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Aviva i-Life Term Plan

Objective

This is a pure term plan that can only be bought online. This makes its premiums lower than other term plans from the same insurer.

Our View

A pure risk term plan is suitable for all ages, especially for those looking for a high value insurance cover without going through intermediaries.

Suited for

This policy can be taken by those with access to internet. It’s a low cost policy with high value cover.  

What does it do?

The policy pays only death benefit to the nominees and there is no surrender or maturity value. There are no rider options available with this policy, making it only a life cover insurance plan.

Pros

Premiums costs are low.

The policy allows policyholders to change premium payment frequency from half-yearly to yearly and vice-versa, on payment of a fee. It also offers premium rebates on high value covers.

The premium for women is lower than that for men.

Premiums paid towards this policy qualify for tax deduction.

Cons

The minimum sum assured available under this plan is Rs 25 lakh.

The policy does not have any rider options.

Eligibility

Entry Age (years)

Minimum
18
Maximum
55
Maximum Maturity Age (years)
70

Policy Term (years)

Minimum
10
Maximum
35

Sum Assured (Rs)

Minimum
2500000
Maximum
No limit

Minimum Premium (Rs)

Yearly
2000
Single
10000
Premium Payment Frequency
Yearly and Half-yearly
Premium Payment Term
Single or equal to policy tenure
Premium Factor (multiply with annual premium)
Half Yearly: 0.5108 times annual premium
Policy Cover
Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement
You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any. The revival fee is Rs 250.
Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Address
Aviva Life Insurance Company India Ltd.
Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V, Sector 43, Gurgaon 122 003, Haryana
Mail To
[email protected]
Call On
1800-180-22-66 between 8 am to 8 pm; Monday to Saturday

Cost Details

Annual Premium Option for Men
Policy Term (in Years)Age (in Years)
25303540455054
104508484860818678130782031428472
154510492263409230139922173830629
2045125033656796021457122662NA
25451451206738982014914NANA
304545517167999944NANANA
35456351996843NANANANA
Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option for Women
Policy Term (in Years)Age (in Years)
25303540455054
104282460657778244124241929727048
154284467660238769132922065129098
2042864782623991221384221529NA
25428948646382932914169NANA
304318491264599447NANANA
35433549396501NANANANA
Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax