Aviva Life Insurance T&Cs

The following are the terms and conditions of Aviva Life Term Insurance Policy:

1. Grace Period: Aviva Life Term Insurance plans provide a grace period of 30 days from the due date for the payment of premium for the quarterly, half-yearly, and yearly mode. A 15 days grace period is allowed for the monthly premium payment mode.
2. Policy Lapse: If during the policy tenure, premiums are not paid within the grace period, the policy together with the additional benefits (if any) will lapse from the time of not paying the first premium amount and the policy cover would cease to exist.
3. Policy Revival: Aviva Life Term Insurance lapsed policy can be revived within 2 years from the date of first unpaid premium else the contract will be terminated. For the policyholder to revive their policy, a proof of good health is also needed.
4. Tax Benefits: The premiums payable under Aviva Life Term plans are eligible for tax benefits and exemptions under Section 80C of the Income Tax Act, 1961, subject to the conditions and limits. The tax benefits offered are according to the existing tax laws. Your tax benefits can change if the tax rules are changed.
5. Maturity Benefit: No amount will be payable under the Aviva Life Term Policy if the policyholder is alive on the maturity date.
6.Payment of Regular Premium: Regular Premium shall be paid by the policyholder to Aviva Life Insurance on every policy anniversary if the policyholder premium frequency is annual. If the policyholder premium frequency is half-yearly, then the regular premium shall be paid on the date corresponding with the commencement date.
7. Free Look Up Period: The policyholder has the right to review the terms and conditions of the Aviva Life Policy, within the Free Look Period which is thirty days from the inception of the policy document. If the policyholder disagrees with any of the terms or conditions, then he/she has the option to return the policy mentioning the reasons for his/her objection. If the policyholder cancels the policy during the Freelook Period, the insurance company will refund the regular premium received, subject only to a deduction of the expenses incurred by Aviva Life Insurance on medical examination.
8. Termination: Aviva Life Term Policy will terminate immediately and automatically on the earliest if :

• Maturity Date
• The occurrence of the policyholder event
• Revival Period expiry date, if the policy is not revived.

9. Suicide: If the policyholder commits suicide within one year from the date of purchase of the Aviva Life Term insurance policy. The insurance company will pay 80% of premiums paid till the date of death. In the case of a reinstated policy, the policyholder commits suicide within one year of the date of reinstatement of the policy, more than 80% of the premiums will be paid till the date of death.
10. Nomination and Assignment: Nomination and Assignment are subject to accordance with Section 39 and Section 38 of The Insurance Act,1938.
11. Territorial Limits and Currency: All premiums, taxes, and benefits, etc. are payable only within India and in Indian currency.
12. Fraud: As per the provisions of Section 45 of The Insurance Act,1938, if the policyholder with his knowledge proved to have made any misrepresentation, misleading, dishonest, false claim in any respect, then the policyholder policy will be immediately cancelled.
13. Governing Laws: Aviva Life Term Insurance Policy will be governed by prevalent Indian Laws, any differences or disputes arising out of Aviva Life Insurance will be subject to the jurisdiction of Indian courts.
14. Loss of Policy Document: Aviva Life will replace a lost policy document when the insurance company is satisfied that it is lost. Aviva Life Insurance has the right to charge a fee for the issue of a duplicate policy document. If the insurance company agrees to issue a duplicate policy document, it is agreed and understood that the original policy document will cease to be of any legal effect.
15. Agent Authority: The insurance agent is only authorized by the insurance company to arrange the submission and completion of the proposal form. No insurance agent is authorized to change or modify the policy document, or to accept any notice on Aviva Life Insurance’s behalf, or to accept payments on the insurance company’s behalf. If any payment meant for the insurance company in any form is paid to an agent then such payment is made at the policyholder risk and the insurance agent will be acting only as the policyholder or life assured representative.