Aviva Life Insurance on September 4, 2023 announced the launch of the Aviva Signature 3D Term Plan. It is a non-linked and non-participating individual pure risk life plan that has been designed to provide customers with a comprehensive financial cover while also safeguarding them from unforeseen life occurrences, such as death, disease, and disability, the insurer said in a press statement.
The policy comes with four options and three riders, and provides life insurance coverage through lump sum and regular monthly payments. Buyers can also choose from a range of customisations being offered across different segments. They can also opt for waiver of premium in case of critical and/or terminal Illness.
The policy also provides payout upon the first diagnosis of any critical illness covered under the plan, along with additional sum assured on accidental death, the insurer announced in a press statement.
The policy also offers special premium rates for women and non-tobacco users. There is also the option to receive accelerated payout of up to Rs. 1 crore upon diagnosis of any terminal illness with 3D-Accelerated plan option, Aviva Life Insurance said in the press release.
There are two flagship plan options – the 3D Pure Term, which is a pure term insurance policy that gives the customer an option to get life cover for up to 99 years of age. The other is the 3D Family Plus plan, which extends life insurance coverage through a lump sum payment of 100 per cent of the base sum assured, along with regular monthly payouts (RMP) for 10 years starting from the first monthly anniversary following the demise of the life insured.
This monthly payout will continue to increase by 8 per cent per annum compounded yearly, Aviva Life Insurance said.
The other two plan options are 3D Accelerated, which comes with an in-built accelerated terminal illness benefit, and 3D TROP, where the premiums paid towards the policy (excluding taxes, rider, and extra premiums) are returned to the policyholder upon survival till maturity.
The three rider options on offer are: Aviva Accidental Casualty Non-Linked Rider, Aviva Cancer Cardio Non-Linked Rider, and Aviva New Critical Illness Non-Linked Rider.
Besides these, there is also a waiver of premiums feature in the event of critical or terminal illness, applicable through the Aviva New Critical Illness Non-Linked Rider and the 3D-Accelerated plan option respectively.
Vinit Kapahi, head of marketing, Aviva Life Insurance, said: “We are thrilled to introduce the Aviva Signature 3D Term Plan, a remarkable addition to our flagship Signature series. With a profound understanding of life’s uncertainties, we have crafted a plan that embraces the three pillars of protection: diseases, disability, and death.”
“Our Aviva Signature 3D Term Plan provides customers with protection against life’s unforeseen challenges and to help them become future-ready. This plan is not just a product; it is a canvas where individuals can paint their financial aspirations. Our policyholders gain the power of personalisation with an array of options that aligns with their unique requirements. As we launch this comprehensive solution, we reinforce our promise to stand by our customers during life's most challenging moments.”
