Aviva i-Life Plan

Key Features

• This is a pure protection plan with no fringes attached.
• This policy is available for purchase only over the internet and in select cities.
• The policy helps policyholders secure the future of their loved ones in case of their absence.

Benefits

• In the unfortunate event of the demise of the policyholder, the nominee receives the Sum Assured as the Death Benefit.
• A discount is available on large Sum Assured amounts.
• There is an additional rebate of 5% for female lives.
• Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:

Details About Premium

Policy Details-

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

Policy Termination or Surrender Benefit:. 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. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. 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

• Policyholders can choose to alternate between the two modes of premium payment at any policy anniversary and on payment of an alteration charge of Rs. 100.
• On purchasing the policy, the cost of medical examination is borne by the company. However, on the revival of the policy, the cost of medical examination is borne by the policyholder.
• The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. The policyholder will have to pay all due premiums plus revival fees.

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. The company will refund only 80% of the premiums paid, excluding any payment for taxes and extra premiums. If the person insured commits suicide within one year of the policy reinstatement then the company will refund an amount that is higher of 80% of the premiums paid or the Surrender Value as on the date of demise.

Documents Required

The policyholder has to fill up an online ‘Application form’ with photo identity proof (Aadhar Card, Passport, PAN Card or Driving license) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips.