Aviva i-Life is a pure term plan
Aviva i-Life is a pure term plan meant for the protection of the beneficiaries of the policyholder in case of the unfortunate event of their premature demise. This policy is available for purchase online and without the need for any agent intervention. There are added benefits for female customers and for those who opt for high Sum Assured amounts.
This is a pure protection plan with no fringes attached.
This policy is available for purchase only over the internet and in select cities.
The policy helps policyholders secure the future of their loved ones in case of their absence.
Details About Premium
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. The policy lapses if the premiums are not paid within the Grace Period.
Policy Termination or Surrender Benefit:. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit.
Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
Additional Features or Riders
Policyholders can choose to alternate between the two modes of premium payment at any policy anniversary and on payment of an alteration charge of Rs. 100.
On purchasing the policy, the cost of medical examination is borne by the company. However, on the revival of the policy, the cost of medical examination is borne by the policyholder.
The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. The policyholder will have to pay all due premiums plus revival fees.
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. The company will refund only 80% of the premiums paid, excluding any payment for taxes and extra premiums. If the person insured commits suicide within one year of the policy reinstatement then the company will refund an amount that is higher of 80% of the premiums paid or the Surrender Value as on the date of demise.