Private Insurer Aviva Life Insurance has launched its online term plan Aviva i-Life, with a minimum cover for Rs 25 lakh with no upper limit. Aviva i-Life is the term plan, which can be purchased only online.
Salient features of i-life term plan
1. The minimum sum assured for i-Life plan is Rs. 25 Lakhs while there is no maximum limit set but subject to underwriting requirement.
2. The minimum and maximum entry age for iLife plan is 18 years and 55 years respectively.
3. The maximum maturity age is 70 years.
4. The policy paying term is minimum of 10 years to maximum of 35 years.
5. Premium paying mode – yearly and half yearly.
6. Tax benefit under section 80C.
Aviva India Life Insurance Company is a joint venture between Dabur India and Aviva Plc of UK. Aviva holds 26% of the equity and Dabur Group holds 74% of the equity in the JV.