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Knowledge Base Life Insurance Term Plan Aviva i-Life Term Plan Review
Tuesday, 17 May 2011 18:26

Aviva i-Life Term Plan Review

Written by  Yashish Dahiya
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Rating 4.15 (34 Votes)

Aviva i-Life Term Plan Review


Plan Name: i-Life

Insurer: Aviva Life Insurance

Category: Term Life Insurance Plan

Objective: Financial Protection of family


Aviva i-Life Plan is recently launched online term insurance plan which offers financial protection to the dependents in case of untimely demise. You pay relatively small premium to the insurer for the comprehensive cover and get your family secured. If policyholder passes away, Sum Assured will be given to the nominee. Since Aviva i-Life is a pure risk plan, there are no survival benefits.

 

Who can buy i-Life Plan?


Aviva i-Life term life insurance plan is for any individual who is at least 18 years or below 55 years. i-Life policy term is minimum of 10 years and maximum of 35 years. So if you are 50 years old the maximum term you can opt for is 20 years. That is because i-Life plan maturity age cannot exceed 70 years.

 

How Much Cover: The minimum Sum Assured is Rs 25 lacs. i-Life allows you to take as much high cover as you want. However you have to meet underwriter’s requirement to get the cover you want, which depends on your annual salary, age etc.

 

So how much cover should you get?

Rule of Thumb: The typical cover should be ten times your annual income.

 

Summarized Table:

Entry Age

18 years-55 years

Maturity Age

Maximum – 70 years

Sum Assured

2,500,000-unlimited( subject to underwriting)

Policy Term

10 years-35 years

Premium Pay Term

Same as policy term

Premium Mode

Yearly, Half-yearly

 

Interested? Compare with similar plans

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What do I get?


Death Benefit: The predetermined Sum Assured is paid to the beneficiary who could be your parents, wife, son or daughter. The policy should be active to receive the benefit.

 

Tax Benefits:  Section 80C, 10 (10D) of the Income Tax Act, 1961 are applicable.

Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

 

The following example will make the plan crystal clear.

Illustration:

Amritpal is 30 years old with wife and 2 kids. His yearly salary is Rs 6 lacs and makes savings of one lac per year.

Suppose Amritpal dies after 5 years, he will have left paltry 5 lacs to his dependents. Under same scenario, he buys Aviva i-Life Plan with Sum Assured equal to Rs 50 lacs and policy term of 25 years.

 

He would have to pay a paltry premium of Rs 4,358.

With just around Rs 4358 yearly, you can get sum assured of 50 lacs which will financially secure your family. Additionally most of the savings stay intact.

Your family gets = Rs 50 lacs (Sum Assured) + 4-5lacs (Your Savings)

 

Consider these Scenarios:

Scenario1: Amritpal dies in the 4th policy year- Amritpal’s family will get 50 lacs. Same is true for all policy years.

Scenario 2: Policy is in grace period and Amritpal dies, Sum Assured minus renewal premium will be paid.

Scenario 3: Policy lapses on the 22nd year, Amritpal dies, nothing will be paid. If policy lapses, there is option to revive it within 30 days from date of renewal.

 

What Else?


How to buy: i-Life plan can be bought online. Buying Online is very easy and hassle free process. All the required documents will be collected from your house at your preferred time.

 

Free Look Period: i-Life plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

 

Grace period: i-Life can be paid within 30 days from the date of renewal. Policy terms will remain unchanged during grace period. However in case of death during grace period, renewal premium will be deducted from Sum Assured payable. After 30 days, if the renewal premium is not paid the policy will cease to exist.


Sum Assured: The policyholder cannot change the sum assured of i-Life once taken. However he can opt for another term plan as per his needs.


Reinstatement- i-Life can be revived within 2 years from the premium due date. However all outstanding premiums are to be paid.


Maturity: There are no maturity benefits in Aviva i-Life plan as it’s a pure term life insurance plan.


Payment Method: Net banking, credit/debit card are accepted by Aviva.


Exclusion: During the first policy year or the year of reinstatement of policy, if policyholder commits suicide then Sum Assured will not be paid.


Death Claim: The nominee can request for the death claim (Sum Assured) after filling claim forms along with submitting list of documents which will prove authenticity of the claim.


