Term Insurance - Best Term Plans and Policies | Aviva India

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Term Insurance

Make your family's financial future is secure even in your absence with Aviva Term Insurance Plans.

Tax benefits are as prevailing tax laws.Tax laws are subject to change. AN: Mar 24/22.

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Term Insurance

Tax benefits are as prevailing tax laws.Tax laws are subject to change. AN: Mar 24/22.

Our Term Insurance Plans

Safeguard the financial future of your family when you are not around

A term insurance plan is the most basic form of life insurance. It offers a high cover amount at a very nominal premium and is one of the cheapest forms of life insurance. Term insurance plans take care of all the financial needs of your family when you are not around. Think of it the way you cast a blanket over your sleeping child, the term insurance plan casts a safety net over your loved ones in the future. You may not be physically present to finance their future goals, but the term insurance can and will.

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What is Term Insurance?

A term insurance plan is a life insurance policy that works purely to serve the future needs of your family members. A term policy offers a high sum assured at a low cost. This high sum assured will help your family overcome the difficulties that accompany the loss of income due to the absence of the insured family member.

So, how much assured sum you will need? You can calculate assured sum as well as premium amount easily with the help of an online term insurance calculator.

Know your term insurance eligibility online before you invest in term insurance plans.

 

Why should you buy Aviva Term Insurance Plans?

“Why should I buy term life insurance,” you must be thinking. We have discussed the benefits you and your family recieve when you buy term life insurance.

  • 1. To secure your family’s financial future
    Life is full of twists and turns, and as a bread-earner of your family, it is your responsibility to secure your parents/spouse/children’s financial future. Buying the best term insurance plan will help you secure a high assured sum with a low premium for your family in case of any unfortunate event.
  • 2. To protect your assets
    Every one of us has to take loans and debts to build a house, business, or buy vehicles. But what if something unforeseen happens to you? If you buy a term plan well in time, it will help take care of your debts all the while ensuring your family’s financial security.
  • 3. To protect against lifestyle risks
    Losing an earning member of a family can turn your loved ones’ life upside down within a second. It often makes it difficult for families to make ends meet. But if you buy term life insurance online, you can make sure that your family does not have to fend for their needs as well as wants after you.

Who should buy term insurance plans?

  • 1. Parents who want to secure their children’s future education
  • 2. Newly-married couples who want to gift their spouse more than a momentary gift, a gift of secure financial future
  • 3. Working women who want to ensure the financial security of their parents/spouse/children even in their absence
  • 4. Taxpayers who are looking for a tax saving plan*. Premiums paid against Term insurance plans are exempted from taxable income under section 80 C of the Income Tax Act of 1961
  • 5. Self-employed business owners and entrepreneurs as they earn no fixed income and might have a burden of personal or business loan on them.
  • 6. Young professionals who have recently started their bright future - now that you do not have family or major responsibility yet, you can start investing early so you will have a term insurance policy in place when you are ready to take the next responsibility.
  • 7. A business owner of a Partnership business to ensure continuance of business in case of an unfortunate event
  • 8. For the Key Person in your organization

Benefits of Buying Term Insurance

  • 1. High assured sum at affordable prices
    One of the most significant benefits of term insurance plans is that you can ensure a higher sum assured at a low premium. One secret to paying a low premium is to start early. The earlier you start, the lower the premium will be.
    Also, if you want to get more term insurance benefits, consider buying them online as you won’t have to pay extra charges of commission.
  • 2. Illnesses
  • 3. Protection against liability

The unforseen demise of a bread-earner can take a huge toll on their family, emotionally as well as financially. And if you have taken loans and debts, your family will have to fend for the money to repay your debts after you.

With term insurance with maturity benefits, your family can repay your debts without having to lose their financial security.

