Aviva Signature 3D Term Plan - Platinum

Let us take a look at the various features and benefits of this plan, to get a better understanding.

Key Features of Aviva Signature 3D Term Plan - Platinum

Here are the key features of this Aviva Signature 3D Term plan - Platinum:

• Secure the financial protection for your family in your absence.

• Receive the premium holiday feature to take a break from paying premiums during financial emergencies.

• You can choose from a flat sum assured or reducing sum assured.

• This term insurance plan offers life coverage up to 80 years of age.

• Enhance the base cover of the policy with optional riders at nominal premiums.

• Female and non-smoking consumers can receive special premium rates.

• You can buy the policy under the MWP Act, to ensure that the payout is received by your family in your absence.

Plan Options Available Under Aviva Signature 3D Term Plan - Platinum

Following are the two plan varients available under this Aviva Term insurance plan:

Aviva Life Protect

• This option offers a consistant life cover throughout the policy term.

• In case of the death of the life assured, the base sum assured will be payable and the policy will terminate.

• No benefit will be payable in case the policyholder outlives the policy term.

Aviva Credit Protect

• The option offers financial help in case of any remaining loan repayment to the family of the life assured, in case of the policyholder’s untimely demise.

• This is a decreasing term insurance plan, where the death benefit reduces over the policy term.

• With this plan, you can choose the base sum assured and the policy term that is aligned with the loan borrowed.

• The sum at risk schedule will be prepared on the base sum assured and policy term.

• The sum at risk schedule will show the death benefit for each policy year and will be based on an equated yearly repayment at a fixed effective rate of 11% p.a. irrespective of the loan repayment.

• At the beginning of this credit life insurance policy, the death benefit will be equal to the base sum assured, and each year the death benefit will be as per the sum at risk schedule. Therefore, the death benefit as per the policy schedule might be higher or lower than the outstanding loan.

• On the death of the life assured, the sum at risk as per the policy schedule will be payable and the policy terminates.

• No benefit is payable in case the policyholder outlives the policy term.

Rider Benefits Available with Aviva Signature 3D Term Plan - Platinum

These term insurance riders are available only with the Life Protect option, no rider benefits are offered with the Aviva Credit Protect option.

• Aviva Accidental Casualty
  (Rider Sum Assured: Min 5 Lacs and Max 50 Lacs)

• Aviva New Critical Illness - Only lumpsum option
  (Rider Sum Assured: Min 1 Lac and Max 20 Lacs)

• Aviva Cancer Cardio Rider
  (Rider Sum Assured: min 1 Lac and MAx 20 Lacs)
  The new critical illness and cancer cardio riders cannot be taken together.

Eligibility Conditions for the Aviva Life

Policy Details of Aviva Signature 3D Term Plan - Platinum

Smart Exit Value: The option is only available under the ‘Life Protect’ Variant, and under this, the policyholder can exit the policy early and receive the ‘Smart Exit Value’ equal to the total premiums paid. The total premiums paid will not include any of the extra premiums and rider/add-on premiums.

• The benefit is not available in the last 5 policy years.

• For a limited pay policy, the benefit can only be availed after the policyholder has turned 60 years old till 64 years of age.

• For the regular policy, the benefit can be availed after turning 60 but before turning 61 years of age.

Premium Holiday Benefit: The option is only available under the ‘Life Protect’ Variant and under this option, the policyholder can choose to defer or delay the premium payments by 12 months. To use this benefit, the policy should have completed at least 5 years since purchase. On the completion of this period, the policyholder needs to pay the past unpaid premiums along with the due premiums at that time.

Free Look Period: The policy has a free look period of 30 days from the receipt of policy documents, to review the terms and conditions of the policy. In case you disagree with the policy details or the T&Cs, you can cancel the policy and state your reason for rejection.

Grace Period: The grace period offered under the policy will be 15 days for monthly payments and 30 days for all other modes of payment.

Non-payment of Premium: In case of non-payment of premiums for regular/limited pay policy before the end of the grace period, the policy will lapse. In such cases, the policyholder will receive the ‘Exit Value’ benefit amount as per the following formula:

• Life Protect - Limited pay Policy
  60% x (total premiums paid till exit date x remaining policy term in months as on date of exit) / (origional policy term in months)

• Life Protect - Regular Premium
  No benefit payable

• Credit Protect - Limited Pay Policy
  60% x (total premiums paid till exit date x remaining policy term in months as on date of exit) / (origional policy term in months) x (sum at risk in policy year of exit) / base sum assured

• Credit Protect - Single Premium
  80% x {Total Premiums Paid# till date of Exit x Outstanding Policy duration in complete months as on date of Exit Original Policy Term (In months)} × (Sum at Risk* in the Policy Year of Exit Base Sum Assured)

• Credit Protect - Regular Premium
  No benefit payable
  On the payment of the ‘Exit Value’, the policy will expire, and there will be no Exit value for regular pay policies.

Revival Charges: A lapsed or paid-up policy can be revived during the policy term within 5 years from the date of the first unpaid premium. The policyholder will need to submit the proof of continued insurability, make all the unpaid premium payments, and pay the applicable interest. However, a policy once surrendered cannot be revived.

Suicide Exclusion

On the death of the policyholder due to suicide within 12 months from buying the policy, 80% of the premiums paid will be returned to the nominee or any surrender value as of on the date of death, whichever is higher.