Aviva Life Insurance Launches Term Insurance with Return of Premiums
Aviva Life Insurance Company India Limited announced the launch of its Aviva Smart Return of Premium Term Plan, a term insurance product that returns 105% of the total premiums paid to the policyholder if they survive to the end of the policy term. The plan offers life cover ranging from Rs 5 lakh to Rs 50 lakh and allows policy terms of 10 to 30 years. Customers may enter the plan between the ages of 18 and 60, with the maximum age at maturity capped at 75 years.
The product includes optional accidental casualty and critical illness riders to enhance protection. Premiums can be paid monthly, quarterly, half‑yearly, or yearly, providing flexibility to policyholders. An additional feature permits purchase of the policy under the Married Women’s Property Act (MWPA) to safeguard benefits for a spouse or children. Policyholders may also avail a loan up to 80% of the surrender value, subject to policy terms, and the plan offers tax benefits in accordance with prevailing tax laws.
Commenting on the launch, Mr. Asit Rath, CEO & MD of Aviva Life Insurance, stated that the proposition combines life protection with a defined premium return, aligning with the company’s focus on financial security and well‑being. Mr. Rajat Srivastava, Chief Distribution Officer, highlighted that the new term product expands the protection portfolio and supports the broader industry goal of “Insurance for All by 2047.”
Aviva Life Insurance is a wholly‑owned subsidiary of UK‑based Aviva International Holdings Ltd, a group with heritage dating back to 1696. The launch underscores the insurer’s commitment to evolving its protection offerings in response to changing customer needs while promoting healthier financial habits.