|Objective||This term plan allows the policyholder to increase the sum assured once on two- occasions- within three months of marriage and within three months of birth of a child.|
|What does it do?||The nominees receive death benefit in the event of death of policyholder. No riders are available with this plan and the sum assured can be increased only up to 50 per cent with a Rs 10 lakh limit. The insurance cover can be increased only if the policy has at least five years to maturity.|
|Pros||There is an option to increase sum assured at a later date. One can avail a premium rebate on sum assured above Rs 10 lakh.
There is an additional discount in case policyholder also takes Aviva Pension Plus policy.
It offers 40 years of policy term, which is way above the average 30 years offered by other policies.
|Cons||The sum assured is limited to Rs 50 lakh and there are no riders in the policy.
There are no premium discounts for women.
|Suited for||This policy is suitable for those under 40 years of age, expecting a need to increase the sum assured with increase in dependents after marriage and children.|
|Our View||A pure risk term plan is a definite buy for everyone.
This policy is useful for those who are yet to bear financial responsibilities of a family.