Plan Overview

Wealth Planner

Aviva i-Life Total Detail

Plan Overview:

At Aviva Life Insurance, we understand that and give you more than just a basic life insurance. Aviva i-Life Total is a comprehensive life insurance plan with wide range of cover options and choices to give you flexibility to choose. For goals and dreams so close to your heart, we believe your insurance should be closest to how you want it.

  • Comprehensive protection at affordable cost
  • Customize your plan with choice of cover:
  • Protect: Death cover with inbuilt terminal illness benefit
  • Protect Plus: Double the Sum Assured paid out on accidental death 
  • Protect Assured: Sum assured on death or 120% of total premiums paid on survival till maturity 
  • Protect Income: Monthly Income for the family in case of death 
    • Option for additional protection against critical illness and permanent total disability with Aviva Critical Illness & Disability rider- Non Linked Rider
    • Option to increase the amount of cover when responsibilities increase, once during the policy term under option ‘Protect’ and  ‘Protect Plus’

Please note that the Terminal Illness is available only under the “Protect” option.

 

Specification :

Entry Age

Min: 18 years

Max: 65 years for Protect , Protect plus and Protect Income Options 

60 years for Protect Assured Option

Maximum Maturity Age

75 years last birthday (without Aviva Critical Illness and Disability Rider-Non linked Rider)

70 years last birthday (with Aviva Critical Illness & Disability Rider -Non linked Rider)

Premium

Min: Rs. 3525 (excluding discounts, taxes & extra premium, if any)

Max: Depends on the Age, Term, Option & Sum Assured chosen

 

Policy Term (PT) & Premium Payment Term (PPT)

Options

Min Policy Term

Max Policy Term

Premium Payment Term

Protect

10 Years

57 Years

Equal to Policy Term

Protect Plus

10 Years

57 Years

Protect Assured

15 Years

30 years

Protect Income

10 Years

57 Years

Half of the policy term, rounded down to the last integer.

Example: for 15 years policy term, premium payment term of 7.5 yrs will be taken as 7 years

 

 

Sum Assured

Options

Min Sum Assured

Max Sum Assured#

Protect

50 Lacs

No Limit

Protect Assured

50 Lacs

No Limit

Protect Income*

50 Lacs

No Limit

Protect Plus

50 Lacs

Rs. 1,00,00,000 (per life)

#Subject to Board approved underwriting policy

*Sum Assured for Protect Income = Regular Monthly Income (RMI) x 12x Policy Term

 

Premium frequency

Monthly, Quarterly, Half yearly & Yearly

Change of premium payment frequency is allowed at any policy anniversary

 

 

 

 

 

 

 

Easy steps to your plan:

Step 1
Choose the nature of protection required

  • Protect – Life Protection with inbuilt Terminal Illness Benefit
  • Protect Plus – Life Protection + Accidental Death Benefit
  • Protect Income – Income Replacement
  • Protect Assured – Assured Returns of Premiums at Maturity

Step 2
Choose the level of protection (Base Sum Assured) you want

  • Minimum Sum Assured : Rs. 50 lacs
  • Maximum Sum Assured: No limit ( except for Protect Income)

Step 3
Select the Premium frequency

  • Yearly, Half-Yearly, Quarterly & Monthly frequencies

Step 4
Work out the premium payable along with our Financial Planning Advisor

  • Tabular Premium for the opted Base Sum Assured
  • Rebate for Large Sum Assured
  • Apply Modal Factors based on the premium payment frequency
  • Ensure that Premium should at least be equal to minimum premium
  • 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.

 

Benefits:

What are the benefits I will receive?
 Death Benefit:

1: Protect

  • This option provides  life cover along with in-built Terminal Illness benefit
  • Sum Assured is payable on death of the Life Insured
  • In case of terminal illness, an immediate payout is made to Life Insured
  • The payout is 50% of the Sum Assured, subject to maximum of Rs. 1 crore per life.
  • Balance amount of Sum Assured is payable on death of the insured
  • All future premiums are waived after the claim is paid for Terminal Illness

 

2: Protect Plus

  • This option provides life cover with additional coverage for accidental death
  • In case of non-accidental death, 100% Sum Assured  is paid to the nominee
  • In case of death due to an accident, an additional 100% of the Sum Assured is paid to the nominee

 

3: Protect Assured

  • This option provides life cover as well as maturity benefit on survival till maturity
  • Sum Assured is payable on death of the Life Insured
  • On survival of Life Insured till the end of the policy term,  120% of the basic sum of premiums paid (excluding extra premium & taxes, if any) is paid to the Life Insured

 

4: Protect Income

  • This option provides a regular monthly income to the nominee on death of the  Life Insured
  • Policyholder need to opt for a Regular Monthly Income (RMI) amount at inception of the policy that should be paid to the nominee. This amount increases by 5% every year (compounding annually). The maximum RMI Amount payable at any point shall be 3 times of initial RMI amount.
  • The income payout starts from the 1st day of month immediately following death of insured and continues for the outstanding policy term, i.e. till the original maturity date of the policy.

 

Additional Rider & Optional Benefits:

A)Aviva Critical Illness & Disability Rider-Non Linked Rider:

Option to enhance protection by adding Aviva Critical Illness & Disability rider-Non Linked Rider to the base plan, which covers 16 critical illnesses & Permanent Total disability due to illness or accident

  1. Option to Increase Sum Assured:

 

Your financial liabilities increase with increasing responsibilities and hence the need for higher level of protection. This plan allows a one time increase of the policy Sum Assured on specified events:

  • Allowed if you have opted for ‘Protect’ or ‘Protect Plus’ option
  • Allowed within 6 months of Marriage, Child Birth/Legal Adoption or availing a Housing Loan by giving a written notice at least 30 days before the policy anniversary

 

Maturity Benefit:

  • Under Protect Assured option on Survival of the Life Insured till the end of the policy term, maturity benefit of 120% of the total premiums paid excluding extra premium & taxes, if any shall be paid.
  • ‘Protect’, ‘Protect Plus’ & ‘Protect Income’ are pure insurance options. There is no maturity benefit under these three options.

 

Surrender Benefit:

Surrender Value shall accrue only for the ‘Protect Assured’ & “Protect Income” option

  • Policy under ‘Protect Assured’ option can be surrendered anytime after payment of at least three years’ premiums
  • Policy under ‘Protect Income” can be surrendered only after all the due premiums have been paid till the premium payment term.

Tax Benefit:

Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change.