Aviva Income Suraksha

Overview:
At Aviva we recognize your efforts and hard work to provide your loved ones with a comfortable life today and tomorrow. Presenting Aviva Income Suraksha, a life insurance cum savings oriented plan that assists you financially by guaranteeing returns in the form of regular monthly payouts. These regular payouts are passed onto your family in case of your untimely death.

Specifications:



Maximum Sum Assured
No limit. The maximum sum assured will be as per Board approved underwriting policy

Premium Payment Frequency
Annual and Monthly only. For monthly mode, only ECS / Direct Debit is allowed

Annualized Premium - shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Benefits That I Will Receive:

Maturity Benefit
In case the life insured survives till the end of the Policy Term and provided all due premiums have been paid; the Maturity Sum Assured shall be paid in the form of Regular Monthly income during the payout period. First installment will be payable at the maturity date and remaining installments will be payable on each subsequent monthly policy anniversary till the end of payout period.

Regular Monthly Income = Monthly Premium X Maturity Benefit Multiplier
Maturity Benefit Multiplier will be basis Premium Payment Frequency as per the following table:



Premium would be excluding taxes and extra premium if any
For Annual Premium Frequency, Monthly Premium = Annualized Premium 12

In addition to Maturity Sum Assured, an age related Guaranteed Terminal Benefit will also be payable along with the last installment of the Regular Monthly Income.

In case the life insured dies during the Payout Period, the nominee will continue to receive the remaining regular installments of Regular Monthly Income and the Guaranteed Terminal Benefit shall be paid along with the last installment of Regular Monthly Income.

Death Benefit
In case of death of the life insured during the policy term, provided all due premiums till date of death have been paid, the Death Sum Assured will be paid in the form of Regular Monthly Income during payout period. The first installment would be paid at the time of death and the remaining installments shall be paid on each of the subsequent monthly death anniversary of the life insured.

Regular Monthly Income = Monthly Premium$ X Death Benefit Multiplier

Death Benefit Multiplier will be basis Premium Payment Frequency as per following table:



Premium would be excluding taxes and extra premium if any

For Annual Premium Frequency, Monthly Premium = Annualized Premium 12

Death Sum Assured shall be the highest of:

10 times of the Annualized Premium, or

105% of the Total Premiums paid as on date of death, or

Maturity Sum Assured , or

An absolute amount assured to be payable on death

In addition to Death Sum Assured, an age related Guaranteed Terminal Benefit will also be payable along with the last installment of Regular Monthly Income.