Aviva Income Suraksha

Life Insurance products are useful for financial planning in the present day. There are insurance products of different flavours designed to cater to every taste in harmony with their life goals and aspirations. Aviva Income Suraksha is a Non-Linked and Non-Participating savings oriented life insurance policy, which has introduced a unique regime of monthly payouts and guaranteed returns to assist the policyholder financially for a defined term. This plan benefits both the policyholder and the family. The regular monthly payout derived from Aviva Income Suraksha continues unabated to the family in the event of the policyholder's untimely demise during the currency of the policy term. 

Aviva Income Suraksha Plan Details:

Parameters Particulars
Policy Tenure Policy Payment Term of 10 years plus deferment period of 0,3 and 5 years:
  • Minimum: 10 years
  • Maximum: 15 years
Policy Payment Term of 12 years plus deferment period of 0,3 and 5 years:
  • Minimum: 12 years
  • Maximum: 17 years
Premium Paying Term  Regular Premium only for 10 or 12 years
Premium Paying Mode Annual or Monthly Premium (Only ECS and Direct Debit)
Entry Age  Minimum: 18 years at last birthday Maximum: 48 years at last birthday
Maturity Age  Minimum: 28 years Maximum: 65 years
Grace Period  15 days for Monthly and 30 days for all others from the premium due date
Sum Assured  Minimum: 
  • For entry age  from 18 to 40 years: Rs.6.84 L
  • For entry age  from 41 to 48 years: Rs.11.40 L
Maximum: 
  • No limit as per insurer’s underwriting policy
Liquidity No Loan facility is available under the Plan

Benefits of Aviva Income Suraksha Policy

Aviva Income Suraksha Policy offered by Aviva Life Insurance offers the following benefits to its buyers:

  • Death Benefit: The sum assured is paid in regular monthly installments during the payout period, which is equal to the Premium Payment Term (PPT). However, it is subject to demise during the policy term, and there is no premium outstanding. 
  • Maturity Benefit: In the event of survival of the policyholder, the maturity sum assured will be paid in regular monthly installments for the defined payout period, which is based on Premium Payment Term. Thus, the Payout period will be 10 years for 10 years PPT and 12 years for 12 years PPT. In addition, the surviving policyholder will receive Guaranteed Terminal Benefit determined on "Annualized Premium." 
  • Life Stage Alignment Benefit: The policyholder has the flexibility to align income in harmony with life stage needs. 
  • Surrender Benefit: Aviva Income Suraksha Policy can be surrendered anytime, provided at least 2 annualized premiums have been paid so that it has acquired a surrender value. 
  • Tax Benefit: The provisions of the Income Tax Act, 1961 allow an exemption to Premium paid as well as Benefit receipts in a financial year under applicable Sections 80C and 10(10D), respectively. 

*Tax benefit is subject to changes in tax laws

The Premium for Aviva Income Suraksha:

As enunciated earlier, the premium payment frequency applicable to Aviva Income Suraksha premium is either annual or monthly. 

Minimum Premium for Entry Age 18 to 40 years:

  • Annual Frequency: Rs.36000
  • Monthly frequency: Rs.3000

Minimum Premium for Entry Age 41 to 48 years:

  • Annual Frequency: Rs.60000
  • Monthly frequency: Rs.5000

*Standard T&C Apply

Additional Riders for Aviva Income Suraksha:

There is no provision for Add-on Riders in the Aviva Income Suraksha Policy. 

  1. Eligibility for Aviva Income Suraksha Policy:

    Since the operating principle of Aviva Income Suraksha is different from other investment-oriented life insurance products, the eligibility norms are also aligned with Premium Payment Term and the linked deferment periods. 

    Entry Age: 

    • Minimum: 18 years at last birthday
    • Maximum: 48 years at last birthday

    Maturity Age: Since the Policy, the term is determined by adding the deferment periods of 0, 3, and 5 years to the 10 or 12 years PPT, the tenure is in the range from 10 to 17 years. 

    • Minimum: 28 years at last birthday
    • Maximum: 65 years at last birthday

What are the documents required to buy this policy?

Copies of Official Valid Documents (OVD), which are required for purchase of Aviva Income Suraksha Policy, are listed below:

  • Identity Proof
  • Age Proof
  • Address Proof
  • Income Proof
  • Bank Account details
  • Recent Photograph

How to buy this plan online?

The method to buy   Aviva Income Suraksha is offline as there is no provision for online purchases. Though online Aviva Income Suraksha is not provided for, one can use the portal's tools to get an idea of the premium through the Aviva Income Suraksha calculator at the portal. Additionally, the policyholder may seek assistance by requesting a visit by an Advisor. The important steps involved are filling up the proposal form with Premium Payment Term and accompanying Deferment Period and preferred Premium Payment Frequency. By paying the premium, the purchase process is completed. 

Exclusions of Aviva Income Suraksha:

In accordance with Aviva Income Suraksha Reviews,  the exclusion for death due to suicide within the first 12 months of risk inception entails payment of 80% of the paid premium or the surrender value, whichever is higher, as on the date of death. Exclusions also apply to various forms of unnatural death, details of which can be ascertained from the policy document. 

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