Aviva India's term Insurance plan..
Aviva Indias term plan promises to disburse the insurance benefit to
dependents at regular intervals (in addition to a portion in lump sum
initially) on the death of the policyholder.
Typically, insurance firms pay the entire insured amount in a lump sum to
the dependents on the death of the term insurance policyholder.
Aviva India's innovation is to disburse the sum assured at regular
intervals upon the death of the life assured. Thats,10 % as lump sum amount
immediately after the demise and 6 % per annum over the next 15 years.
For instance, if the sum assured is Rs.1 crore, the nominee will get Rs.
10 lakh upon the policyholders death. For the next 15 years, the insurer will
disburse Rs.6 lakh every year. Since, the amount is in the nature of death
benefit, the beneficiaries do not have to pay any taxes. There are 2 primary
objectives when one thinks of buying a term plan
(a) to pay off debts in case of death and
(b) to have a large enough corpus for the family to generate a regular
income.
While pure term plans address both the needs, the basic condition is that
your family is able to manage the money received and generate a regular income
out of the same, says Mr. Rishi Piparaiya, Director, Marketing and
Bancassurance, Aviva India. According to him, the new product will
facilitate regular flow of income for the family, without any risk of a lump
sum being spent or / taken away by someone.
Another key difference is the premium. The new product is cheaper than
the regular online term plan.
A 30-year-old woman buying a Rs. 1-crore cover for 20 years will have to
pay an annual premium of Rs. 6,812 (plus taxes) under the insurers regular
online term plan. In case of the new i-life Secure plan, he/ she will have to
pay only Rs. 4,972.
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