Aviva i-Life total is a pure term plan meant for financial protection of the family members in case of an unfortunate demise of the bread winner i.e. policy holder of the family. The plan can be purchased online without the hassle of paper work and agent intervention. A high sum assured can be availed in the plan for a reasonably priced premium.
Aviva i-Life Total Term plan has inbuilt terminal illness and return of premium variations.
Aviva i-Life Total Term plan is a comprehensive online term plan. The plan has good variations to suit individual requirements of the policy holder. Inbuilt terminal illness, accidental benefit cover, the return of the premium and monthly income variations are available in this plan. Apart from this, the plans can be further enhanced by including additional riders for extra premium and coverage.
Death Benefit: Lump sum, monthly income, double sum assured are variations available as death benefit in this plan.
Terminal Illness Benefit: Protect variation of this plan has inbuilt terminal illness benefit.
Benefits on Accidental & Total Permanent Disability: Critical illness and disability rider can be added to the term plan to avail this benefit.
Critical Illness: Additional rider option to cover critical illness is available for extra premium.
Accidental Death Benefit: Opting for Protect Plus an additional 100% of sum assured is paid to the nominee.
Maturity Benefit: Protect assured variant of the term plan pays back 120% of the premiums paid on maturity of the plan.
Life Stage Protection: Allows for one time increase of sum assured up to a maximum of Rs. 25 Lakhs within 6 months of the specified event.
| Protect | Protect Plus | Protect Assured | Protect Income | |
|---|---|---|---|---|
| Entry age | Minimum - 18 Years Maximum – 65 years | Minimum - 18 Years Maximum – 65 years | Minimum - 18 Years Maximum – 60 years | Minimum - 18 Years Maximum – 65 years |
| Policy Term Age | 10 Min & 57 Max | 10 Min & 57 Max | 15 Min & 30 Max | 10 Min & 57 Max |
| Maturity Age | 75 years without rider and 70 years with rider | 75 years without rider and 70 years with rider | 75 years without rider and 70 years with rider | 75 years without rider and 70 years with rider |
| Premium Payment Mode | Equal to policy term | Equal to policy term | Equal to policy term | Equal to policy term |
| Premium Payment Frequency | Monthly, quarterly, half yearly and yearly | Monthly, quarterly, half yearly and yearly | Monthly, quarterly, half yearly and yearly | Monthly, quarterly, half yearly and yearly |
| Minimum Basic Sum Assured | 50 lakhs | 50 lakhs | 50 lakhs | 50 lakhs |
| Minimum Basic Premium | Rs. 3525/- | Rs. 3525/- | Rs. 3525/- | Rs. 3525/- |
Four variants are offered to customize term plan with choice of cover.
Protect: Death cover with inbuilt terminal illness benefit. In case of terminal illness an immediate payout is made to the sum assured. The payout is 50% of the sum assured, maximum of 1 crore per life and the balance is payable on death. All the future premiums are waived off after the claim is paid for terminal illness.
Protect Plus: This plan provides life cover with additional benefit of accidental death. In case of an accidental death, the sum assured gets doubled. In case of non-accidental death the normal sum assured is paid to the nominee.
Protect Assured: The plans offer death cover as well as maturity benefit on survival of the term. Sum assured is payable on death of the life insured. On Survival 120% of the sum of all the premiums is paid to the life insured.
Protect Income: This variant provides regular monthly income to the nominee on death of the life insured. To cover the annual inflation the monthly income amount increases by 5% every year. The regular monthly income amount will not increase more than 3 times of the original regular monthly income amount selected at inception.
The plan offers two riders to further enhance the term plan. The rider can be attached to the base plan for extra premium and coverage.
1. Aviva Critical Illness and disability rider
This rider covers 16 critical illness and permanent total disability due to illness or accident. This rider can be attached at inception only. The rider sum assured is payable on contracting any of the 16 critical illness or permanent total disability due to illness or accident. The rider premium will be subject to review every 5 years.
2. Option to increase life cover
This rider gives option of one time increase of the policy sum assured on specified events for higher level of protection. This rider is available only for Protect and Protect Plus variants. The option is allowed within 6 months of marriage/child birth or house loan. The option can be availed only once during the policy term except during the last 10 years of the policy. Increase in sum assured is allowed to the maximum sum of 25 lakhs only. The increase does not require any medical examination but the insured should be less than 50 years of age. The sum assured cannot be reduced during the policy term.
Specific Exclusions
Surrender Value : There is no surrender value under protect and protect plus. Protect assured and protect income have surrender values. Surrender value will be decided from time to time with prior approval from IRDAI.
Grace Period : A grace period of 30 days is allowed for quarterly, half yearly and yearly premium payments. A grace period of 15 days is allowed for monthly payments.
Tax Benefit : Tax benefit is available for premiums paid and benefits received.
Free-look Cancellation: Free-look up period of 15 days if purchased online and 30 days if brought through distance marketing.
Lapsed Policy Reinstatement : A lapse policy can be renewed within 2 years from the date of unpaid premium.
Exclusion for in-built terminal illness benefit under “Protect” Option
The life insured will not be entitled to any of the benefits if death is caused directly or indirectly due to any of the following.
Exclusion for inbuilt accidental death benefit under “Protect Plus” Option
The life insured will not be entitled to any accidental death benefit due to any of the following:
Aviva i-Life Total is comprehensive term plan with very good variants for choice of cover. Useful additions of inbuilt terminal illness and accidental cover have been included in the plans. Monthly income and increasing cover option give the life insured's family protection against inflation and uncertainties of life. Dabur and Aviva have very old and rich history of business and their expertise shows in its excellent term plan product. It is surely one of the top online term plan available in the market today.
