Aviva income protection policy is a type of life insurance that is designed to replace the income of the main breadwinner of the family in case of the policyholder’s unfortunate job loss during the policy term. These plans ensure the financial stability of your loved ones in the absence of your income and help them fulfil their financial needs by replacing your regular income.
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The plan pays the benefit amount in regular instalments to replace the main breadwinner's income.
The Aviva Life income protection plan offers flexibility and customizability to suit the requirements of different individuals.
An easy and supportive claims team helps the policyholder settle their claims without any hassles.
Term Plans
Once the policyholder selects and purchases their most suitable income protection insurance from Aviva Life Insurance, the policyholder will have to make regular payments to ensure the continued coverage of the policy. During the policy tenure, if the policyholder loses his/her job due to an injury or illness, the insurer will pay the benefit amount in regular instalments. This payout can replace the policyholder's income and help the family take care of their financial needs, like paying rent or child’s fees and help you focus on your recovery.
Similar to a term insurance plan, the payouts are made on a regular basis with a fixed amount and are only valid after a waiting period that usually lasts 4 to 26 weeks. You can claim the policy benefits as many times as you want, provided that you return to work for at least 16 hours a week for at least 6 months before making another claim.
You will receive a payout amount between £500 and £1,500 for 12 months, depending on the plan you choose, your eligibility, and more. The amount will be tax-free, and it is suggested that you consider your family’s needs and potential inflation while choosing the suitable payout amount.
You can choose the income protection insurance Aviva to cover you for 5 to 52 years or until you turn 71. You will have to pay fixed monthly premiums until the end of the policy term.
The deferment period in an Aviva life income protection policy is the waiting period after which the policy will make income protection payouts. This is the period between the first day of your inability to work and the first day since you are eligible to receive payments. You can choose the most suitable deferment period from 4 to 26 weeks since the premiums reduce with the increase in the deferment period.
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If losing your income due to illness or injury would make it hard to pay the bills, income protection insurance could be essential. Think about how you'd cover your monthly expenses if you couldn't work for a while. Could you rely on employer sick pay, savings, or state benefits? If not, income protection can be a crucial safeguard against financial hardship.
Here is a list of benefits and features offered with the Aviva income protection policy:
Monthly Payments: The plan makes monthly payments to replace part of your earnings for up to 12 months, starting after your chosen waiting period.
Fixed Premiums: The premiums for the policy must be paid consistently in monthly payments that remain unchanged throughout the policy term unless you decide to make changes.
Customizable Coverage: Subject to eligibility, you can choose a monthly payment amount between £500 and £1,500, which will stay fixed for the duration of your policy.
Flexible Policy Term: Select a policy term ranging from 5 to 52 years or up to the age of 71 years.
Deferred Period Options: You can pick a waiting or deferment period of 4, 8, 13, or 26 consecutive weeks from when you are first unable to work, with payments starting after this period.
Comprehensive Support: The company offers support at every stage of your claim, including rehabilitation services to help you return to work.
Back-to-Work Benefit: Receive an extra month’s benefit when you return to work if your earnings are lower due to illness or injury (available if you haven't already received 12 monthly payments).
Life Change Benefit: If your policy is accepted on standard terms, you can increase your coverage if your mortgage or rent payments rise.
Premium Waiver: The company waives off your premium payments starting at 13 weeks after a successful claim or at the end of your deferred period, whichever is sooner. Premium payments will resume when your claim period ends.
Note: This policy has no cash-in value, therefore, if you stop paying premiums, your coverage ends, and no refunds are provided. The company will only pay out if a successful claim is made.
Income protection insurance is essential for safeguarding your finances if you can't work due to illness or injury. It provides a monthly income to help cover living expenses when you're unable to earn your regular salary. This means:
Financial Support: Assistance with covering your monthly expenses.
Peace of Mind: Allowing you to focus on recovery without financial stress.
Regular Payments: Replacing your regular salary to maintain financial stability.
You can request an Aviva life insurance quote in the following way:
Give a call on the number - 0800 433 4513
(Monday to Friday: 8:00 AM - 6:00 PM)
(Weekends and bank holidays: Closed)
You can apply for the Aviva income protection policy only if you satisfy the following conditions:
Are between the ages of 18 and 59 years old
Reside in the UK and consider it your primary home, have the legal right to live and work there, and have no plans to relocate permanently
Work a minimum of 16 hours per week, either as an employee or self-employed
Have been employed for the past 12 months
Have been registered with a UK doctor for at least two years
For NRIs living in the UK, Indian insurers offer specific term life insurance plans designed to fit NRI customers' needs. You can choose the payout option in these plans to replace your income in your absence. You can apply for the term life insurance plans for NRIs from India in the following way:
Step 1: Visit the term insurance for NRI page of Policybazaar
Step 2: Fill in the required details like name, gender, and contact information
Step 3: Enter the annual income, educational qualifications, smoking habits, and occupation type
Step 4: Choose the term life policy to replace your income and proceed to pay
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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