Close Competitors of Aviva i-Life:


AEGON Religare iTerm, Future Generali Smart Life, ICICI Pru iCare, Kotak e-Preferred, Met Protect term plan


Policybazaar take on Aviva i-Life Plan:


Aviva i-Life is latest addition in Aviva life insurance products wide portfolio. Aviva i-Life is a good term life insurance plan but has no riders.  i-Life is one of the cheapest term plans presently available in the market and can be bought online. 

 

 

Compare with other term plans now!

get_quote


188 comments
  • Comment Link rajani kant pathak Monday, 23 May 2011 11:37 posted by rajani kant pathak

    suppose i got death by terrorist activities, or in earth quack. then can my family get my death benefits

  • Comment Link Administrator Wednesday, 25 May 2011 11:48 posted by Administrator

    Hi Rajani Kant Pathak

    Terrorist activities and earth quake are covered in i-Life and your family will be entitled to death benefits if something happens to you.

  • Comment Link Rakesh Monday, 13 June 2011 22:19 posted by Rakesh

    are there any hidden elements in this policy like Reliance? Sometime back Reliance had launched an insurance product at a cheaper premium in the 1st year and then almost doubled the premium in the next year. Why is the premium much less than Metlife and Hdfclife?

  • Comment Link Rocket Singh Tuesday, 21 June 2011 18:25 posted by Rocket Singh

    Hi,
    Does this policy also cover the suicide from 2nd year onwards?

  • Comment Link Administrator Wednesday, 22 June 2011 10:31 posted by Administrator

    Hi Rakesh
    Aviva iLife is the cheapest term plan in the market. It's cheap because its online product so there are no agents commission and similar expenses involved. The pricing of premium depends on the process involved and risk taking ability of the company as well as financial strength. This could be reason for Aviva to have lower premiums than others.

  • Comment Link Administrator Wednesday, 22 June 2011 10:34 posted by Administrator

    Hi Mr. Singh
    The policy exclusion of suicide is for 1st year only. If there is break in policy, policy exclusion would apply again.

  • Comment Link ssr Sunday, 26 June 2011 08:01 posted by ssr

    Does it covers normal death, accidental death. Is there any loop holes.. which we must know. What happens when I opted non smoker, as i have ceased smoking some time back. Why there is more rates for a smoker.. eventhough my health is very fine.

  • Comment Link Administrator Tuesday, 28 June 2011 14:43 posted by Administrator

    Hi SSR
    Aviva iLife covers normal death as well as accidental death.The rates of smoker are high because there is more risk compared to non smoker. You should mention to insurer that you have quitted smoking to leave no gray areas as being truthful helps a lot at claim proceedings.

    There is no loophole as such but there are exclusions like suicide in 1st year, self inflicted injuries etc.

  • Comment Link sk Wednesday, 29 June 2011 11:42 posted by sk

    what is the Claim settlement ration of Aviva's this policy? is it more difficult to get claim from this company? Is there any medical checkup required for this plan? some of the agents are saying as there is no medical chekup so it will be more difficly to get the claim. Please clarify

  • Comment Link Administrator Thursday, 30 June 2011 11:50 posted by Administrator

    Dear SK
    AViva iLife has been launched in May 2011 and as such hardly any claims have been made. Medical checkup is required by Aviva. Also claim is paid in genuine cases, the reason claim is not paid is that you have intentionally hidden some information (like smoking) or is in exclusion list.

  • Comment Link dp Thursday, 14 July 2011 13:04 posted by dp

    Dear sir,
    whether this policy includes riders like serious illness, and limb loses in accidents, etc.... i could not find any details about rider including this policy in anywhere. If not included, is there any facilities to include the riders.
    regards
    dp

  • Comment Link himanshu Friday, 15 July 2011 16:26 posted by himanshu

    i want the date of issue of policy and the commencement date of the policy to be same.is that possible?

  • Comment Link Administrator Monday, 18 July 2011 13:59 posted by Administrator

    Dear dp
    In Aviva iLife, riders cannot be attached. The only alternative is to opt for other term plans.

  • Comment Link Administrator Monday, 18 July 2011 14:04 posted by Administrator

    Dear Himanshu
    Once the policy is issued, it is considered active. Usually, policy is issued instantly if there are no medical requirements.

