Aviva i Life Term Insurance Plan
Aviva i Life is a pure protection plan which is available for online purchase without any agent intervention. Pure Term Plans have Death Benefit if the life insured dies within the policy tenure and no Maturity Benefit if he survives the entire term. It is a vanilla term plan with no fringes attached. I life insurance.
Key Features of Aviva i Life Term Plan
It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit.
Exclusively available on the internet for an online purchase and only available in select cities
An additional rebate for female lives of 5% on the tabular premium rates for male lives
There is a rebate for large Sum Assured
Term policy quote
Benefits you get from Aviva i Life Term Plan
Death Benefit – In case of death of the life insured, the nominee gets the sum assured
Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Aviva i Life Term Plan
Sample illustration of premium amount in iLife Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of iLife Term Plan
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.
You want a loan against your policy – Loan facility is also not available under this policy.