Aviva Life Insurance launches online term plan

Aviva Life Insurance has launched “Aviva i-Term Smart”, an online protection oriented life insurance plan that offers life cover along with an opportunity of additional protection against critical illness and disability.

The term insurance plan pays a lump sum to the nominee(s) in case of death of the insured. Additionally, the plan also offers an optional rider, Aviva Critical Illness & Disability Rider-Non Linked Rider. This means the customer can opt for an enhanced protection cover against 16 critical illnesses and permanent total disability due to illness or accident, said a press release issued by the company.

Customer can opt for the policy beginning from 18 to 65 years, with a maximum maturity age of 80 (without the rider) and 70 if the insured opts for the rider.

The insured also has the choice of a flexible premium payment schedule: yearly, half yearly or monthly, with a sum assured between Rs 75 lakh to Rs 25 crore.

In the common scenario of increasing liabilities and responsibilities, the plan also provides a onetime option to increase the policy sum by up to Rs 25 lakh, without any medical examination, subject to terms and conditions. The premium for incremental base sum assured is computed basis the age of the insured at the time of acceptance of request and the outstanding policy term, the release added.

Speaking on the launch, Anjali Malhotra, the Chief Customer, Marketing & Digital Officer, Aviva India said, “Though the ideal term insurance for an individual has to be around 10 times his/her earning capacity, there is a massive gap here. Term insurance is one of the least attractive plans to customers, as there are a plethora of similar term plans in the market resulting in a non-competitive product that are not customer focused.