As customers increasingly seek financial solutions that address protection needs alongside long-term financial planning, the proposition combines life cover during the policy term with a defined return at the end of the policy term. On survival until maturity, the plan provides 105% of Total premiums paid, subject to the applicable policy terms and conditions.
The plan allows customers to select a policy term ranging from 10 to 30 years and life cover ranging from Rs. 5 lakh to Rs. 50 lakh, subject to eligibility criteria and policy terms and conditions. Customers can enter the plan between 18 and 60 years of age, while the maximum age at maturity is 75 years.
Customers can enhance their protection through optional riders covering accidental casualty and critical illnesses. The plan also provides flexibility in premium payment frequency, with customers able to choose monthly, quarterly, half-yearly, or yearly payments.
The policy further provides an option to purchase the plan under the Married Women’s Property Act (MWPA) to help safeguard policy benefits for the spouse and/or children. Customers can also avail a policy loan of up to 80% of the surrender value, subject to policy terms. Tax benefits are available as per prevailing tax laws.
The key features of the Term Insurance with Return of Premium (TROP) proposition include a return of 105% of Total premiums paid at maturity, subject to policy terms and conditions; a flexible policy term of 10 to 30 years; the option to enhance protection through available accidental casualty and critical illness riders; and flexible premium payment frequencies.
Commenting on the launch, Mr. Asit Rath, CEO & MD, Aviva Life Insurance, said, “Customers today are looking for insurance (protection) solutions that provide meaningful financial security while offering greater clarity on the benefits available over the policy term. With our Term Insurance with Return of Premium proposition, we are bringing together life protection and a defined return of applicable premiums. At Aviva Life Insurance, our approach goes beyond protection to support the overall well-being of our customers by encouraging healthier lifestyles, positive habits, and greater preparedness for the future. Through relevant, customer-centric solutions, we aim to help individuals and families lead healthier, more secure, and better-prepared lives with confidence.”
Mr. Rajat Srivastava, Chief Distribution Officer, Aviva Life Insurance, said, “At Aviva Life Insurance, our distribution focus is on reaching a wider set of customers with protection solutions that are relevant to their evolving needs and financial priorities. Term Insurance with Return of Premium strengthens our protection portfolio and gives our distribution teams another proposition to engage customers across different life stages, while helping families build greater long-term financial security. As we continue to strengthen our reach and deepen customer engagement across channels and markets, we remain committed to supporting the broader industry vision of ‘Insurance for All by 2047’.”
The launch strengthens Aviva Life Insurance’s focus on evolving its protection portfolio in line with changing customer needs. Alongside financial protection, Aviva Life Insurance continues to encourage individuals and families to build greater financial preparedness and adopt positive and preventive approaches to overall well-being.
Aviva Life Insurance Company India Limited is a wholly owned (100%) subsidiary of UK-based Aviva International Holdings Ltd. (AIH), an insurance group backed by a rich heritage that dates back to 1696.
Committed to moving the needle from protection to prevention, Aviva Life Insurance helps customers build healthier habits while securing their financial future. Through its range of Term Insurance, Savings, ULIP and Retirement Solutions, complemented by wellness-led offerings and customer-centric initiatives, Aviva Life Insurance helps customers protect what matters most and plan confidently for the future.
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