Term Insurance 8593 views June 20, 2019

Aviva Life Insurance Company has a host of term insurance plans with which you can secure your loved ones financially in your absence. These plans include – Aviva Jana Suraksha, Aviva Lifeshield Advantage and Aviva Saral Jeevan Bima Plan. Let’s talk about these two plans and how they can help your family when you are not around.

Term Insurance

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Different Types of Aviva Term Insurance Plans

Let’s read the two term insurance plans you could get at Aviva to protect your dear ones in case you die during the policy term.

Aviva Jana Suraksha

A low-cost term insurance plan from Aviva Life Insurance that gives your children and other dependents the comprehensive financial cover in your absence. A guaranteed lump sum amount is payable in case you die during the policy term. While the minimum Sum Assured amounts to INR 25,000, the maximum can go upto INR 50,000, subject to board approved underwriting policy.

Anyone within 18-45 years can buy this policy for a term of 5 or 10 years. The policy term is also subject to the maximum age allowed at maturity, which can be 50 or 55 years. You can either pay a single premium or pay throughout the policy term. The company allows premium payments at any of these intervals – Monthly, Quarterly, Half-yearly or Annually. So choose the interval at which you are comfortable paying the premium.

Aviva LifeShield Advantage

This is a comprehensive protection plan for your family if you are not with them. The plan comes with features like Return of Premiums at maturity, which means if you survive till the end of the policy term, you will get back the premium paid to the insurer. It comes with an optional cover for additional protection against Accidental Permanent Total Disability. You should be a minimum and maximum of 18 and 15 years, respectively, when buying this policy. Besides, the tax benefits will be available on both premium payment and maturity payouts under Section 80C and 10 (10D) of the Income Tax Act, 1961.

Aviva Saral Jeevan Bima Plan

This is a standard, pure term insurance plan that helps secure your dear ones financially in your absence. The plan comes with the following benefits –

Death Benefit – As pointed out above, the plan secures your dependents financially upon your death during the policy term. But how much does this plan pay your dependents? Well, the payment will depend on the type of premium payment you opt for – Regular, Limited and Single.

Regular premium payment will have same policy term and premium payment term. Whereas, in a limited premium payment mode, the premium payment term will be less than the policy term. So, if the policy term is 15 years and the premium payment term is 10 years, you will need to pay the premium for 10 years only but the policy will continue till 15 years. So if you die after 12 but before 20 years of the policy, your dependents will receive the lump sum amount.

A single premium policy means you need to pay the premium only once during the entire policy term.

So, in case of regular and limited premium payment policy, the death benefit will be the higher of the following two –

  • Death Sum Assured
  • 105% of the total premiums paid

In case of  a single premium plan, the higher of

  • Death Sum Assured
  • 125% of the total premiums paid

will be handed to your dependents.

Tax Benefits – Tax benefits apply to the premiums payable under the plan under Section 80C and 10(10D) of the Income Tax Act.

Policy Term for Aviva Saral Jeevan Bima Plan

The policy term depends on the type of premium payment mode you choose. A single premium plan will have a minimum and maximum policy term of 5 and 40 years, respectively. Whereas a limited premium plan will have a minimum policy term of 10 or 15 years. Here, you will have a premium payment term of either 5 or 10 years. In case of a regular premium plan, the minimum and maximum policy term will be 5 and 40 years, respectively.

How to Pay the Premium for Aviva Life Term Insurance Plans?

You can pay the premium for Aviva Term Insurance plans online or offline. If you wish to pay online, visit the official website of Aviva Life and do the following –

  • Click on ‘Customer Service’
  • A list of icons including Pay Premium will appear on the page
  • Click on it and get redirected to page wherein you need to enter your policy number and date of birth before pressing the ‘Submit’ button.
  • You need to select from the payment options – Net Banking, Debit Card, Credit Card, Wallets
  • Choose the option you want and pay.

This method is for the ones who have created an online account for premium payment and other services with Aviva Life. In case you have not, you can create the same by clicking on ‘Login’ placed adjacent to ‘Submit’ button we uttered above. Mention your email ID or mobile number and click on New User? Register. Thereafter, you will need to mention your name, policy number and a few other details to create an account.

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