Our Term Insurance Plans

It’s not just a term insurance plan – it’s a safety net you cast around your loved ones

Low cost life cover to protect your family

Aviva Jana Suraksha

Key Benefits
  • Life cover starting as low as Rs. 25,000
  • Double the cover in case of accidental death
  • Choice of single or regular pay options

Know More

Talk to an Expert

A pure term plan for the financial security of your family

Aviva Saral Jeevan Bima Plan

Key Benefits
  • Option to choose life cover
  • Flexible premium payment as per plan options

Know More

Calculate Premium

Low cost life cover to protect your family

Aviva Jana Suraksha

Key Benefit
  • Life cover starting as low as Rs. 25,000
  • Double the cover in case of accidental death
  • Choice of single or regular pay options

Talk to an Expert

Know More

A pure term plan for the financial security of your family

Aviva Saral Jeevan Bima Plan

Key Benefit
  • Option to choose life cover
  • Flexible premium payment as per plan options

Calculate Premium

Know More

Why Aviva Term Insurance Plans?

Because we are committed to help you prepare for life’s biggest challenges

  • Your claim comes first

    Over the last year we settled 96.06% of all claims made
    (Individual Business, FY 2018-19)

  • We are the Most Trusted

    Awarded Best Brand 2019 & Most Trusted Brand 2018 & 2019
    (TRA brand Trust Report, 2019 & Economic Times)

  • Choice of millions

    Insuring 33 million customers across 16 countries and over 2 million pan India

Straight from our customers

  • "The services and policies given by Aviva are excellent, and would definitely recommend everyone to buy a policy with them!"

    Mr. Dinesh Nair
  • "I feel proud about my decision to be associated with Aviva to secure my family. I am happily enjoying my life because I know there is someone to take care of my family. Good going guys! Keep it up with such good plans and services."

    Mr. Nitin Garg
  • "I wish to extend my wishes to the Aviva Family for winning one of the Most Trusted Brands award, which builds my trust even more on the Term Plan I have with you guys. I am very happy with the services!"

    Mr. Deepak Sharma

Straight from our customers

"The services and policies given by Aviva are excellent, and would definitely recommend everyone to buy a policy with them!"

Mr. Dinesh Nair

"I feel proud about my decision to be associated with Aviva to secure my family. I am happily enjoying my life because I know there is someone to take care of my family. Good going guys! Keep it up with such good plans and services."

Mr. Nitin Garg

"I wish to extend my wishes to the Aviva Family for winning one of the Most Trusted Brands award, which builds my trust even more on the Term Plan I have with you guys. I am very happy with the services!"

Mr. Deepak Sharma

The why, what and how of Term Insurance

All you need to know about Term Insurance

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Frequently Asked Questions - Term Insurance

What is term insurance?

A term insurance plan is a life insurance policy that, works purely to serve the future needs of your family members. A term policy offers high sum assured at a low cost. A high sum assured will help your family overcome the difficulties that accompany the loss of income due to the absence of the insured family member.

Why you need a term insurance policy?

Life is rarely certain and unwanted events can create havoc with the best laid plans. The absence of a family member causes extreme turmoil - physically, emotionally and financially. Your life is precious, especially if you are the breadwinner of the family. A term insurance policy takes care of the monetary needs of your family even when you are not around. It helps your family settle unpaid debts & loans, fund the child’s education and deal with day to day living expenses.

What are the documents required to buy term insurance plan online?

Buying the term insurance plan online is really simple – just make a note of the following documents you need to attach with your application form:

  • Age proof
  • ID proof
  • income proof

How to choose best term insurance plan in India?

Please check whether your insurer offers the following benefits before buying a term plan:

  • Claim Settlement Ratio- The higher the ratio, the more efficient the insurance provider is with settling insurance claims. Aviva had a high claim settlement ratio of 96.06% last year.
  • Sum Assured- This is the amount of money that the plan will pay in case of the insured’s demise during the plan tenure. It is important to opt for appropriate sum assured such that your family is taken care of financially in your absence.
  • Flexible Payout- The insurer may offer flexibility with respect to payment of claims. The claims can either be paid as a lump sum or at regular intervals i.e. monthly, quarterly or yearly.
  • Tax Benefits- The term insurance premiums fetch you tax benefits under Sec 80C of the Income Tax Act, 1961.

How Aviva term plan secures the financial future of your family?