  • Comment Link shankar Monday, 18 July 2011 23:38 posted by shankar

    I smoke just two cigarette per day,whether i will come in smokers or non-smokers category?

  • Comment Link Administrator Tuesday, 19 July 2011 17:02 posted by Administrator

    Dear Shankar
    You would be in Smoker category.

  • Comment Link Nirmal Kumar Tuesday, 19 July 2011 23:38 posted by Nirmal Kumar

    Dear Sir,
    I am living in Haridwar & want to buy online plan. I have my parents home in Delhi. Can I buy this policy online at this address.
    Because, Haridwar has Aviva Branch Office.Medical check up can be managed here.

  • Comment Link Administrator Wednesday, 20 July 2011 15:43 posted by Administrator

    Dear Nirmal
    Presently, you cannot buy Aviva iLife from Haridwar. The best option is when you visit your parents, you can schedule a medical test at that time.

  • Comment Link sk Wednesday, 20 July 2011 15:49 posted by sk

    CAn this policy be taken jointly, like in the name of husband and wife together??

  • Comment Link vivek Saturday, 23 July 2011 06:38 posted by vivek

    After death how nominee will make claim?what are the evidence and document he/she has to provide.How complicated it is to get the claim?

  • Comment Link Administrator Monday, 25 July 2011 18:46 posted by Administrator

    Hi Vivek
    For making a death claim, one has to notify insurer about the same along with submitting certain documents like claim form, original policy document, copy of death certificate etc. For reading the complete list required by Aviva, you can visit http://www.avivaindia.com/en/CustomerService/ClaimsProcedure.aspx

    Claim process is very simple and smooth in most cases.

  • Comment Link NSharma Tuesday, 26 July 2011 21:50 posted by NSharma

    Hi, If I Smoke vocationally like 2-3times in 3-4 months, will I be in Smoker category or Non Smoker?

    NS

  • Comment Link Administrator Wednesday, 27 July 2011 10:23 posted by Administrator

    Dear NS
    You will be in smoker category.

  • Comment Link Manish Wednesday, 27 July 2011 15:14 posted by Manish

    I read that this policy is abbplicable only for Resident Indians. Presently I'm Resident Indian but I would be moving to Dubai for 2-3 years on work permit. Can I take this policy? Will my family get death benefits if something happens to me in Dubai?

  • Comment Link Administrator Thursday, 28 July 2011 10:43 posted by Administrator

    Dear SK
    Joint life option is not available with Aviva i-Life.

  • Comment Link Administrator Thursday, 28 July 2011 10:44 posted by Administrator

    Dear Manish
    Aviva i-Life will cover you even if something happens to you outside India as well.

  • Comment Link swami Sunday, 31 July 2011 01:11 posted by swami

    Hi,

    Can we include two nominees for this term plan? probably in the ratio of 50% & 50%..

  • Comment Link Administrator Monday, 01 August 2011 10:45 posted by Administrator

    Hi Swami
    Yes, you can choose nominees as per your preference.

  • Comment Link Balaji Tuesday, 02 August 2011 13:21 posted by Balaji

    Hi,

    If a person take the policy now. For example If he takes the policy for the sum assured of 50 lakhs for 25 years. And if nothing happens to him till the end of 25 years. What happens if he dies at the 26th year. Will the sum assured will be payed to the nominee...

  • Comment Link Administrator Tuesday, 02 August 2011 18:44 posted by Administrator

    Hi Balaji
    The Sum Assured will only be paid till the policy term. Taking your example, if anything happens in the 26th year, nothing will be paid since the policy term is over.
    It is best to opt for longer policy term so that your liabilities are covered and your family is secured.

  • Comment Link ash mohammad Friday, 19 August 2011 11:22 posted by ash mohammad

    Hi,
    What is toal exclusion list in Aviva e-life and how many type of death cover in this policy.

    Regards

    Ash Mohamad

  • Comment Link Administrator Friday, 19 August 2011 12:52 posted by Administrator

    Hi Ash Mohammad
    You would have to refer to policy wordings for the total number of exclusions. Suicide in the first policy year is the major exclusion. Apart from it, mostly all other claims are accepted if correct information has been provided in policy proposal form.

  • Comment Link srinibas Sunday, 21 August 2011 19:44 posted by srinibas

    if some one dies from heart attack or cancer then can his family claim insurance money from Aviva(the person was perfectly ok during issuance of insurance policy issued after medical check up.)

