Aviva Saral Jeevan Bima Plan

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Aviva Saral Jeevan Bima Plan

Amidst the chaos of daily life, you shouldn’t have to struggle to find the right life insurance. Aviva Saral Jeevan Bima Plan is a term life insurance plan that is simple to understand and easy to avail.
UIN: 122135V01

Why should you buy the Aviva Saral Jeevan Bima Plan

Aviva Saral Jeevan Bima Plan is a standard, pure term insurance plan which provides financial security for your loved ones.
Simply decide on these 4 key factors for buying this term insurance plan:

  • How much Life Cover do you want?
    Sum Assured can be from 5 lacs up to 25 lacs

  • How long do you wish to pay premiums for?
    Pay term can be single pay, limited pay of 5 or 10 years or regular pay equal to the policy term

  • For how long do you want to stay protected under this term policy?
    The policy term can be from 5 years to 40 years

  • How often do you want to pay premiums?
    Payment frequency can be Monthly, Yearly or Half-yearly

Benefits of Aviva Saral Jeevan Bima Plan

  • Death Benefit: In case of the policyholder’s demise during the policy term, the nominee receives the highest payout of the following, provided all due premiums are paid:
    For regular premium or limited premium payment policy:
    Death sum assured
    105% of the Total Premiums Paid
    For single premium policy:
    Death sum assured
    125% of the Total Premiums Paid
    There will be a waiting period of 45 days from the date of commencement of risk. This Policy will cover death due to accident only during the waiting period.

  • Revival of lapsed policies: A lapsed policy can be revived within five years from the date of the first unpaid instalment of regular/limited premium.

  • Tax Benefits: The premiums you pay towards Aviva Saral Jeevan Bima are eligible for tax benefits under section 80C and 10(10)D.

    *Tax benefits are as per existing tax laws and are subject to change accordingly

Plans options

Pay Single Premium

  • PPT: One time

  • Minimum Policy Term: 5 years

  • Maximum Policy Term: 40 years

Pay Limited Premium

  • PPT: 5 years or 10 years

  • Minimum Policy Term: 10 years or 15 years

  • Maximum Policy Term: 40 years

Pay Regular Premium

  • PPT: Equal to Policy Term

  • Minimum Policy Term: 5 years

  • Maximum Policy Term: 40 years

Eligibility

Frequently Asked Questions

What is the Aviva Saral Jeevan Bima Plan?

Aviva Saral Jeevan Bima Plan is a standard, individual term life insurance policy that offers a minimum sum assured and maximum sum assured of Rs 5 lakhs and up to Rs 25 lakhs respectively, for a policy term of 5 - 40 years. It is a simple term plan that secures your family in the unforeseen event of your death.

What are the eligibility criteria of the Aviva Saral Jeevan Bima Plan?

The Aviva Saral Jeevan Bima Plan is available for individuals from the age of 18 years. The maximum age to enrol for this term insurance plan is 65 years. The maximum maturity age is 70 years. What are the available premium payment term options for this term policy? The available premium payment term options are:

  • One time for Single Premium
  • 5 or 10 years for Limited Pay Mode and
  • Equal to the policy term for Regular Premium Payment

What happens if I stop paying my premiums?

  • For non-payment of premium by the due date, a grace period of 15 days from the due date of the first unpaid premium for monthly Premium payment mode and 30 days from the due date of the first unpaid premium for yearly or half-yearly premium payment modes will be offered to pay the due premiums, during which your coverage will continue.
  • In case of death during the grace period the due unpaid premium shall be deducted from the Death Benefit.
  • For Regular Premium and Limited Premium payment policies, if the premium has not been paid in respect of this policy and any subsequent premium not duly paid, all the benefits shall stop after the expiry of grace period from the date of the first unpaid premium and nothing shall be payable, and the premiums paid till then will become non-refundable.

What is covered during the Waiting Period?

This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk. In case of death of the life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid.

What is the process to revive this policy?

  • You can revive the lapsed policy within five years (known as the revival period) from the date of the first unpaid instalment of Regular Premium.
  • The proof of continued insurability of the Life Insured must be submitted. This proof has to be as per the guidelines of the company and should be approved by the Board.
  • The policy will be terminated without any benefit if the lapsed policy is not revived within the revival period.
  • If the due Regular/Limited Premium is not paid before the expiry of the revival period, then the policy will lapse, and risk cover will cease immediately.
  • For all Limited Premium policies, interest payment for the period from the unpaid premium due date to the date of revival at 9% per annum compounded monthly, plus taxes, if any, shall also be charged additionally.
  • There may be a change in the revival fee and interest rate with IRDAI’s approval.

What is the Aviva Saral Jeevan Bima Plan?
What are the eligibility criteria of the Aviva Saral Jeevan Bima Plan?
What happens if I stop paying my premiums?
What is covered during the Waiting Period?
What is the process to revive this policy?
AN Apr 56/21

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