Aviva iLife Plan

Aviva iLife Plan is a simple pure term plan which is available online.
The plan provides substantial coverage. The premiums, on the
other hand, are very reasonable and affordable. Regular premiums
are payable for the plan.
Key features of the plan
A lump sum death benefit is paid in case the life insured dies
during the term of the plan.
Premium rebates are allowed for choosing a high Sum Assured and
also for female lives
 How does the plan work?
Step 1 the policyholder chooses the Sum Assured, plan term and the
premium paying frequency.
Step 2 the premium is then decided on the life insureds age and the
above plan parameters.
Step 3 if the life insured dies during the term of the plan, the Sum
Assured is paid in lump sum.
Step 6 If the plan matures, no benefit is paid.
Example
Mr.X, a non-smoking male aged 35 years, buys iLife Plan for a Sum Assured
of Rs.50 lakhs. The chosen term is 30 years.
Option 1 If Mr. X dies during the term, Rs.50 lakhs would be paid to his
nominee.
Option 2 if the plan matures and Mr.X is alive on maturity, no benefit is
payable
Plan benefits
Death benefit if the life insured dies during the term of the plan, the
Sum Assured is paid to the nominee.
Maturity Benefit there is no maturity benefit payable under the plan
 Eligibility

Minimum Maximum
Age at entry (in
18 years 55 years
completed years)
Age at maturity (in
NA 70 years
completed years)
Term of the plan 10 years 35 years
Premium paying
Regular pay
options
Equal to the plan
Premium Paying term
tenure
Sum Assured Rs.25 lakhs No limit
 What is not covered by the plan?
If the life insured dies due to suicide within one year of plan
commencement, 80% of the premiums paid are refunded.
If the life insured dies within one year of reviving a lapsed plan, higher of
80% of premiums paid or the Surrender Value acquired by the plan is paid.
Premium Illustration
Given in the chart below are the expected rates of premiums payable by a
non-smoking male at different combinations of age, Sum Assured and plan
term. The premiums are assumed to be paid annually.
 FAQs
Does the policy offer riders?
No, no additional riders are offered with the plan.
What are the premium paying frequencies available?
Premiums can be paid either annually or half-yearly throughout the term of
the plan.
How to revive a lapsed policy?
A lapsed policy can be revived by paying the outstanding premiums, proof of
continued renewability and a revival fee of Rs.250. Revivals are allowed only
within 2 years from the date the first premium was unpaid.
Can the policy be cancelled once it is issued?
Yes, it can be. There is a free-look period in the policy of 30 days. The
policyholder can cancel the plan within 30 days of its issuance during this
free-look period.
What is the discount given to female policyholders?
Females are gives a 5% discount on the rate of premium charged from their
male counterparts.
Resource From: https://www.easypolicy.com/life-insurance/term-
insurance/aviva-ilife-plan.html