Aviva i-Life Plan: Features & Reviews

Updated: 03-10-2019 09:34:53 AM

Aviva i-Life Plan is a term insurance policy, carefully prepared to provide financial security to the beneficiaries of the policyholder in case of his sudden demise. One can purchase this policy in just a few clicks as it does not require any interference from a policy agent. Also, the plan offers special benefits to female insurers. Let us understand the features and other details related to Aviva i-Life Plan.

Eligibility Criteria

Particulars	Details
Entry Age	18 – 55 years
Sum Assured	Rs. 25 lakh
Maturity Age of Policy	70 years
Policy Term	10 – 30 years
Premium Payment Term	Equal to policy term
Premium Payment Frequency	Annual, Semi-Annual

Features of Aviva i–Life Plan  

• Comprehensive Death Coverage: Aviva I-Life Plan ensures to protect the family of the policyholder with additional financial backup.
• Available Online: One can purchase this policy online and is available in selected cities. This way one can save time and added effort that otherwise would be required.
• Rebate on High Sum Assured: This Aviva i-Life Plan has this built-in feature which provides discount to the policyholder on premium rates if high Sum Assured is chosen. This slab stars from Rs. 50 lakh and goes up to Rs. 5 crore and above.
• Grace Period: Aviva i-Life Plan comes with a grace period of 30 days from the due date of the premium.If due to some reason the policyholder hasn’t been able to pay the premium on time, he/she can do so in this given time. In case, regular premiums are not paid within this time frame of 30 days, the policy will be considered null and the policy will cease Also, the plan will not obtain any paid up value or surrender.
• Free Look Period: Aviva I-Life Plan allows the policyholders to have a free look period of 30 days from the date of receipt of the policy document. If the policyholder decides to cancel the insurance in this time, Aviva India will provide compensation after subtracting the proportionate risk premium and expenses subject to medicals and stamp duty.

Documents Required for Claim Process

The nominee must make sure to inform Aviva India about death of the policyholder in written notice within 90 days. Following documents need to be submitted to the insurance provider (Aviva India) to sail smoothly through the claim process:

• Duly filled Claim Form
• Policy Document
• ID proof (for Date of Birth)
• Original Death Certificate (in which cause & circumstances leading to death are mentioned)
• Any other document that may be asked by the provider

Cases Where You Can’t Claim Aviva i-Life Plan (Exclusions) 

• If the policyholder commits suicide within 12 months from the date of the initiation of the life cover, Aviva i Life Plan is considered to be void. However, 80% of the premiums is paid excluding the amount of taxes. Also, extra premiums will be refunded to the beneficiaries of the person insured.
• If the policyholder commits suicide from the date of the revival of the life cover, the company will refund an amount higher of the two  – 80% of the premiums paid excluding any amount for taxes and extra premiums; surrender value as applicable on the date of demise of the person insured.

Important points to be taken care of before purchasing Aviva i-Life Plan

• Only Indian residents can fill the Aviva i Life Plan application form online
• Only Indian Rupees (INR) are accepted and paid with
• On the basis of one’s health status and profile, premium rates are likely to increase or decrease
• If a policyholder applies for the cancellation of the life cover before its issuance, in that case, application money is refunded by the Company after deducting the costs subject to medical examination, if applicable
• If a policyholder applies for the cancellation of the life cover after its issuance,the amount of the premium is refunded after deducting the costs subject to medical examination and/or stamp duty, if applicable
• While filling up the online application form, photo identity proof of driving license, passport, Aadhar Card or PAN card is needed
• Other documents, which are required while filling the application form of Aviva i Life Plan,are a copy of salary slip of last 3 months and a copy of latest ITR or Form 16

 Advantages of Aviva i-Life Plan

Death Benefit:: In case of unexpected demise of the policyholder, the beneficiary or the nominee will get the sum assured amount. Also, on high Sum Assured amounts certain discounts are available

Tax Benefit:  The policy provides tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961. Notably, tax laws are subject to change thus the final benefit will be mentioned in the policy document

Women-Only Discount: Aviva i-Life Plan provides a discount of 5% on the premium rate exclusively to females, thus making it quite women-friendly