  • Comment Link Vishal Monday, 22 August 2011 21:28 posted by Vishal

    Hi, I am about to buy the i-life policy, but am concerned about the smoking and alcohol question on the online form.
    1)do u smoke/drink or have you ever tested any tobacoo or drinks.

    Now, I am a non-smoker and non-drinker but have tried only once smoke and drink that too neglegible quantity and years ago.

    Also am not smoking or drinking now, however, in future if I require to smoke or drink socially and occationally, will this raise a problem while claim?

    considering the above and to ensure there is no increase of premium after medical test and no problem should arise while claim in case i smoke or dring soclially in future, should I say I am non-smoker or smoker?

  • Comment Link Administrator Tuesday, 23 August 2011 11:33 posted by Administrator

    Hi Srinibas
    If all the correct details have been provided while filling the proposal form and you have disclosed all medical issues (if any), the family can claim insurance amount.

  • Comment Link Administrator Tuesday, 23 August 2011 11:42 posted by Administrator

    Hi Vishal
    Since you have tried just once years ago and presently do not smoke, you can come in no smoker category. However if you start smoking or drinking, you should notify the insurer. The insurer might or might not increase the premium.

  • Comment Link as Thursday, 25 August 2011 20:45 posted by as

    if a person is diabetic from last 5 yrs can the person purchase this policy please guide

  • Comment Link Chirag Friday, 02 September 2011 10:21 posted by Chirag

    The premium is relative cheap compared to other term insurance plans. Sounds great..

  • Comment Link manish Wednesday, 07 September 2011 17:32 posted by manish

    i wanted a sum assured of rs. 50 lacs, my age is 31. the company says no medical chech up required. is it still better to go for medical check up. I am fit and fine with no medical problems till date

  • Comment Link Administrator Thursday, 08 September 2011 10:12 posted by Administrator

    Hi Manish
    If you opt for medical check up, the onus will be on insurer since they made sure that you have no medical issues. At the same time, at your age, medical check up is usually not required by insurers.

  • Comment Link Jeet Thursday, 08 September 2011 15:24 posted by Jeet

    I am 33 year old (non smoker) want to take this policy. What types of deaths are not covered in this policy? What all information is to be provided to the company about the individual? I am not suffering from any disease at present and ready for a medical check up/tests as per company desire but what if 20 years from now I get some disease let say sugar, BP, etc. Is there any clause in the terms & conditions regards this? Pl give answer in detail. Also provide a complete list of terms and conditions of this policy.

  • Comment Link Administrator Thursday, 08 September 2011 16:10 posted by Administrator

    Hi Jeet
    If you have no medical issues presently and you do not hide any relevant critical information from the insurer, claim will be paid. If you develop some condition after few years, it will not affect the claim. There are certain exclusions like suicide in the first policy year in which case claim will not be paid.

  • Comment Link Rakesh Wednesday, 14 September 2011 16:55 posted by Rakesh

    Hi admin
    Does the cover starts the next day of policy buying & paid premium or there is waiting period? I mean in case I die (not sucide but accident or natural disaster or natural death) in few days after buying the policy.

    Also what additional formality required if I die outside india.

    Also since I'm buying this online also settlement is online or requires their office visit? say we are in US and I die there can my family claim from there - if not is there time limit maximum that claim has to be made how to authenticate the death certificate?

    What is their history of settlement time for old insurance product & what is the rejection ratio so far for other products?

    Is this restricted to Indian citizen only, what if I become citizen of another country after few years this policy continues to run for benefits the same way?

    Hope to hear soon. Thanks

  • Comment Link Administrator Friday, 16 September 2011 18:24 posted by Administrator

    Hi Rakesh
    The life cover starts as soon as the policy is issued. After the policy is issued and if anything happens to you, your family are entitled to claim.
    In case of death, you have to submit a list of documents. You can read about claim procedure from following link: http://www.avivaindia.com/en/CustomerService/ClaimsProcedure.aspx

    This policy is for Indian citizens or NRIs and does not extend to other citizens.
    We will provide you with claims data soon.

  • Comment Link B Paul Saturday, 17 September 2011 12:11 posted by B Paul

    I have gone through your ilife product details, also read the questions raised and your answers for the same. Could you please assist me to take this policy?

