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Aviva Smart Return of Premium Term Plan

Aviva Smart Return of Premium Term Plan is a term insurance policy with a return-of-premium feature. On the death of the policyholder, the plan pays out the death benefit to the nominees, and in case a policyholder survives till the end of the policy term, the plan refunds the total premiums paid.

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Aviva Smart Return of Premium Term Plan- An Overview

Aviva Smart Return of Premium is a non-linked, non-participating term insurance plan offered by Aviva Life Insurance. The plan offers the combined benefits of protection and return of premiums. In the unfortunate event of the death of the policyholder during the policy term, the death benefit is paid to the nominee, and the policy will terminate. If the policyholder survives till the end of the policy term, 100% of the premium paid, minus extra premiums, rider premiums and taxes, is paid as a maturity benefit.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What are Key Features of the Aviva Smart Return of Premium Term Plan?

Below mentioned are the key features of this term insurance plan:

This term life insurance plan provides financial protection to the family
On survival till the end of the policy term, total premiums paid are refunded
Option to enhance protection with riders
Flexibility to choose a policy term according to your needs
Option to buy the policy under Married Women's Property Act (MWPA)

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Eligibility Criteria of Aviva Smart Return of Premium Term Plan

Parameters	Minimum	Maximum
Entry Age	18 years	60 years
Maturity Age	28 years	75 years
Policy Term	10 years	30 years
Sum Assured	Rs. 5,00,000 (in multiples of Rs. 50,000)	Rs. 50,00,000 (in multiples of Rs. 50,000) per life, subject to underwriting
Premium payment modes	Yearly / Half-yearly / Quarterly / Monthly

What are the Benefits of Aviva Smart Return of Premium Term Plan?

Death Benefit

If the life insured dies during the policy term, the nominee receives the death sum assured as a lump sum, provided all premiums due till the date of death have been paid. The policy ends after this payment. The death benefit paid will be the highest of

Death Sum Assured
7 times the Annualised Premium
105% of the total premiums paid till the date of death.

Maturity Benefit

If the life insured survives till the maturity date, the total premiums paid are returned to the policyholder as a lump sum. This excludes the amount paid for extra premiums, taxes and rider premiums

Flexibility to Change Premium Payment Frequency

The policyholder can change the premium payment mode (yearly, half-yearly, quarterly or monthly), but only on a policy anniversary.

Extra Protection with Riders

Aviva Smart Return of Premium term insurance plan allows policyholders to enhance their protection by adding riders. The plan offers Aviva Accidental Casualty Non-Linked Rider and Aviva New Critical Illness Non-Linked Rider to protect the policyholder and their family from uncertainties of life.

What are the Policy Details of Aviva Smart Return of Premium Term Plan?

Grace Period
The Aviva Smart Return of Premium Term Plan offers a 30-day grace period for yearly, half-yearly and quarterly premium payment modes. For the monthly mode, the grace period is 15 days. During the grace period, the life cover stays active, even if something happens to you. Your family will be protected.
Reduced Paid-up Benefit
If the premiums for the first policy year are not paid before the grace period ends, the policy lapses without any benefit. It can be revived within five years from the date of the first unpaid premium; otherwise it terminates at the end of this period with no payout.
If all premiums for the first policy year have been paid and the first policy year is complete, the policy does not lapse when a later premium is missed. Instead, it becomes a paid-up policy with reduced benefits:
Loan Against Policy
You can take a loan of up to 80% of the surrender value. The interest rate is the average 10-year benchmark G-Sec yield over the last six months plus 2%, currently 8.72% p.a., compounding yearly. The rate is reviewed every 31 March and any change applies from 1 April. Any outstanding loan and interest will be deducted before benefits are paid.
Free-look Period
The plan comes with a 30-day free-look period from the date you receive the policy document. If you disagree with any of the terms and conditions, you can return the policy for cancellation, stating your reasons. You will receive a refund of the premium paid after deducting the proportionate risk premium, medical examination expenses and stamp duty charges, if any.

How to Buy Aviva Term Plan from Policybazaar?

You can buy Aviva Term Insurance plans easily through Policybazaar. Follow these steps:

Step 1: Visit the Term Insurance Page.

Step 2: Fill in your basic details like name, mobile number, and email ID.

Step 3: Provide information such as smoking status, annual income, occupation, and education level, then click 'View Plans'.

Step 4: Select Aviva Term Plan from the displayed plans list.

Step 5: Enter your full name, email ID, income details, and additional demographic information like city, pincode, and nationality.

Step 6: Choose your preferred plan option, coverage amount, and policy term.

Step 7: Pay the premium online, and your policy issuance process will begin

What are the Exclusions Under Aviva Smart Return of Premium Term Plan?

Suicide Exclusion
If the life insured dies by suicide within 12 months from the date of commencement of risk or the date of revival of the policy, the nominee will receive at least 80% of the total premiums paid till the date of death or the surrender value available, if any, on the date of death, whichever is higher, provided the policy is in force.

There are no other exclusions on the death benefit. Rider benefits are subject to the exclusions of the respective riders.

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FAQs

What is Aviva Smart Return of Premium Term Plan?

Ans: It is a term insurance plan from Aviva Life Insurance that gives your family life cover during the policy term and returns your premiums if you survive till maturity. It combines the core benefit of term insurance with a defined return at the end of the policy term.
What happens if I stop paying premiums for my Aviva Term Insurance?

Ans: In such a case where the policyholder is not able to pay the premium, the company will offer a grace perior of 15/30 days. During this period, your policy will remain active. However, if you are unable to pay your premiums during the grace period, your policy will lapse. If you have paid all premiums for the first policy year, the policy becomes paid-up and continues with reduced death and maturity benefits.
What is the policy term and life cover available?

Ans: You can choose a policy term from 10 to 30 years and life cover from ₹5 lakh to ₹50 lakh.
Can I add riders to Aviva Smart Return of Premium Term Plan?

Ans: Yes. You can increase your protection by adding the available accidental and critical illness riders.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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