If you are researching for the cheapest term insurance that you can buy in India, Aviva's i-Life is a good option. For a 30 year old non smoker male, the premium Aviva charges is just Rs 7,861/- for a 1 crore insurance policy.

The best part is that Aviva offers a term of 35 years. Compare this with Aegon Religare's i-term where you get a term up to 25 years only. For a 30 year non smoker male, Aegon charges a premium of Rs 10,809/- for a 1 crore insurance.

The Benefits and Details:

Death Benefit: Incase of your unfortunate death during the policy term, the Sum Assured will be paid to the beneficiary in your family to take care of their future needs.

Aviva i-Life is available in select cities. Here's the link to buy online, where you get your premium calculated and the buying process is easy.

Maturity Benefit: This is a pure protection plan and hence there is no maturity benefit payable.

Tax Benefit: Tax Benefits as per Section 80C will be applicable. Tax laws are subject to change.

Service Tax: Service tax & Education cess will be charged, as applicable from time to time

Eligibility

A few things more to note:

When premiums are not paid within grace period

If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately. The policy will not acquire any surrender or paid up value.

Reinstatement of a lapsed Policy

If your policy lapses anytime during the term, it can be reinstated within two years from the date of first unpaid premium. To reinstate your policy you will have to provide proof of continued insurability as the Company deems suitable and pay revival fee along with all due premiums. The revival fee is  Rs.  250 which is reviewable subject to IRDA’s approval.

Terms and Conditions

Cost of medical examination

At the time of purchase of the policy, the cost of medical examination and special tests, if any, will be borne by the Company.  At the time of revival of a lapsed policy, the cost of medical examination and special tests, if any, will be borne by you.

Aviva i-Life is available in select cities. Here's the link to buy online, where you get your premium calculated and the buying process is easy.

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