  • Comment Link Naveen Saturday, 17 September 2011 16:06 posted by Naveen

    Does this cover permanent disability also???

  • Comment Link Administrator Monday, 19 September 2011 11:42 posted by Administrator

    Hi B Paul
    We will be in touch with you soon

    Hi Naveen
    Aviva i-Life provides just death benefits.

  • Comment Link Sarin Saturday, 24 September 2011 12:30 posted by Sarin

    Why should I go with i Life and why not others?Second, how much Aviva can be trusted.Pls reply.

  • Comment Link Administrator Tuesday, 27 September 2011 15:20 posted by Administrator

    Hi Sarin
    You can go with any term plan as per your requirement.

    Also, genuine claims are always paid.If you do not hide any important information (eg.smoking habits, existing medical problems), your claim should be paid if made.

  • Comment Link Shailesh Thursday, 29 September 2011 09:18 posted by Shailesh

    I am a NRI working in Indonesia and interested in this beautiful Aviva i life term insurance plan for 35 years. Since I read the policy is only for resident Indians, pls advice the options available for me. I will be visiting India during Oct'11. Thanks.

  • Comment Link Administrator Friday, 30 September 2011 10:56 posted by Administrator

    Hi Shailesh
    NRI's cannot buy Aviva iLife (retraction)

  • Comment Link Navdeep Sunday, 02 October 2011 18:18 posted by Navdeep

    Also what additional formality required if I die outside india.
    ?
    Also since I'm buying this online also settlement is online or requires their office visit? say we are in US and I die there can my family claim from there - if not is there time limit maximum that claim has to be made how to authenticate the death certificate?

    Is this restricted to Indian citizen only, what if I become citizen of another country after few years this policy continues to run for benefits the same way?

  • Comment Link Neeraj Sethi Sunday, 02 October 2011 22:46 posted by Neeraj Sethi

    Hi,
    I have recently applied for Aviva i-life. Even though I am a naturalized US citizedn I also have an Overseas citizenship of India. Hence in the application, I marked as Resident Indian Citizen. Just want to clarify if my assumption is correct?

    Regards
    Neeraj

  • Comment Link ravichandran Sunday, 09 October 2011 09:19 posted by ravichandran

    If a person covered by a term policy already with another insurance company and of if he want to tale take Aviva I-life. Whether it he or she can take. Since making premium for both policy in case of death whether insurer can get insured amount from both company or from one insurance company alone.

    Also whether a same person can take 2 i-life policy with same insurer

  • Comment Link Amit Monday, 10 October 2011 10:01 posted by Amit

    Hi Admin,
    I am looking for a Term insurance with riders that include major accident that could cause paralysis, loss of limbs etc. Please suggest.

    Regards,
    Amit

  • Comment Link sonia Monday, 10 October 2011 10:44 posted by sonia

    Hi Can you please let me know if on maturity the premium is paid back to the policy holder incase of survival at the time of maturity

  • Comment Link Administrator Monday, 10 October 2011 11:52 posted by Administrator

    Hi Ravichandran
    You can opt for term policy with another insurance company. However do mention in the proposal form that you already are covered with an insurance company. In case of claim, your family can apply to both the insurers and get Sum Assured of both policies.

    A person can opt for two ilife as long as it is within the cover limit allowed by the company.

  • Comment Link Administrator Monday, 10 October 2011 11:55 posted by Administrator

    Hi Amit
    The rider is called Accidental Disability which covers the ailments mentioned by you. There are many such plans like Bajaj Allianz New Risk Care II, Bharti AXA Elite Secure, Kotak Preferred term plan etc.

  • Comment Link Administrator Monday, 10 October 2011 12:05 posted by Administrator

    Hi Sonia
    In case of survival, there are no maturity benefits.
    In case you are looking for survival benefit, you can go for return of premium (ROP) term plans which provide the base premium on maturity in case of survival of the life insured.

  • Comment Link Pawan Monday, 10 October 2011 13:36 posted by Pawan

    Can i take two different policies, one now and other after few year. And in case something happens to me would nominee will be entitled to get two different claims for the same person. Please suggest

  • Comment Link Administrator Monday, 10 October 2011 18:57 posted by Administrator

    Hi Pawan
    When you take the term insurance plan, do mention in proposal form any other existing policies. And if something happens to you, your nominee can get two claims for the same person.

