Insurance Plans 1637 views June 20, 2019

Aviva Life Insurance Term Plan

With a host of plans available under its belt, Aviva Life Insurance Company has much to offer to its customers. No plans are the same as each plan comes with unique features and competent premium price rating. These plans include:-

Term Insurance

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Eligibility Criteria of Aviva Life Insurance Term Plan


Aviva Life Insurance Plans

Nature of Insurance
Min Entry AgeMax Entry Age Maturity AgeMinimum Sum Assured (in Rs.)Min Policy TermMax Policy Term

Life Insurance Term Plan

Term Insurance
18 yrs55 yrs70 yrs
10,00,000
10 yrs30 yrs
Life Insurance Child PlanTerm Insurance0 yrs17 yrs60 yrs10 * Annual Premium10 yrs25 yrs

Savings Plan
Life Insurance 13 yrs55 yrs70 yrs
1,00,000
10 yrs20 yrs

Retirement Plan
Life Insurance2 yrs65 yrs75 yrs
1.25 * Annual Premium
10 yrs75 yrs

Endowment Plan
Life Insurance4 yrs50 yrs75 yrs
200,000
18 yrs30 yrs
Life Insurance Group PlanLife Insurance18 yrs69 yrs-100,00,000--

Aviva

Aviva Life Insurance Term Plan

1. Aviva i-Term Smart

Have you ever heard of the phrase “A plan for every budget”? As all insurance companies vie with each other to seek customer attention, Aviva Life Insurance Company loves to keep it simple with its affordable plans and an adequate life cover. Least complications, both online and offline presence, and inexpensive nature explain the increasing pervasiveness of this plan among all sections, be it rural or urban.

2. Aviva i-Life Total

Not all customers are in favor of taking risks synonymous with the stock market. They prefer to pay for term insurance policies that promise a life cover for their loved ones in the event of death, disability or disease. Policyholders who buy this non-linked, non-participating life insurance term plan have the option to choose from four different options including:-

  1. Protect: This Aviva term insurance plan comes with an in-built terminal illness benefit
  2. Protect Plus: Policyholders benefit from this option as their nominee(s) are assured of double the amount of life cover in the event of accidental death
  3. Protect Assured: Policyholders experience bliss as the company promises 120% of the total premiums paid on maturity.
  4. Protect Income: This option ensures the benefit of recurring income long after the policyholder’s death.

3. Aviva i-Life

This is a pure life insurance cover that customers prefer for their loved ones. This is because, at nominal costs, policyholders are assured of benefits including:-

  1. Death Benefits: The amount of Life Cover or Sum Assured paid to the beneficiary or nominee in case of sudden death.
  2. Tax Benefits: While premium charges are subject to Section 80C of the Income Tax Act, the policy proceeds are exempt from any tax liability under Section 10(10D) of the Act.

4. Aviva i-Shield

Some customers feel a bit apprehensive of buying term insurance policies as the premiums paid are lost if the policyholders outlive the policy period. Keeping this in kind, this plan has been designed that ensures the company’s customers an adequate amount of life cover coupled with a “zero wastage” proposition. Simply said, this is a term insurance plan that comes with the “Return of Premiums” option. Policyholders choosing to invest in this plan benefit as:-

  1. There is a high protection cover involved at nominal insurance prices;
  2. Policyholders are assured of 110% the premiums paid as survival benefits;
  3. Discounts on premium charges on choosing a sum assured equal to or more than Rs 20 lakhs;
  4. The benefit of the free medical examination after making the policy proposal;
  5. Hassle-free and paperless purchase through the web.

5. Aviva LifeShield Platinum

Choosing the right life cover can be difficult for many. This causes many of them to opt for a high life cover, thus, ensuring the necessary protection of their loved ones. However, high coverage need not be subject to immoderate premium charges. Customers prefer this plan mostly because of the varied payout options available to their dependents. While there is no upper limit on the amount of sum assured that customers may choose from, customers can either choose to pay premiums either throughout the entire policy period or for a period equal to two-thirds of the policy term.

6. Aviva Life Shield Plus

Choice of sum assured being unlimited, customers have a lot to choose from. Moreover, the policyholder chooses to pay the entire premium amount in a lump sum or as yearly payment options. Tax benefits on both the premium charges and the claim amount add to the plan’s repute.

7. Aviva Extra Cover

This is more than just a mere term insurance policy as it comes with a critical illness cover too. The minimum sum assured is Rs 5 lakhs for critical illness and Rs 25 lakhs for a term plan. This amount of sum assured can go up to a maximum of Rs 50 lakhs for critical illnesses while there is no upper limit on the term cover that can be bought. An increasing number of customers log on to the company’s site to buy this plan as it combines the benefits of both  Aviva i-Life and Aviva Health Secure. The life cover promised is paid to the nominee in the event of the sudden death of the policyholder. Policyholders can also benefit from the critical illness cover as the company hands over the sum assured amount in case the policyholder survives for 30 days after being diagnosed with the disease.

