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  • Aviva I-Life Secure Protection Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the Aviva Life Insurance i-Life Secure Plan for?

    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.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    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

    Premiums*

    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
    • Yearly
    • Half-Yearly

    *Premiums may vary based on age, gender, smoking status, location, plan term, extra mortality ratings, GST, and other factors.

    Plan Coverage - What the Aviva Life Insurance i-Life Secure Plan covers

    Death Benefit If the life assured passes away during the policy tenure, the insurer is liable to pay the highest of the following:
    • 10 x Annualized Premium,
    • 105% of the total premiums paid, or
    • Death Sum Assured
    The Death Sum Assured will be split between:
    • An immediate lump sum payment that equals 10% of the Death Sum Assured, and
    • A fixed monthly income, which will equal 6% of the Death Sum Assured, for a period of 15 years.
    Maturity Benefit No maturity benefit will be paid under this plan.

    Riders/Add-On Plans – Additional coverage under the Aviva Life Insurance i-Life Secure Plan

    There are no additional riders that are available for purchase along with this plan.

    Exclusions - What the Aviva Life Insurance i-Life Secure Plan doesn’t cover

    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.

    Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

    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.
    • Sum Assured lesser than Rs.1 crore: No rebate
    • Sum Assured that is more than or equal to Rs.1 crore but lesser than Rs.5 crore: Rs.10 (for every lakh of Sum Assured)
    • Sum Assured that’s higher than or equal to Rs.5 crore: Rs.15 (for every lakh of Sum Assured)
    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.

    Other Benefits – How you can save with the Aviva Life Insurance i-Life Secure Plan

    • Online Purchase: To purchase the i-Life Secure Plan, you don’t have to visit the insurer’s office and go through lengthy paperwork. You can directly purchase the policy from the insurer’s website, in a hassle-free manner.
    • Online Premium Payment: You can pay your premiums and top-up premiums on the insurer’s website through Direct Debit, Credit Card over IVR, Airtel Money, Auto-Pay through NACH, EBPP, NEFT, etc. However, you can also choose to pay it directly through your nearest Aviva Life, Axis Bank, ICICI Bank, or Yes Bank branch, or the nearest Common Service Centre (CSC).
    • Download Forms: You don’t have to visit the insurer’s office for any forms that you require. Simply visit the insurer’s website, navigate to the relevant menu option and download the forms that you need.
    • Customer Care Channels: You can reach the Customer Service team through email, the toll-free number, or SMS. Further, you can also request for a call-back by providing your number on the insurer’s website.

    Why you should buy the i-Life Secure Plan from Aviva Life Insurance Company

    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.

    *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.

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