Aviva Life Insurance has launched an affordable term insurance plan with an additional protection against critical illness and disability.

Dubbed, ‘Aviva i-Term Smart’, the new plan pays a lump sum amount to the nominee(s) in case of demise of the insured.

Additionally, the plan also offers an optional rider, Aviva Critical Illness & Disability Rider-Non Linked Rider, which allows customers to choose an enhanced protection cover against 16 critical illnesses and permanent total disability.

The plan is available to customers in between 18 to 65 years of age, with a maximum maturity age of 80 without the rider and 70 if the insured opts for the rider.

Additionally, the insured can also select a flexible premium payment schedule: yearly, half yearly or monthly, with a sum assured between INR7.5m ($109,687.50) to INR250m ($3.6m).

Commenting on the launch, Aviva India chief customer, marketing & digital officer Anjali Malhotra said: “Though the ideal term insurance for an individual has to be around 10 times his/her earning capacity, there is a massive gap here.

“Term insurance is one of the least attractive plans to customers, as there are a plethora of similar term plans in the market resulting in a non-competitive product that are not customer focused.”

In case of increasing liabilities and responsibilities, the terms policy also provides a onetime option to increase the policy sum by up to INR2.5m ($36,562.50), without any medical examination.