cover, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Maximum age at maturity (term insurance)||70 years|
|Maximum age at maturity (critical illness cover)||65 years|
|Term of the policy (term insurance)||10 years to 35 years|
|Term of the policy (critical illness cover)||10 years to 30 years|
Sum Assured – It is the amount that the policyholder get upon maturity of the policy. In case of unfortunate demise of the insured person, the sum assured is paid out to the nominee or beneficiary of the policyholder. Under the Aviva Extra Cover combo plan, the minimum sum assured for term insurance stands at Rs.25 lakh and for critical illness cover it is Rs.5 lakh. The maximum sum assured for critical illness cover is Rs.50 lakh.
|Minimum sum assured (term insurance)||Rs.25 lakh|
|Maximum sum assured (term insurance)||No limit|
|Minimum sum assured (critical illness cover)||Rs.5 lakh|
|Maximum sum assured (critical illness cover)||Rs.50 lakh|
Premium – It is the amount paid by the policyholder to the insurer in order to keep his/her plan active and running. The premium payment modes that can be availed under this plan are half-yearly and yearly. The premium payment term is equivalent to the term of the policy.
*Premiums may vary depending upon factors like age, term of the plan, location and applicable taxes/GST.
|Death Benefit||In case the policyholder encounters death in an unfortunate event while the policy is still active, the beneficiary or nominee of the insured person receives the death benefit.|
|Critical Illness Benefit||In case the insured person is diagnosed with any of the twelve critical illnesses mentioned under the plan, he/she will be allowed to avail the sum assured. The premium, however, does not change for the first 5 years.|
Riders or Add-on Plans can be availed by the policyholder under the Aviva Extra Cover combo plan. Please, contact the insurer for more information.
Suicide Exclusion – In case the policyholder commits suicide within a period of 12 months from the date of revival of the policy or commencement of the policy, no benefits are payable under the plan.
|Application process||The policyholder can enjoy a hassle free application process for this plan.|
|Free look period||A free look period of 30 days can be availed under this plan|
|Premium rates||Policyholder can enjoy lower rates of interest if the insured is a non-smoker.|
Tax benefits can be availed by the policyholder under the prevailing tax laws under the Aviva Extra Cover combo plan.
The Aviva Life Insurance Company is one of the leading insurance solution providers in India. This company is a joint venture of Aviva International Holdings Limited and Dabur Invest Corporation. The insurance solutions offered by this company comes with great benefits and features. They are designed to meet the changing requirements and needs of the customers. The Aviva Extra Cover combo plans allows the policyholder to choose the best of both plans that suit their needs properly.
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