8. Aviva Sampoorna Suraksha

Preferred by people who wish to opt for a low sum assured, the company promises a maximum sum assured the amount of Rs 3 lakhs. Policyholders can either choose to pay the entire premium amount in a lump sum or as yearly payment. Return of premiums benefit is also available in case the policyholder outlives the policy period. Tax benefits continue to be the same as in all other term insurance policies.

9. Aviva i-Life Total

The plan’s online presence explains customers’ growing interest in its features and benefits. Non-linked and non-participating in nature, this plan comes with an in-built terminal illness benefit. Moreover, the nominee is ensured double the amount of sum assured in the event of accidental death of the policyholder. Tax benefits under Sections 80C and 10(10)D remain the same as in others provided that the premiums have been paid regularly throughout the policy period.

Aviva Life Insurance Company Health Insurance Plans

1. Aviva Health Secure

The idea behind buying any health insurance plan is to ensure an adequate amount of coverage that would take care of hospitalization expenses and medical costs, if and when, necessary. Unhealthy lifestyle coupled with pervasiveness of pollution has raised the chances of policyholders being diagnosed with critical disorders. Costs of treatment are increasing, which can result in a dent in your savings. Buying this health insurance plan means that the insurance company is liable to pay the predetermined amount of health cover on being diagnosed with any of the critical illnesses mentioned in the policy document.

2. Aviva Heart Care

Aviva cares about your heart too. This explains the inclusion of a plan exclusively dedicated to the care of the heart. This non linked, non-participating health insurance plan ensures a cover to the hearts of the policyholders and their wives. Not only this plan covers the cost of treatment of 19 different heart ailments but also makes up for the loss of income of the policyholders involved. The payout is fixed irrespective of the expenses involved in the treatment. Moreover, one can claim multiple claims under the same policy, which means that the policyholder is saved from the hassle of buying multiple health insurance policies. Premiums are waived off while the coverage amount remains intact.

Group Insurance Plans

1. Aviva Group Gratuity Advantage

The benefit of this group Unit Linked Insurance Plan (ULIP) is designed keeping the corporate sector in mind. However, the benefits and features of this plan can be modified as per individual needs, thus, lending an edge over other group insurance plans. The plan benefits its members by ensuring:-

  • A lump sum cover amount to the employees or their dependents;
  • Tax benefits under Section 80C and Section 10(10)D of the Income Tax Act;
  • Flexibility to choose from among myriad unit-linked insurance options;
  • Actuarial or administrative support, if and when, required.

2. Aviva New Group Leave Encashment Plan

A Unit Linked Plan (ULIP) where the investment risk is borne by the policyholder. Deemed as a unique and cost-effective way to fund their leave encashment liability, corporate groups prefer this plan option owing to its flexibility. The benefits of this plan include:-

  • A lump sum cover amount that helps companies meet leave encashment liability of their employees;
  • Option to invest in various unit-linked fund options;
  • Flexibility to choose between different fund options without paying any extra charges.

3. Aviva New Traditional Employee Benefit Plan

Unlike other corporate plans, this plan is non-linked, non-participating and variable in nature. Having this plan helps employers with the necessary fund amount to pay employee benefit payments. Any company with a minimum of 10 employees can pay for this plan. These payments may include gratuity and leave encashment on resignation, retirement or death of their employees, etc. Employees must be aged between 18 and 74 years to ensure eligibility for this plan.

Child Insurance Plans

1. Aviva Young Scholar Secure

Worried about your child’s future? This plan may help you as this life insurance plan ensures enough scope for guaranteed returns and cash flows to meet your children’s educational expenses in the future.

  1. This plan is essentially guaranteed in nature as the premiums and policy returns are fixed in nature
  2. Policyholders, depending on the premiums they can afford, get to choose from four different plan options
  3. This plan ensures an educational pool towards supporting the child’s educational expenses in the future
  4. Since this is a life insurance plan, the insurance company to pay the amount of sum assured in case of the sudden death of the policyholder.

