Insurance company Aviva India has launched a new plan called the Aviva Protection Plus. This Individual Life Insurance Savings Plan is a Non-Linked, Non-Participating plan. In addition to assured financial protection in case of the death of the insured, Aviva Protection Plus guarantees a refund of the premiums paid if the insured person survives the policy term, too. The plan blends flexibility, a wide array of choices, and affordability all in one. The return of premiums reduces the net cost the policyholder has to pay to zero.
The newly launched plan allows clients flexibility to choose the return of premiums at 110 per cent, 120 per cent, and 125 per cent on maturity based on the stipulations of the option they have picked. The flexibility of the plan is further enhanced by offering multiple premium payment options, viz., one-time payment, regular pay, and a fixed number of instalments under the limited pay option.
Policy buyers can choose a life coverage of up to 80 years, direct and indirect tax benefits, and a refund on a lofty sum assured. Aviva Protection Plus offers a considerable tax benefit as well, allowing clients to save up to Rs. 1.5 lakhs under Sections 80C and 10 (10D).
In case the policyholder stops premium payments after buying the Term Plan with Returns On Premium (TROP), or surrenders the plan, they are entitled to a surrender value depending on the option of premium payment chosen.
According to the Mint, Vinit Kapahi, Head of Marketing of Aviva, said, “Term insurance is the most preferred choice of plan amongst people as it offers flexibility and affordability. In our endeavour to provide our customers with a term cover and more in just one plan, we launched Aviva Protection plus. This plan gives you the opportunity to select the financial protection most suited to your profile through a choice of the combinations of the Basic and Additional Death Sum Assured as well as Maturity Sum Assured at the inception of the policy.”
Aviva India is a joint venture between UK-based insurance group Aviva Plc. and Dabur Invest Corp.
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