  • Comment Link Shabbir Monday, 10 October 2011 20:01 posted by Shabbir

    Hi i am self employed & if i pay annual tax of Rs.1,50,000/- can i take a five core 5 cr policy. My wife is not paying tax can i take for her too a policy of two cores 2 cr. Thanks

  • Comment Link Anuj Tuesday, 11 October 2011 18:15 posted by Anuj

    I understand iLife cover is 10 times the income annually right now I have 2.8 lacsper annum. However it going to increase successively to 8 lacs in next 3 years . How can I take cover of Rs.1Crore in one shot.
    Anuj

  • Comment Link sri Tuesday, 11 October 2011 21:41 posted by sri

    Hi Admin,
    I'm read the comments from various people and your replies to them, i hav a question; assume the policy premium to be paid for 25 years and the sum assured is 50lakhs, if any risk happend within this 25 years the nominee can claim the sum assured and after 25yrs nothing can't be claimed. if so, what happens to the premium paid in these so 25years.

  • Comment Link Administrator Wednesday, 12 October 2011 17:39 posted by Administrator

    Hi Navdeep
    Claim can be made from outside India also. Claims Process and Forms are available on the website. Customer can also obtain forms from Aviva's branch and deposit the documents either at any branch or send it directly to Aviva Head Office. (claims@avivaindia.com). Claim requirements remain the same. However, Aviva would require translation in case documents submitted are in foreign language (other than English). Claim should be intimated within ninety (90) days of the occurrence giving rise to such claim. If Aviva is not given written notice of the claim within ninety (90) days of the occurrence giving rise to the claim, then Aviva may accept the claim if reasons are provided in writing for the delay and are acceptable to Aviva. Aviva would require original/ attested copy of Death Certificate

  • Comment Link Administrator Wednesday, 12 October 2011 17:40 posted by Administrator

    Hi Neeraj
    The plan can only be offered to NRI and not to OCI/PIO category.

  • Comment Link Administrator Wednesday, 12 October 2011 17:42 posted by Administrator

    Hi Shabbir
    You can get a cover of Rs 5 Cr, there are many other factors which are considered apart from income like assets owned by you.
    For your wife, if there is no income proof, you cannot take term plan for her.

  • Comment Link Administrator Wednesday, 12 October 2011 17:46 posted by Administrator

    Hi Anuj
    You can apply for higher Sum Assured with the insurer. Usually when you need high Sum Assured, a form has to be filled by you called "Financial Justification Report" which lists your income, assets like house, vehicles owned etc which are considered by the insurer before giving you the required cover. The maximum Sum Assured you could get will ultimately be decided by the insurer.

  • Comment Link Administrator Wednesday, 12 October 2011 17:51 posted by Administrator

    Hi Sri
    The insurer provides you high life cover at nominal rates in a term plan.
    The premium amount charged is for the life cover provided to you. The premium is the charge insurer takes for providing you with the cover. It is the amount you pay to the insurer for accepting the risk on your life.
    The premium is kept by the insurer for accepting the risk.

  • Comment Link kedar Wednesday, 12 October 2011 19:24 posted by kedar

    I have been smoking for past 17 years.
    But for the last 13 months I have stopped smoking and wish to never smoke again.

    If I plan for i-life term plan, will I be eligible to apply for non-smoking category

  • Comment Link kk Friday, 14 October 2011 00:02 posted by kk

    Please share the link for Brochure. i am convinced with above detailing, but i want to read before investing.

  • Comment Link teja Friday, 14 October 2011 15:11 posted by teja

    what is the pay out rating by company. Is recommonded to take.

  • Comment Link Administrator Friday, 14 October 2011 18:46 posted by Administrator

    Hi Kedar
    Usually a person is included in non-smoker category if the person has quitted smoking for 3 years or more. You should get in touch with Aviva representatives before applying for the policy.

  • Comment Link Administrator Friday, 14 October 2011 18:50 posted by Administrator

    Hi KK
    You can read about Aviva i-Life from the following link:

    http://www.avivaindia.com/Individual/Protection/Aviva%20i-Life.aspx

  • Comment Link Parag modi Sunday, 16 October 2011 12:10 posted by Parag modi

    Hi

    One month ago I have taken AVIVA i Life online Term Life Insurance policy for 35 Years period for 50 Lacs sum assured with a annual premium of 4700.00.

