Aviva i-Life Protection Plan is an insurance plan which is designed to provide you and your family a protection cover and ensure that their future is safe regardless of whether you are around or not. This particular plan provides you with various tax benefits under Section 80C of Income Tax Act,1961. You also have the option of reinstating the policy incase it lapses due to failure of premium payment. You can easily purchase the plan as well as pay your premiums and file your claims online.
The eligibility criteria for this particular plan are given below:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Maximum age at maturity||70 years|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured will be the minimum amount that will be paid to you by the insurer. The sum assured won’t contain any bonuses or benefits that you may be entitled to. The relevant information on sum assured for this plan is given in the table below:
|Minimum Sum Assured||Rs.25 lakh|
|Maximum Sum Assured||No Limit|
The premiums you will decide will depend on your sum assurance and will be equal to your policy term. The mode of premium payment is flexible and the insured can choose to pay his/her premiums either yearly or half-yearly. The relevant information on premiums as per this plan is given in the table below:
|Premium Payment Term (PPT)||Equal to your policy term|
|Premium Frequency||Yearly and Half-Yearly|
* Premiums will vary based on age, location, plan term, GST, and other factors.
|Death Benefit||Death Benefit will be paid to the nominee if the insured dies in an unfortunate event during the policy term. The nominee will get the sum assured of the policy.|
|Maturity Benefit||There are no maturity benefits available with this plan.|
There are no riders or add-on plans that one can purchase along with this plan.
This particular plan has a suicide exemption. If the insured commits suicide within 12 months of purchase or revival of the plan, the nominee will be entitled to get 80% of the premiums paid.
|Grace Period||The premiums must be paid within 30 days or else the policy will cease to exist.|
|Free Look Period||A free-look period of 15 days are provided.|
|Reinstatement of Policy||If your policy lapses due to any reason, it can be reinstated within two years from the date of first unpaid premium. The fees for reinstatement of policy is Rs.250.|
You will be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Since, tax laws are subject to amendments, it is always advisable to consult a tax advisor incase of any query.
Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.
The i-Life Protection Plan is a simple and traditional life insurance plan that is designed to provide protection to you and your family and keep their future secured. The option to reinstate one’s policy incase it lapse along with a minimum sum assurance of Rs.25 lakh along with various tax benefits makes it a sought after insurance policy for its customers.
Aviva Life Insurance is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited who boast of being two of the oldest companies functioning today. Aviva boasts of having more than 40 million customer across 20 plus countries. Dabur Invest Corp is a flagship company of Dabur International. Aviva boasts of an extensive customer support and 100% success rate of consumers’ grievances addressed successfully.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.