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As soon as we get married, a heap of responsibilities comes on our shoulders and our family becomes the focus of our life. And once we become parents, the responsibilities just get double. Although the majority of us plan our future properly and try to make as many investments as possible, we often forget the fact that our life is uncertain. Have you ever thought about what may happen to your family if you pass away all of a sudden? Your family will not only be emotionally devastated but they will also face a lot of financial challenges. One such situation may arrive in any of our lives but to keep our family financially secure, we must buy a term insurance plan when we still have time.
When you purchase a term insurance plan, you will have to pay the premiums either monthly, quarterly, half-yearly, or yearly. On your sudden and untimely demise, the sum assured will be paid to the beneficiary of the policy. The nominees can get up to INR 1 Crore or more; totally depends on the plan though. One of the best things about buying term insurance plans is that your family can get a higher sum assured on lower premiums. You can also save a lot of taxes through term insurance plans.
One of the companies that offer some of the best term insurance plans is Aviva Life Insurance Company. Some of the Aviva Life Insurance plans that you can consider include:
Aviva Term Insurance – iLife
This is a pure term insurance plan that you can find online. The nominee of the policy can get the sum assured on the demise of the policyholder when the policy is running. If you choose higher ranges of sum assured, you can enjoy a rebate in premium. Female policyholders can enjoy 5% lesser premium rates. The minimum sum assured for this plan is INR 25 lakhs. The minimum entry age of the policy is 18 years, and the maximum entry age is 55 years.
Aviva iLife Total Protect Assure Plan
This is certainly one of the best term insurance policies that come with features such as maturity benefit, in-built terminal illness, critical illness rider, to name a few. You can buy this term plan online, All that you have to do is to visit the official website of Aviva Life Insurance. You can get coverage for terminal illnesses under this plan, and 50% of the amount is paid immediately. Life coverage comes with an accidental death benefit. If the policyholder of the term plan passes away, the future premiums are waive off. If you buy an additional premium, you can avail of coverage on 16 critical illnesses. The minimum sum assure under this plan is INR 50 lakhs.
Aviva Term Insurance – Life Shield Advantage Plan
This is yet another term insurance plan offer by Aviva Life Insurance Company. As you purchase this plan, you can enjoy two death benefit options. In the first option, the beneficiary gets the sum to assure on the demise of the policyholder during the plan tenure. In the second option, the sum assure as well as the aggregate premiums that have been pay by the policyholder are returne either on the demise of the policyholder or if he/she becomes completely disable because of an accident.
If the plan gets mature, the policyholder gets all the premiums that have been pay. Insured can also enjoy tax benefits on this plan. While the minimum entry age for this plan is 18 years, the maximum age is 55 years. The minimum sum assured is INR 2 lakhs. There is no limit on the maximum sum assure for option A, while for option B, the maximum sum assure is INR 50 lakhs. The minimum policy term is 10 years and the maximum policy term is 30 years. As we talk about the maturity age of this plan, the minimum is 28 years and the maximum is 65 years.
Just like these three options, there are several other term insurance plan options offere by Aviva Life Insurance. Each of them comes with unique features and benefits. If you want to explore some more term insurance plans, you can visit the website of IIFL. You can compare the policies and accordingly choose the right one that can secure the future of your family.