The i-Life Secure Plan from Aviva Life Insurance Company is a non-participating, non-linked term insurance policy. This plan offers policyholders and their nominees several benefits including a guaranteed regular payout for a period of 15 years and an immediate lump sum payout, once the policyholder meets with an untimely death. The plan also offers the life assured rebates or discounts if they choose a sum assured that is higher than Rs.1 crore. This policy is available to purchase online, on the insurer’s website.
Insurance companies will have usually set an eligibility criteria that you will need to meet in order to purchase an insurance plan. The eligibility criteria for this plan is mentioned below.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||50 years|
|Maturity Age||70 years|
*All ages mentioned above are as on the life assured’s last birthday.
This is the amount of money that will be paid to your nominee, if something happens to you. You will have to choose your Sum Assured at the date of inception of the policy. Hence, you must ensure that you opt for a sum that’s large enough to cover your family’s future financial needs.
|Minimum Sum Assured||Rs.50 lakh|
|Maximum Sum Assured||Rs.10 crore|
Your premiums will have to be paid on a regular basis, as per your premium payment mode, in order for you to continue enjoying the benefits accorded by this plan. A few details related to your premium payments are mentioned below:
|Minimum term of the policy||10 years|
|Maximum term of the policy||25 years|
|Premium Payment Term (PPT)||Equal to the policy tenure|
|Premium Payment Mode||
*Premiums may vary based on age, gender, smoking status, location, plan term, extra mortality ratings, GST, and other factors.
|Death Benefit||If the life assured passes away during the policy tenure, the insurer is liable to pay the highest of the following:
|Maturity Benefit||No maturity benefit will be paid under this plan.|
There are no additional riders that are available for purchase along with this plan.
The i-Life Secure Plan from Aviva comes with a suicide exclusion. As per this plan, if the policyholder commits suicide within 12 months of buying this policy, the insurer will not pay a death benefit. However, the policyholder will return 80% of the all the premiums paid by the policyholder to the nominee. If the life assured commits suicide within 12 months of reviving the policy, the insurer will pay the nominee either the Surrender Value that the policy has acquired or 80% of the premiums paid, based on whichever is the higher of the two.
|Free-Look Period||Policyholders can return their policy within 30 days if they don’t find the policy terms and conditions to be satisfactory.|
|Surrender Value||The insurer is not liable to pay you a surrender value, if you surrender your i-Life Secure policy.|
|Rebate||If you opt for a high sum assured (over Rs.1 crore), you will receive a rebate from the insurer. The percentage of rebate offered by the insurer, as per the Sum Assured amount, is listed below.
|Grace Period||The grace period is 30 days for this policy. You can pay your due premium without paying any interest during this period. Also, if the policyholder passes away during the grace period, the insurer will pay the nominee the assured death benefit after adjusting the death sum assured for the unpaid premium.|
|Policy Lapse||Your policy will lapse if you do not pay your due premium during the grace period.|
|Policy Revival||You can revive your policy any time before the end of 2 years from the date of your first unpaid premium. If you need to undergo a repeat medical examination to prove your insurability to the insurer, you will have to pay the medical examination charges on your own.|
|Nomination||Policyholders are allowed to nominate, as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is accepted, as per Section 38 of the Insurance Act, 1938.|
Your family’s financial needs may not always remain the same, and will probably increase with time. While your steadily-increasing income is enough to provide for them today, securing their future is a must in order to ensure that they never face any financial hardships. Upon the policyholder’s death, the i-Life Secure Plan from Aviva Life provides nominees an immediate payout, which will help them meet the immediate needs of the family, and a fixed income for a 15-year period, which will serve as an income replacement.
Aviva Life Insurance Company is a joint-venture firm that was setup in the year 2002. The company serves over 33 million customers in 16 countries. In India, the insurer has set up 108 branches, has more than 13,500 insurance advisors and a varied range of insurance products to cater to the varying insurance needs of people. The Claim Settlement Ratio was 90.60% for the financial year 2016-2017.
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