    I had filled all the information in online form , true to best of my knowledge.

    I have already got my policy document.

    However I am worried for the fact that they have not even asked for Medical Test for such a amount, in case of future claim if any will my family face any difficulty.

    Is there anyway I can ask them for Medical Test, or I can safe guard my interest to avoid future troubles??

  • Comment Link Vikas Sunday, 16 October 2011 12:51 posted by Vikas

    What if I lie about my smoking habits and get a term insurance under non-smoker category. In case something unpleasant happens to me after few years, then how do the insurance company knows that I lied about it and was a smoker when i took the policy?
    Has there been similar cases in past?

  • Comment Link Venkat Monday, 17 October 2011 12:30 posted by Venkat

    I was recently diaginosed for bp, how much will be the premium,i am non smoker and non alcoholic, no diabetes or no surgery or heart surgery done, what will be the premium

  • Comment Link Ankit Bhatnagar Monday, 17 October 2011 15:08 posted by Ankit Bhatnagar

    I had read the above comments.. I am satisfied with the replies..
    I had one question..

    In case both the insured person & the nominee died in a car accident, will other family menbers be eligible to make the claim?

    Thanks,
    Ankit

  • Comment Link nikhil Monday, 17 October 2011 22:29 posted by nikhil

    I am planning to buy Aviva i life term plan,can u advise me whether this term plan covers all type of deaths ie. accidental,normal,earthquake etc.
    Also advise medical checkup is essential or not?
    rgds
    nikhil

  • Comment Link Administrator Tuesday, 18 October 2011 14:41 posted by Administrator

    Hi Venkat
    The premium depends on your age and the Sum Assured required. Since you are not a smoker and non-alcoholic, there would be no premium loading (addition charge for risk). However in the proposal form, do mention your bp condition.

  • Comment Link Administrator Tuesday, 18 October 2011 14:42 posted by Administrator

    Hi Ankit
    Other members of family can make the claim. It will ultimately depend on your legal will.

  • Comment Link Administrator Tuesday, 18 October 2011 14:45 posted by Administrator

    Hi Nikhil
    Aviva ilfe does cover accidental and other disasters. Medical checkup is usually required but ultimately will depend on the insurer.

  • Comment Link Administrator Tuesday, 18 October 2011 14:50 posted by Administrator

    Hi Vikas
    If someone lies about the smoking habit and then dies because of it, then insurer has the right to reject the claim. When a person applies for claim, certain documents have to be submitted through which insurer will know the reason of death.
    It is best to stick to the truth.

  • Comment Link Abdul Thursday, 20 October 2011 17:25 posted by Abdul

    Question No 1:
    In Term policies does the premium amount remains same for a the complete term? Say, for 50L cover-30Year Term, Premium comes as 5000Rs. Will this 5000 remains same for all the 30 years?

    Question No 2:
    Is it possible to buy this aviva i life term policy - with limited payment\lumpsum payment for the 30yr period.

  • Comment Link Administrator Friday, 21 October 2011 10:49 posted by Administrator

    Hi Abdul
    The premium at the inception of the plan will remain same throughout the policy period.

    And Aviva iLife does not have limited/lump sum option presently.

  • Comment Link Sathish Sunday, 23 October 2011 11:49 posted by Sathish

    Hi admin,
    Presently I'm 25 years old and when I was 14years had neck pain which lasted for 2 years due to over strain taken on studies( I had the bad habit of studying on bed while lying) then it has gone after entering college. Even now occasionally i feel neck pain if i lye in improper position during sleeping.

    I started taking beer once in 2 weeks for the past 5 months to gain weight. My weight has increased from 55kg to 67kg in 5 months. But now thinking of stopping the beer intake if it will affect the claim settlement in future.

    Should i mention the above 2 things in policy proposal? If so how will it impact on premium and other claim settlements?

  • Comment Link Administrator Monday, 24 October 2011 16:39 posted by Administrator

    Hi Sathish
    You should be truthful while filling the proposal form and every medical ailment you might have should be mentioned.
    The insurer might increase the premium amount depending on the medical condition. If no information has been withheld, claim settlement should be smooth.

