Mumbai: Private insurer Aviva Life Insurance on Tuesday launched i-Shield, an online term plan with return of premium.
Aviva i-Shield provides life cover with a provision of return of 110 percent of paid premium, in case the insured survives the policy term, the private insurer said in a release.
This product is designed to provide among other things, customers life insurance with a 'zero wastage' proposition.
"During our customer interactions, we came across a set which were keen to get a return even on pure protection plans.
In line with their demand we launched a term plan with return of premium option -Aviva i-Shield - for our online customers too.
"With this product we aim to bring to our customers an online product, which will address their protection needs at an affordable price and return 110 percent of premium paid on survival," said T R Ramachandran, Aviva Life Insurance CEO and Managing Director.
Given the convenience and the cost effectiveness of the online medium, the company envisage it to be the one-stop shop for an informed life insurance customer, he said.
"Our research with IMRB showed us that protection of family's income in case of an unfortunate death is among the top three priorities for 52 percent of Indians today," he added.
The company at present offers a term plan - Aviva i-Life and a health plan- Aviva Health Plus as part of its online portfolio.
Some of the key features of Aviva i-Shield are the entry age is 18 years till 55 years and the maximum maturity age is 65 years.
The policy terms are from 10 to 25 years with premium payment frequencies being- yearly, half yearly and monthly.
Sum assured for Aviva i-Shield would be Rs 15 lakh to Rs 5crore and is eligible for tax benefits.
Aviva India is a joint venture between Dabur Group and Aviva Group, one of the UK's largest insurer and one of Europe's leading providers of life and general insurance.