Aviva term plan offers you the best term insurance plan with the multiple benefits:

  • Term plans provide high sum assured at affordable premiums
  • Help cover financial liabilities of the family
  • Offer flexibility of payout as lump sum or regular income
  • Offers riders which provide coverage against critical illness and disability at nominal cost
  • Provide tax benefits on premium paid as per tax law

What is the amount of cover that I need?

There is no defined formula to identify the amount of life cover you should opt for; it varies from person to person.
The table below gives broad guidelines which can be used as a rule of thumb.

Age Band

Cover

20 – 25 years (single)

8-10 times the annual income plus any outstanding liabilities

25 – 30 years (newly married)

12 – 15 times the annual income plus any outstanding liabilities

30 – 45 years (with young kids)

15 – 20 times the annual income plus any outstanding liabilities

45 – 55 years (post responsibilities)

8-10 times the annual income plus any outstanding liabilities

How does a term plan work?

A term plan is the most elementary form of life insurance. By purchasing a term insurance policy, you, as the ‘policyholder pay a nominal amount as ‘premium’ for a certain period or tenure. The earlier you purchase a term plan, the lesser will be the premium (per year) you have to pay. In case, you meet an unfortunate incident resulting in loss of your life, your family or ‘nominee’ is given the ‘sum assured’ or ‘cover’ - large lump sum amount to meet your financial liabilities. In case you wish to have a additional coverage beyond just life cover, you can choose riders, such as critical illness and disability.

Does term insurance come under 80c?

Like all life insurance products, term insurance also offers tax benefits. Primarily, you get tax rebates for the premiums paid under your policy. Premium paid for a term plan will offer tax benefits under sec 80C of the Income Tax Act. Any payout made to the beneficiaries is tax free.

What are the exclusions while buying term insurance?

Death cover under all circumstances except the following:

  • Death due to any pre-existing medical condition not mentioned in the policy term
  • Death due to any illegal activity
  • Suicide within the first year of policy tenure

What does term insurance mean?

Term life insurance is the simplest form of life insurance that protects your family and dependents against financial crisis even when you are not around. Term insurance plans offer high assured sums at low-cost premiums. The sum assured is paid to the nominee in case of the demise of the person insured during the tenure of the term insurance policy.

How much should a term plan cover?

The coverage or sum assured of term life insurance depends on various factors. These factors include: ● The number of dependents you have ● The kind of lifestyle you will want to provide to your loved ones in case of your untimely demise ● Your savings, expenses, as well as investment needs ● Term insurance premium you can afford to pay ● The amount needed for your children’s education, your family’s needs, medical and emergency expenses, as well as increasing inflation rate However, you can use a term insurance calculator to calculate the term policy coverage as well as the premium amount you will have to pay for certain tenure. We recommend you ensure term policy coverage 15-20 times your annual income to accumulate enough coverage. If you start early, you will have to pay low premiums for the same amount of coverage.

What is the best term plan?

The best term insurance is one that offers the best ‘value for money.’ Choosing the best term insurance in India is essential to provide financial security to your family even when you are not around. The term insurance premium of your term plan, however, depends on three basic things - your age, term period, as well as the assured sum you choose.

Can I have two Term Insurance Policies?

Yes, you can buy as many term insurance plans as you need or want to invest in. You can buy all the term plans online either from one insurer or multiple insurers. With age, expenses, as well as responsibilities, grow. Thus, it makes sense if you are thinking of buying multiple term life insurance plans. While buying multiple term insurance policies, you have to consider two important points: ● Disclose all your existing policies to your insurer while buying the new one. ● Read all the term insurance related documents carefully and understand all the features, benefits, inclusions as well as exclusions.

What is the age limit to buy term insurance?

The age limit to buy term insurance varies based on the plan you choose. However, you can buy term plans online or offline if you are at least 18 years old.

What is term insurance?
Why you need a term insurance policy?
What are the documents required to buy term insurance plan online?
How to choose best term insurance plan in India?
How Aviva term plan secures the financial future of your family?
What is the amount of cover that I need?
How does a term plan work?
Does term insurance come under 80c?
What are the exclusions while buying term insurance?
What does term insurance mean?
How much should a term plan cover?
What is the best term plan?
Can I have two Term Insurance Policies?
What is the age limit to buy term insurance?
AN: Feb 24/22

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