  • Comment Link JAY Sunday, 30 October 2011 21:58 posted by JAY

    I WANT BUY TERM PLAN FOR 63 AGE

  • Comment Link Shankar Tuesday, 01 November 2011 14:22 posted by Shankar

    HI Admin, if i take aviva ilife for 1cr now, and after few years i take another policy for 1cr from icici,
    1.) Do i need to inform Aviva that i am taking an additional cover?
    2.) I will be disclosing the aviva policy to icici as well. Will i have another round of medical tests? In case of any problem this time, should i inform Aviva guys about it?
    3.) In case the company plans to quit insurance business within next 30 years, what will be my position?

  • Comment Link Ravi Tuesday, 01 November 2011 20:36 posted by Ravi

    Hi
    I have heard that the claims settlement ratio for this particular plan is very bad (which is less than 20%). Would like to know if this is the case

    Also, if the insured person falls sick (temporary/permanent disability etc) and is not able to pay premiums on time and if the insured dies during this time, will the SA be paid?

  • Comment Link Avinash Wednesday, 02 November 2011 16:34 posted by Avinash

    I have quit smoking 5 years ago, will I be in non-smoker category. Also I have to go out of India on company work, or may be posted outside India. Will this policy cover me outside India.

  • Comment Link Administrator Wednesday, 02 November 2011 18:19 posted by Administrator

    Hi Jay
    There are a few term plans which you can buy at age 63 like ICICI Pru iCare, Kotak e-Preferred.

  • Comment Link Administrator Wednesday, 02 November 2011 18:24 posted by Administrator

    Hi Shankar
    1. You do have to notify insurers when you opt for another term plan.
    2. You do not have to give medical test again to already bought policy but the new insurer might require medical tests.
    3. If insurer does not continue its business, your policy will be transferred to another insurer and the cover will continue till the end of policy term.

  • Comment Link Administrator Wednesday, 02 November 2011 18:27 posted by Administrator

    Hi Ravi
    Aviva iLife launched this year so looking at claims data would be inconclusive. The claim ratio will improve over the years. If there are many claims in the 1st year itself, there are good chances of fraud cases (person hiding terminal illness from insurer).

    There is usually a grace period of 30 days from the date of renewal. The cover continues in the renewal period and SA will be paid during the grace period.

  • Comment Link Administrator Wednesday, 02 November 2011 18:27 posted by Administrator

    Hi Ravi
    Aviva iLife launched this year so looking at claims data would be inconclusive. The claim ratio will improve over the years. If there are many claims in the 1st year itself, there are good chances of fraud cases (person hiding terminal illness from insurer).

    There is usually a grace period of 30 days from the date of renewal. The cover continues in the renewal period and SA will be paid during the grace period.

  • Comment Link Administrator Wednesday, 02 November 2011 18:29 posted by Administrator

    Hi Avinash
    Usually, if a person has quit smoking for 3 years or more, he's considered a non smoker. However it is best to inform insurer about the same to avoid any misunderstandings.
    The policy provides life cover outside India but do inform the insurer before leaving to work abroad.

  • Comment Link Ramessh T Wednesday, 02 November 2011 20:51 posted by Ramessh T

    Hi,
    I am 38 and have undergone angioplasty last year to clear a block. i am ready to disclose the complete details of my existing medical condition. Am i eligible to apply for this policy and how much the premium would increase due to my medical status?

  • Comment Link Shankar Thursday, 03 November 2011 15:00 posted by Shankar

    Thanks for the info Moderator. have some more doubts:
    1. All forms of death are covered in this, like all road/air/rail travel?
    2. Do participation in adventure sports act as a problem...like Rafting/paragliding/Air diving/Swimming etc?
    3. Natural disaster like earthquake/lightening.
    4. Riots + terrorist activities
    5. If i get a major health problem after 10 years of taking this policy, do i need to inform Aviva and will my claim be approved ?

  • Comment Link Anushka Thursday, 03 November 2011 15:01 posted by Anushka

    Do we have a term plan for Housewives ??

  • Comment Link Administrator Friday, 04 November 2011 11:37 posted by Administrator

    Hi Ramesh
    You can apply for the policy and disclose the medical condition. It will depend on Aviva's underwriter whether to accept the proposal and levy additional premium or not.

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