When premiums are not paid within grace period

If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately. The policy will not acquire any surrender or paid up value.

Reinstatement of a lapsed Policy

If your policy lapses anytime during the term, it can be reinstated within two years from the date of first unpaid premium. To reinstate your policy you will have to provide proof of continued insurability as the Company deems suitable and pay revival fee along with all due premiums. The revival fee is  Rs.  250 which is reviewable subject to IRDA’s approval.

Terms and Conditions

Taxes including but not limited to Goods & Services Tax, Cesses as applicable shall also be levied as notified by the Government from time to time. Tax laws are subject to change.

Cost of medical examination: At the time of purchase of the policy, the cost of medical examination and special tests, if any, will be borne by the Company.  At the time of revival of a lapsed policy, the cost of medical examination and special tests, if any, will be borne by you.   

Exclusion

In case of death of life insured due to suicide within 12 months:

a) From the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid excluding any payment for taxes and extra premiums, provided the policy is in force or

b) From the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to an amount which is higher of 80% of the premiums paid excluding any payment for taxes and extra premiums or the Surrender Value as available on the date death. 

Nomination & Assignment

Nomination, in accordance with Section 39 of Insurance Act, 1938, is permitted under this policy. Assignment, in accordance with Section 38 of Insurance Act, 1938, is permitted under this policy.

Freelook Period

You have a right to review the Policy Terms and conditions within 30 days from the date of receipt of the policy document. If you cancel the policy during this freelook period, the company will refund the premium paid after deducting proportionate risk premium and expenses incurred on medicals and stamp duty.

Disclaimers

Aviva Life Insurance Company India Limited. Advertisement Number: 2091 | UIN No.: 122N093V02

Section 41

In accordance with Section 41 of the Insurance Act, 1938, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:

Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees”.

Section 45

In accordance with Section 45 of the Insurance Act, 1938, “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”

Process to Buy

• This product is available to Resident Indians only.

• All quotes are in Indian Rupees (INR) and are accepted only in INR.

• Premium rates are subject to reduction or increase basis your Profile and health status.

• If a cancellation is requested before the issuance of the policy, the Company shall refund the application money after deduction of the expenses incurred on medical examination, if applicable.

• If a cancellation is requested post the issuance of the policy, the Company shall refund the premium amount after deduction of the expenses incurred on medical examination and/or stamp duty, as applicable.

• Documents required for policy processing include

• Photo Identity Proof (copy of your PAN Card, Passport or Driving License)

• Income Proof (copy of last 3 months salary slip, copy of latest ITR or Form 16)
  
  These document images can be e-mailed or uploaded on our website for faster processing.

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