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Insurance Plans 5255 views June 20, 2019
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:-
Table of Contents
|Aviva Life Insurance Plans||Nature of Insurance||Min Entry Age||Max Entry Age||Maturity Age||Minimum Sum Assured (in Rs.)||Min Policy Term||Max Policy Term|
|Life Insurance Term Plan||Term Insurance||18 yrs||55 yrs||70 yrs||10,00,000||10 yrs||30 yrs|
|Life Insurance Child Plan||Term Insurance||0 yrs||17 yrs||60 yrs||10 * Annual Premium||10 yrs||25 yrs|
|Savings Plan||Life Insurance||13 yrs||55 yrs||70 yrs||1,00,000||10 yrs||20 yrs|
|Retirement Plan||Life Insurance||2 yrs||65 yrs||75 yrs||1.25 * Annual Premium||10 yrs||75 yrs|
|Endowment Plan||Life Insurance||4 yrs||50 yrs||75 yrs||200,000||18 yrs||30 yrs|
|Life Insurance Group Plan||Life Insurance||18 yrs||69 yrs||-||100,00,000||-||-|
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:-
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:-
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:-
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.
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.
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.
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.
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.
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.
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.
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 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:-
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.
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.
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:-
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:-
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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