The Life Long Policy of Aviva Life Insurance policy is a savings plan as well as a whole life protection plan. It provides a comprehensive protection to the insured as well as to the family. It provides full protection, along with that it also helps in building a corpus by allowing the insured to invest in any of the available 6 unit funds and loyalty additions at the end of the year 15 and 30.
This policy also renders the indexation that enhances and increases the Life Cover and premium in line with inflation to maintain the time value of money in case of death and maturity.
Under the Life Long Policy of Aviva Life Insurance policy the insured can opt for increasing the Life Cover.
To do so the customer will have to follow the 3 steps mentioned below:
- The customer can increase the Life Cover by the process of indexation. Through indexation at each anniversary of the policy the life cover and the premium will increase in line with wholesale price index.
- The life cover can also be increased by increasing the regular premiums. At any policy anniversary the customer can increase the regular premiums and this will automatically increase the sum assured.
- The life cover can also be increased during the policy term at the policy anniversaries. Up to the anniversary the life insured will attain 45 years age and then can go for life cover without increasing the premium.
The key features of Life Long Policy of Aviva Life Insurance policy are:
- Under the Life Long Policy of Aviva Life Insurance the premium holiday is also allowed. The customer or the policy holder can stop paying the premiums for some time, for 6 months to 2 years and still the policy will continue to remain in force. This is only available if the policy is in force for more than 5 years.
- Under Life Long Policy of Aviva Life Insurance premium paying term is up to 85 years.
- Life Cover up to 140 times of Annual Premium, depending on age of the insured or the policy holder.
- Loyalty addition on the total fund value during the policy term is also available under this policy.
- The riders available under this policy are - Critical Illness and Permanent Total Disability, Accidental Death and Dismemberment Rider and Hospital Cash Bene