Customers can choose tenures from 10 to 30 years.
Aviva Life Insurance Company India Limited has launched a new insurance policy called the Aviva Smart Return of Premium Term Plan.
The policy combines life cover with a financial payout at the end of the term, offering customers a return of Total premiums paid on survival until maturity.
The plan is available to individuals aged 18 to 60, with a maximum age limit at maturity of 75 years.
Policyholders can select coverage terms between 10 and 30 years, with sum assured amounts ranging from $5,222 (INR5 lakh) to $52,224 (INR50 lakh).
Premium payments can be made on a monthly, quarterly, half-yearly, or annual basis.
Additional features include options to add riders for accidental casualty and critical illness coverage.
Policyholders can also apply for loans up to 80% of the surrender value, and purchase policies under the Married Women’s Property Act to secure benefits for spouses and children.