For those looking for a pure protection plan that can be purchased online, Aviva i-Life Term Plan is the best bet. As the name suggests, Aviva online insurance plan can be purchased directly from the net. Available in some cities only, Aviva online insurance plan is a pure term plan with only death benefit. Even though it does not offer any maturity benefit, many people however, still choose this online term insurance plan as the policy holder can insure his life and secure his family in case of a sudden death by just paying a small premium.
A Schematic View of Aviva i-Life Term Plan Details
|Minimum Threshold||Maximum Limit|
|(a) Assured Sum||25 Lakh||Limitless|
|(b) Term Period||1o years||35 years|
|(c) Premium Payment Term||1o years||35 years|
|(d) Age of Policy Holder during Buying of the Policy||18 years||55 years|
|(e) Age of Policy Holder during Maturity of the Policy||–||70 years|
Features Available in Aviva i-Life Term Plan
The Aviva i-Life Term plan is specifically targeted to those customers who are well versed with the net as one can get this plan by simply applying for the same through internet. The other attractive features are:
- Complete term plan with full death benefit to the nominee on the death of the policy holder
- No maturity benefit in case the life assured lives through the policy term.
- Extra discount of 5 percent provided to women.
- Premium is affordable with exclusive discounts in case the sum assured is high. The rates for premium depend on the amount of sum assured.
- Premium payment frequency is yearly or half yearly
- No reduced life coverage in case of non-payment of the premium. The policy can however be reinstated within 2 years after payment of premium and interest accrued during the period of non-payment
- No riders are available with Aviva online term plan
- No surrender benefits or paid-up value for Aviva i-Term plan
Benefits Aviva Online Term Plan
Aviva i-Life Term Plan is a guaranteed financial cover for the loved ones of your family in case of death of the policy holder. Apart from being a pure term plan, there are other benefits as well, such as:
- The premium is affordable and less compared to other similar ones in the market.
- Online interactions have reduced implementation cost compared to agent-induced term plans. The Aviva i-insurance plan is also well managed as the entire setup is automated.
- Medical or special tests conducted prior to the purchase of the Aviva online term plan would be borne by Aviva itself.
- It is possible to reinstate a policy if not paid within a grace period. No paid up value is required as well in case of surrender of the policy.
- Premiums paid up to Rs. 1 lakh is subjected to tax concessions as per Indian tax laws
- Rebates allowed for high sum assured and further 5 percent rebate is provided to women
- The Aviva online term plan offers a “free look period” which allows the policy holder to cancel the policy in case he or she is not satisfied.
True, many say that the term plan does not provide any maturity benefit. However, expert reviews suggest that Aviva i-Life term insurance plan is novel and a hassle-free way to keep your loved one secured through affordable premiums.