Aviva Extra Cover – A Combo Plan

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Introduction/Overview

In today’s uncertain day and age, people are looking for ways to secure the futures of their loves ones. They seek to make sure that no matter what happens to them, their families remain secured. At the same time, increasingly high-pressure environments at work pose serious health challenges that can turn into critical illnesses. To meet the demands for both these situations, Aviva Life Insurance has started a combo plan called Aviva Extra Cover that provides comprehensive life insurance protection and pays a lump sum amount on the diagnosis of twelve critical illnesses.

Key Features

  • The policy offers the coverage of twelve critical illnesses.
  • The policy offers 100% Sum Assured as a lump sum on death of the policyholder.
  • The policyholders are treated to a hassle-free online application process, minus any tedious paperwork.

Benefits

  • In the unfortunate event of the demise of the person insured, the nominee receives the Sum Assured as the Death Benefit.
  • This policy provides a Critical Illness Benefit in which the Sum Assured is paid in case the policyholder is diagnosed with any of twelve critical illnesses covered under the policy. The policyholder can make a claim at the first diagnosis, provided the diagnosis was made ninety days after the start of reinstatement of the policy. The Sum Assured is payable on the condition that the life insured survives for at least thirty days after the diagnosis.
  • A discount is available on large Sum Assured amounts.
  • The policy provides low premium rates for those customers who are non-smokers.
  • Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

18 years

55 years

Maturity Age (Last Birthday) of the Life Assured

-

70 years for term insurance

65 years for critical illness cover

Policy Term (PT) in years

10 years

35 years for term insurance

30 years for critical illness cover

Premium Paying Term (PPT) in years

Equal to Policy Term

Premium Paying Frequency

Half-yearly

Yearly

Sum Assured

Rs. 25 lakhs for term insurance

Rs. 5 lakhs for critical illness cover

No limit for term insurance

Rs. 50 lakhs for critical illness cover

 

Details About Premium

Aviva Extra Cover - Combo Plan

Age

Policy term

Premium

Sum assured

Diagnosis of illness in 11th policy year

Death in 11th policy year

Term insurance

Critical Illness

Term insurance

Critical Illness

Sum Assured rcvd by Policyholder

Sum Assured rcvd by nominee

30 yrs

30 yrs

8279

2854

1 crore

10 lakhs

Rs. 10 lakhs

Rs. 1 crore

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. If premiums are not paid within the Grace Period, the policy will lapse.

Policy Termination or Surrender Benefit: The policy does not acquire Surrender Value. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit.

Free look period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Additional Features or Riders

  • The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of one year from the date of the first unpaid premium. The revival of the policy is subject to a charge of Rs. 250.

Exclusions

  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only 80% of the premiums paid.
  • Benefits will not be paid if the critical illness is caused by any of the following reasons:
  1. Alcohol or drug abuse
  2. Failure to follow medical advice
  3. Racing of any kind, except swimming or athletics
  4. War, rebellions or riots
  5. Radioactive contamination due to a nuclear accident
  6. Any mental or functional disorder
  7. Participation in hazardous sports or past times, like mountaineering, etc
  8. Any condition or injury for which the Life Insured received medical advice or treatment within 48 months before the start or reinstatement of the policy.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof (Aadhar Card, Passport, PAN Card or Driving license), bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.