Is it worth buying AVIVA I LIFE insurance as term plan for female?

POSTED BY Geet ON November 9, 2011 11:52 am COMMENTS (5)

Hello Guys,

Hope you all are doing well.
I just came across Aviva I life insurance & kinda like it as it provides term as 35 yrs which rest others don’t provide for minimum premium ( for 1.5 Cr- INR 10171 premium), so got quite impresses.
Can you please advise if it is good to go with this term plan?
Just to give you my details, I am female 27 yrs old & do not consume tobacco & smoke.

5 replies on this article “Is it worth buying AVIVA I LIFE insurance as term plan for female?”

  1. Geet says:

    Thanks much guys for your responses.
    Ramesh – Thanks so much for bringing my attention towards the term condition.Yes at present I do not have any liability & have nodependants; as mentioned earlier I was thinking from future pov ( for my future kid).

    Ashal – thanks much for providing me the info regarding eligibility.
    My current annual income is 7lac, so I believe I woudl be eligible only for 80lac-1.05Cr, as per formula given by you.

    I draw the conclusion that I do not need any life insurance at teh moment & will buy it when I would have some liabilities as I woudl be then able to take more cover assuming the fact that my income would be more by then 🙂

    Thanks once again for your response, truely appreciate it. 🙂


  2. ashal jauhari says:

    Dear Geet, Just to add with what dear Nandish had said earlier, to get a term cover of 1.5 Crore, your own annual income should be in the range of 10-12L Rs. for an insurance multiple of 12-15.

    If your income is below 10L Rs. I doubt ins. co. ‘ll provide that kind of cover.



  3. Geet says:

    Hello Nandish,

    Let me first thank you for your response.
    I was in dilemma as to whethe rI shoudl go for this option or not, as I do not own any home loan & any other types of loan, do not have kids yet & not having any dependan on me.

    However, I was thinking from future POV, when I woudl have a kid or would buy home, that time it woudl be helpful.Also, if I go for term insurance that time, the premium would be more, Hence was thinking whether I shoudl or should not go for the option.

    What’s your view on the same?

    Thanks once again for your repsonse in advance.


    1. Ramesh says:

      No financial dependents means you do not have any need for a life insurance. As simple as that.

      Term Insurance later will be more expensive is a myth. Do not fall for it.
      eg. a 27 year old’s 35 year plan will be either same in premium or actually more in cost as a 32 year old’s 30 year plan. you can check this yourself. But, a 32 year old’s 35 year plan will surely cost. I hope you get the point.

  4. Firstly evaluate how much insurance you need . Is 1.5 cr insurance your actual requirement. Understand the logic of buying life insurance, it might be possible that you might not need any insurance at this point of time.

    Your insurance value should cover the folloing

    1. Cover your loans and liabilities- ask if you have any
    2. Any children related or responsibility related goals- ask if you have any
    3. Money for dependents- if you are a capital loss to the family or not ask your self.

    Dont get attracted by cheap premiums. First see your need

    Remember whatever you will be paying you wont be getting anything as it is a term plan. May be the same money can be invested.

    Insurance is a yearly contract so next year if premiums get competitive you can switch your insurer.

    If you are clear on how much you need you can go ahead with Aviva policy.

    All the best and do let us know once you complete this action on

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