Aviva Life Insurance, today announced the launch of “Aviva i-Term Smart”, a ‘protection oriented’ life insurance plan that offers consumers life cover at an affordable cost, along with an opportunity of additional protection against critical illness and disability. This plan ensures that the family is secured at a minimal cost, and that they can lead a comfortable life in case of the unfortunate death of the life insured.

The Aviva i-Term Smart, term insurance plan, pays a lump sum to the nominee(s) in case of the unfortunate death of the life insured. Additionally, this term plan also offers an optional rider, Aviva Critical Illness & Disability Rider-Non Linked Rider. This additional option simply means that the customer can opt for an enhanced protection cover for 16 critical illnesses & permanent total disability due to illness or accident.

With this product, Aviva has put the power of choice in the hands of the customers by providing options to choose from.

The 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 INR 75 lacs to INR 25 crores.

Under this plan, the customer can also avail a grace period, so that if the policy lapses in case of non-payment of premiums, it can be revived within two years of the last payment (T&C apply).

Speaking on the launch, Anjali Malhotra, the Chief Customer, Marketing & Digital Officer, Aviva India said, “Research shows that India is a grossly underinsured market. 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. Thus, we wanted to offer our customers not just another plain Term Insurance Plan, but a smart online Term Insurance Plan that is truly competitive. Through Aviva i-Term Smart, we wanted to provide customers the opportunity to secure their families’ future at an affordable cost.”

“There is no greater satisfaction than securing the life goals of our loved ones’. Goals start looking easy when dreams are supported by a well nurtured plan. At Aviva Life Insurance, we understand this fact and have worked to build a product that helps to secure the dreams of our customers and their loved ones if case life were to throw an unpleasant surprise.” She further added.

In the common scenario of increasing liabilities and responsibilities, Aviva i-Term Smart also provides a onetime option for the customer to increase the policy sum by upto INR 25 Lacs, without any medical examination (T&C Apply). The premium for incremental base sum assured is computed basis the age of life insured at the time of acceptance of request and the outstanding policy term.