2. Aviva Young Scholar Advantages

Securing one’s children’s education is the foremost thing that comes to mind while allocating a part of the income to savings. Education has become costly. The expenses on higher education are gradually increasing, which implies the need to have some investment in place that can fetch returns, if and when, needed. This plan being non-participating and unit-linked in nature ensures enough wealth for policyholders to meet their children’s important milestones in life. The plan comes with added benefits including:-

  1. Non-liability to pay future premiums, in case of the policyholders’ death
  2. The insurance company pays loyalty additions to augment the fund value
  3. Policyholders have the freedom to make their choice of policy period as per their needs
  4. Depending on their risk appetite, policyholders get to choose from among seven different funds
  5. Policyholders may also withdraw money in between the  policy period to meet sudden expenses

Gratuity/Leave Encashment Insurance Plans

1. Group Gratuity Advantage

Designed for the corporate sector, this plan is linked to market movement. The biggest benefit of investing in this plan is that its features can be modified to suit individual members’ requirements. Having this fund in place benefits as:-

  1. Members employees or their nominees are ensured a lump sum fund payment
  2. Tax benefits as per the existing laws
  3. Sum assured in the event of the death of any individual member from within the group
  4. Policyholders have the option to select from multiple unit-linked investment funds
  5. Actuarial support available, if needed

2. New Group Leave Encashment Plan

A fund that allows it to fund its employees’ leave encashment liabilities. A plan is a unit-linked, thus, lending the group members to choose from any of the market-linked investment funds. A flexible and cost-effective investment solution that allows lump sum fund payment to its members. The company allows its employee members to switch from one fund to the other, depending on the risk appetite, without levying any additional charges.

3. New Traditional Employee Benefit Plan

Meeting employees’ fund management needs does not come without its own set of hassles. This explains why employer companies must opt for this non-linked, non-participating, variable plan that helps employers pay towards their employees’ deaths, resignation, and gratuity.

Rural Insurance Plans

1. Jana Suraksha

If an all-around comprehensive financial protection for your dependent parents and children is your aim, then you must surely opt for this plan. A low-cost term insurance plan that guarantees peace of mind, this plan continues to be the most sought after policy by interested customers since its inception.

Group Term Insurance Plans

A simple term insurance plan that benefits more than what an ordinary term plan would do. This is actually a group term insurance plan bought by employer companies in a bid to protect the financial interests of its employees. A predetermined amount of sum assured or life cover is promised under this plan apart from an added cover on death or permanent disability due to an accident.

Protection Plans

1. i-Life Term Insurance

The uncertainty of life has resulted in an increasing number of people seeking a term life insurance policy that promises adequate cover at nominal prices. The minimum sum assured promised is Rs 25 lakhs whereas there is no upper limit to the same. Tax benefits on both the premium charges and sum assured are factors that add to the plan’s repute.

2. i-Shield Term Insurance

Easy and affordable, features like “Return of Premiums” ensure that there is no loss of premiums even if the policyholder outlives the policy period. On maturity, the insurance pays back 110 percent of the total premiums paid. Tax benefits are also available under this plan.

3. Life Shield Advantage Plan

A non-participating, non-linked term insurance protection plan where the policyholders avail the benefits of earning back their premiums on maturity. A sureshot financial plan that continues to protect your family even in your absence, this policy ensures that you pay nominal premiums even on a higher sum assured amount.

Saving Plans

1. Family New Income Builder

This is essentially an endowment plan that is non-participating in nature. Policyholders need to pay premiums annually for 12 years while they would be given double the premiums charged from the 13th year to the 24th year.

2. i-Growth

This is a life insurance plan that helps policyholders to enhance their savings in the long run. Essentially, unit-linked, non-participating and savings-oriented in nature, this plan comes with a minimum charge structure while allowing the policyholders to maximize returns by allowing them to choose from three different fund options. The policyholders also get to choose from three different policy terms, thus, ensuring flexibility in the payout.

3. Life Bond Coverage

This is a Unit-Linked Insurance Plan (ULIP) with a single premium payment facility. This means that by making just a one-time investment, policyholders are promised life cover and increased savings over a long period. Allocation over seven different asset options ensures that the policyholders save enough for later stages while the sum assured is handed over to the nominee(s) in the event of sudden death.

Retirement Plans

1. Next Innings Pension Plans

Looking for regular income benefits to secure your old age? Paying for this plan ensures that you avail pension benefits to secure you during the later stages of life. You may invest regularly or pay a one-time investment amount that would build up into a guaranteed lump sum amount over the policy period. The maturity amount in a lump sum would then be disbursed in regular installments, thus, making way for a regular income for the policyholder.

2. Annuity Plus

This is a non-linked, non-participating, single premium plan designed in a way so as to provide regular income to policyholders. The policyholders get to choose from among the different annuity fund options. Tax benefits under Sections 80C and 10(10D) are added benefits that policyholders can avail.

3. New Family Income Builder

This is a traditional life insurance plan that avails the twin benefits of savings and protection. Paying towards this plan ensures you guaranteed returns in the form of regular payouts for 12 years. The insurance company pays double the amount of premiums charged as regular payouts on survival and lump-sum death benefits in the event of the policyholder’s death. Tax benefits are available on all premiums paid and the payout amounts received.

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