Mumbai, MH India (PressExposure) September 13, 2011 -- Aviva India has launched an online term insurance plan called i-Life, the cheapest online term plan in India. Aviva i-Life offers a minimum cover of Rs 25 lakh with no upper limit and a maximum term of 35 years. There are over 100 million people present on the internet in India. With e-commerce domain growing at a fast rate, the online insurance segment in India is also picking up. Online as a medium has a lower distribution cost and has better underwriting rates as the quality of life is considered better.
The biggest advantage of buying an online plan is that it is very cost effective and the process is fairly simple. One thing that should be kept in mind is that the cover and claim settlement process depends on the authenticity and accuracy of the information given when buying the plan.
"Our research with IMRB showed us that protection of family income in case of an unfortunate death is among the top three priorities for 52% of Indians. Hence, keeping in mind the customer need and demand, we have launched Aviva i-Life which can provide a high insurance cover at a low cost," said, Gaurav Rajput - Director Marketing, Aviva India.
Here are some salient features of i-Life:
It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit.
Exclusively available for an online purchase and only available in select cities
An additional rebate for female lives of 5% on the tabular premium rates for male lives
There is a rebate for large Sum Assured.
I-T Benefits on life insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Aviva India is a joint venture between Dabur Group and Aviva Group. Current paid up capital amounts to Rs 2,004 crore. Dabur Group is the 74% shareholder while Aviva Group holds 26%. Aviva Group is a UK based insurance company and one of the world's oldest insurance Groups, with a history dating back to 1696. Aviva's products have been designed to provide customers flexibility, transparency and value for money.