Aviva Extra Cover – A Combo Plan

In today’s critical and uncertain times, people are looking for ways to secure the future of their loved ones. They always want 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.

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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 coverage of twelve critical illnesses.

  • The policy offers 100% Sum Assured as a lump sum on the death of the policyholder.

  • The policyholders are treated to a hassle-free online application process, minus any tedious paperwork.

  • Discounts on high sum assured i.e., more than Rs. 10 Lakhs 

  • The premium rates for non-smokers are lower

  • A lump-sum amount is offered if a life assured is diagnosed with the illnesses mentioned in the policy documents.

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 if the policyholder is diagnosed with any of twelve critical illnesses covered under the policy. The policyholder can claim 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.

*Tax benefit is subject to changes in tax laws.

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 received by Policyholder Sum Assured received by the nominee
30 yrs 30 yrs 8279 2854 1 crore 10 lakhs Rs. 10 lakhs Rs. 1 crore

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Policy Details

  • Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all due premium amounts. 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.

  • Freelook 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 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: 

    • Alcohol or drug abuse

    • Failure to follow medical advice

    • Racing of any kind, except swimming or athletics

    • War, rebellions, or riots

    • Radioactive contamination due to a nuclear accident

    • Any mental or functional disorder

    • Participation in hazardous sports or past times, like mountaineering, etc

    • 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.

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