Aviva Smart Return of Premium Term Plan

A Term Insurance with Return of Premium (TROP) plan offers the dual benefit of life protection and return of premiums. Unlike a regular term insurance plan, where no maturity benefit is generally payable if the policyholder survives the policy term, a TROP plan provides an opportunity to receive the premiums paid back at the end of the policy term, subject to the policy terms and conditions.

Introducing the Aviva Smart Return of Premium Term Plan, A Non-Linked, Non-Participating Individual Term with Return of Premium Savings Life Insurance Plan. The plan provides life cover throughout the policy term.

In the event of the death of the Life Insured during the policy term, the Death Sum Assured is payable and the policy terminates. If the Life Insured survives till the end of the policy term, 100% of the Total Premiums Paid^# is payable as a maturity benefit, subject to the terms and conditions of the policy.

This plan can be particularly suitable for individuals who seek financial protection for their loved ones while also preferring the benefit of receiving their premiums back if they survive the policy term.

Why should you buy Aviva Smart Return of Premium Term Plan

The Aviva Smart Return of Premium Term Plan combines life cover with total premiums return on maturity, making it a practical choice for long-term financial planning.

Life cover up to Rs. 50 Lakhs, with a maturity benefit equal to 100% of Total Premiums Paid if you survive the policy term, subject to the policy terms and conditions.
Flexible policy terms from 10 to 30 years to align with long-term liabilities such as home loans or education costs.
Optional riders available: Aviva Accidental Casualty Non-Linked Rider and Aviva New Critical Illness Non-Linked Rider.

Policy loan facility: borrow up to 80% of the acquired surrender value.
Choice of premium payment modes: yearly, half-yearly, quarterly, or monthly.
30-day free-look period to review and return the policy if not satisfied.

Benefits of Aviva Smart Return of Premium Term Plan

Death benefit
In case of death of the Life Assured during the policy term, while the policy is in force, the death benefit payable to the nominee is the highest of:
- Death Sum Assured
- 7 times the Annualised Premium*
- 105% of the Total Premiums Paid^# till date of death
* Annualised Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider/add-on premiums, underwriting extra premiums and loadings for modal premiums, if any.
#Total Premiums Paid means the total of all the premiums received, excluding any extra premium, any rider/add-on premium and taxes

Maturity benefit
If the policyholder survives until the maturity date and all due premiums have been paid, the Company pays a lump sum equal to 100% of the Total Premiums Paid^# over the policy term, subject to the terms and conditions of the policy.

Terms & Conditions of Aviva Smart Return of Premium Term Plan

Grace period
A 30-day grace period applies for yearly, half-yearly, and quarterly premium modes. For monthly premium mode, the grace period is 15 days. Full coverage remains active during the grace period.
Reduced paid-up status
If the policy acquires reduced paid-up status as per the policy terms and conditions, the applicable maturity benefit and death benefit will be reduced in proportion to the premiums paid compared with the premiums originally payable.

Policy loan
Policyholders can secure a loan of up to 80% of the surrender value, subject to the policy's terms and conditions. The applicable annual interest rate is linked to the 10-year G-Sec benchmark yield plus 2% and may change in accordance with the applicable benchmark.
Free-look period
A 30-day free-look period is provided from the date of receipt of the policy document, during which the policyholder can review the terms and return the policy if not satisfied.

Features of Aviva Smart Return of Premium Term Plan

Optional riders
Policyholders can add optional riders to cover health and accident risks:
- Aviva Accidental Casualty Non-Linked Rider
- Aviva New Critical Illness Non-Linked Rider
The rider duration cannot exceed the plan's remaining policy term.

Premium payment modes
Premiums can be paid yearly, half-yearly, quarterly, or monthly. The premium payment term equals the chosen policy term.

Eligibility

Criteria	Details
Minimum entry age	18 years
Maximum entry age	60 years
Maximum maturity age	75 years
Minimum policy term	10 years
Maximum policy term	30 years
Premium payment term	Equal to the policy term
Minimum sum assured	Rs. 5,00,000 (in multiples of Rs. 50,000)
Maximum sum assured	Rs. 50,00,000 (in multiples of Rs. 50,000) per life, subject to underwriting
Minimum annual premium	Rs. 2,900 (for standard individual lives)
Premium payment modes	Yearly / Half-yearly / Quarterly / Monthly

FAQs - Aviva Smart Return of Premium Term Plan

The Aviva Smart Return of Premium Term Plan is a Non-Linked, Non-Participating Individual Term with Return of Premium Savings Life Insurance Plan, that provides life cover during the policy term and pays 100% of the Total Premiums Paid on survival till maturity, subject to the terms and conditions of the policy.

If the policyholder survives to the maturity date and has paid all due premiums, the Company pays a lump sum equal to 100% of the Total Premiums Paid over the policy term, subject to the policy's terms and conditions.

The nominee receives the highest of: the death sum assured, 7 times the Annualised Premium, or 105% of the Total Premiums Paid up to the date of the claim.

The minimum sum assured is Rs. 5,00,000 (offered in multiples of Rs. 50,000). The maximum is Rs. 50,00,000 (Rs. 50 Lakhs) per life, subject to Aviva's underwriting review.

The minimum entry age is 18 years, and the maximum entry age is 60 years. The policy can run until a maximum maturity age of 75 years.

Policyholders can borrow up to 80% of the surrender value, subject to the terms and conditions of the policy. The applicable annual interest rate is linked to the 10-year G-Sec benchmark yield plus 2% and may change in accordance with the applicable benchmark.

If premiums stop after the first policy year, the plan moves to reduced paid-up status. Both the death benefit and maturity benefit scale down proportionally based on premiums paid versus premiums originally payable.