Aviva Life Insurance Company India Limited has launched the Aviva Smart Return of Premium Term Plan, combining life insurance protection with a return-of-premium feature. The company announced the product on September 17, 2026, saying eligible customers can receive 105% of total premiums paid if they survive until maturity, subject to the policy terms.
The new insurance policy offers terms ranging from 10 to 30 years. Customers can choose life cover between ₹5 lakh and ₹50 lakh, while entry remains open to individuals aged 18 to 60. The maximum maturity age stands at 75 years.
Aviva Term Insurance Offers Flexible Options
The term insurance plan allows customers to pay premiums monthly, quarterly, half-yearly or annually. Policyholders can also add optional riders for accidental casualty and critical illness coverage, subject to the applicable terms and additional premium.
Aviva has also included a policy loan facility. The insurer’s product information states that policyholders can borrow up to 80% of the acquired surrender value, subject to the policy conditions. The plan also offers an option to purchase the policy under the Married Women’s Property Act (MWPA), which can help protect policy benefits for a spouse or children.
The insurance policy targets customers who want life protection while also seeking a maturity benefit linked to the premiums they pay. Aviva describes it as a non-linked, non-participating individual term insurance plan with return-of-premium benefits.
Product Terms Differ From Current Website Details
There is an important distinction between Aviva’s launch announcement and its current product webpage. The September 17 launch release states that the plan returns 105% of total premiums paid on survival to maturity.
However, Aviva’s current product page states that the maturity benefit equals 100% of total premiums paid, while 105% appears in the death-benefit calculation.
This difference means customers should check the latest policy documents and applicable terms before purchasing the insurance policy.
The plan also provides a 30-day free-look period, according to Aviva’s current product information. Customers can review the policy after receiving the document and return it within the applicable period if they do not agree with its terms.
The launch adds another return-of-premium product to India’s growing life insurance market, giving customers an alternative to conventional term cover while combining protection with a maturity-linked benefit.
Term Insurance Explained: Understand how term insurance works, its key features and what policyholders should consider. – Explore Term Insurance
Also Read: IRDAI Plans ANPR Pilot to Enforce Motor Insurance
Disclaimer: This MyRupia article provides information based on publicly available government, regulatory and industry sources. It does not constitute investment, financial, tax, insurance or legal advice. Information, examples, market data and expert views may change over time and do not represent a recommendation to buy, sell, invest in or surrender any financial product. Readers should consider their individual circumstances and consult a qualified financial professional before making financial decisions.