Sunday, 9 October 2011

Aviva i Life, aviva term life insurance plan

Aviva i Life is a term life insurance plan from Aviva India, one of the life insurance providers in India. Aviva i Life is a pure online term life insurance plan which gives the sum assured to the nominees as the death benefit of the insured. But if the insured alive till the maturity, no any amount will be received. Aviva i Life is one of the cheapest term life insurance plan in its kind.


As an online term life insurance plan you can save the agent commission also from the premium. So it becomes cheaper. This is one of the best term life insurance plans those who wish to insure with a high sum assured. The higher the sum assured the premium will be comparatively low.

Benefits of Aviva i Life policy.  As it is a pure term life insurance the sum assured will be given to the nominee at the death of the insured. As we mentioned above there is no any maturity value for the policy, as it is a pure protection plan. The insured can avail tax exemption under section 80C of the present income tax rule for the premium paid for the concerned financial year.

Features of the Aviva i Life policy

Sum Assured. Minimum sum assured is Rs. 25, 00,000 and there is no maximum limit of sum assured for the policy.

Age of Entry. The minimum age of entry of the online term insurance policy is 18 years and the maximum entry age is 55 years.

Age of Maturity. Maximum age of maturity of the term plan is 70 years

Term of policy. The Minimum term of Aviva life insurance policy is 10 years and maximum 35 years and the premium paying term is same as the term of policy.

Premium payment plan. Premium can be paid by half yearly or yearly and the premium payment plan can be switch over in policy anniversaries with the payment of a nominal alteration charge. The present alteration charge is Rs. 100.

Rebate on premium. It is according to the amount of sum assured. The premium will be comparatively less than small sum assured such as below 50 lack, below 1 crore etc. There is 5% rebate of premium of the term policy for females.

Other details

Only resident Indians can apply for the Aviva i Life policy. Premium may be varied as per the profile and health status of the person insured. You can apply online from the Aviva India’s website and the documents such as Photo identity, Pan Card; income proof etc can be uploaded for the speedy processing.

If you stop paying premium, all benefits will be stopped after the grace period of the premium. But you can renew the policy within 2 years of stopping the premium by paying the premiums due and interest thereof. There is neither any surrender value nor any loan is available against the premium.

Premium for Aviva i Life online term life insurance

The following table shows the annual premium payable for Aviva i Life online term life insurance calculated as per the Aviva India’s Aviva i Life term insurance premium calculator.

The premium calculated for non smoking male as follows (Premium may be changed as per the profile and health status of the insured)

Annual Premium for 20 years of Age (Date of Birth 01st April, 1991)

Term of                             Sum Assured in Lakhs

Policy                         25           50          100           200

Annual Premium in Rs.

10 yrs                      2966        3847        6675        13351

20 yrs                      2968        3853        6686        13373

30 yrs                      2971        3858        6697        13395

For 30 years of Age (Date of Birth 01st April, 1981)

30 yrs                      3565        4550        8127        16254

For 40 years of Age (Date of Birth 01st April, 1971)

30 yrs                      6855        8397        15813      31625

The above table shows that if a person join the policy at an young age, the premium payable will be very less and it will be increasing when the entry age becoming high.

Aviva i Life online term life insurance is more suitable for young professionals and we recommend to join any pure term life insurance at an young age and for the maximum term and make secure the life of your beloved ones.

Related posts

Online term life insurance is cheapest insurance
Life insurance, secure your family financially
Life Insurance – How much should I Insure

6 comments :

  1. Nice article.
    Aviva i-Life is one of the best term plan currently available in India.

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