Aviva Life Insurance launched 'i-Shield', an online term plan with return of premium. The product provides life cover with a provision of return of 110 per cent of paid premium, in case the insured survives the policy term. This product is designed to provide customers life insurance with a 'zero wastage' proposition. It can be purchased online only.
TR Ramachandran, CEO & MD, Aviva Life Insurance says, “Our research with IMRB showed us that protection of family’s income in case of an unfortunate death is among the top three priorities for 52 per cent of Indians today.”
However, the term plans with return of guarantee are usually priced twice of what a pure term plan would be of. For instance, a 30 year old male for Rs. 1 crore, one would have to shell out an annual premium of Rs. 8,100 (for a pure term plan), whereas he will have to shell out Rs. 38,700 (for a term plan with return of premium)
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