In today’s uncertain day and age, people are looking for ways to secure the futures of their loves ones. They seek to make sure that no matter what happens to them, their families remain secured. At the same time, increasingly high-pressure environments at work pose serious health challenges that can turn into critical illnesses. To meet the demands for both these situations, Aviva Life Insurance has started a combo plan called Aviva Extra Cover that provides comprehensive life insurance protection and pays a lump sum amount on the diagnosis of twelve critical illnesses.
In the unfortunate event of the demise of the person insured, the nominee receives the Sum Assured as the Death Benefit.
This policy provides a Critical Illness Benefit in which the Sum Assured is paid in case the policyholder is diagnosed with any of twelve critical illnesses covered under the policy. The policyholder can make a claim at the first diagnosis, provided the diagnosis was made ninety days after the start of reinstatement of the policy. The Sum Assured is payable on the condition that the life insured survives for at least thirty days after the diagnosis.
A discount is available on large Sum Assured amounts.
The policy provides low premium rates for those customers who are non-smokers.
Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only 80% of the premiums paid.
Benefits will not be paid if the critical illness is caused by any of the following reasons:
Alcohol or drug abuse
Failure to follow medical advice
Racing of any kind, except swimming or athletics
War, rebellions or riots
Radioactive contamination due to a nuclear accident
Any mental or functional disorder
Participation in hazardous sports or past times, like mountaineering, etc
Any condition or injury for which the Life Insured received medical advice or treatment within 48 months before the start or reinstatement of the policy.