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Exclusions Under Money-Back Plans Offered by Aviva India Life Insurance

Updated On Jul 02, 2021

Insurance policies have become an important aspect of our lives. Promising a safe and secured present and the future. Initially, the three major requirements were food, clothing, and shelter, however, insurance has been added to the list as well. Whether you’re a multi-millionaire or one of the common folks, everyone is looking for the best offer in the policy market.

A Money Back Insurance Plan is an insurance cum investment solution which helps you build your wealth along with keeping your loved ones secured with a life cover. However, as much as knowing the benefits and inclusion is important, it is important to know the coverage exclusions of your policy. In this article, we have talked in detail about the coverage exclusions of the Aviva Life Money Back Plan.

Aviva India Life Insurance

Aviva is a well-known name in the market, offering a wide range of policy plans to its customers. Dealing with over 33 million customers across 16 countries, with a 98% claim settlement ratio and awarded with the most trusted brand of 2018-20 Aviva is one of the policy providers who are standing on the golden pedestal giving out the best services. The money-back plan offered by Aviva has the same benefits as the other insurance providers such as Survival benefits, maturity, and death benefit, assigning multiple riders and additional bonuses that can be claimed with the maturity of the policy.

Although these benefits sound beneficial that will make one choose this type of plan over others, however, this plan has its own set of exclusions as well.

List of Exclusions Under The Money Back Policy

Following are the coverage exclusions of the Aviva Money Back Plan

  • Suicidal Death

    Although this exclusion is common in every other policy in the market, however, Aviva’s terms and conditions don’t offer any benefits in case the life assured dies within one year of the commencement of the policy by suicide or attempted suicide. The policy does not take the sanity of the life assured into consideration. In such cases the sum assured or the survival benefits will get forfeit by the insurer. There’s one catch to this particular clause is that if the insurer is informed about such upcoming events at least one month before the death of the life assured.
  • Surrender Value

    After the completion of the third policy year and provided that 3 full regular premiums have been paid then only the policy may be surrendered by the policyholder and a surrender value shall be payable. The surrender value will be 30% of the total regular premiums paid excluding the regular premium paid for the first policy year and the premium for extra mortality rating if the life assured has paid any, and minus the survival benefits already paid.

This is both advantageous and disadvantageous for the life assured because the policyholder will have to pay the full premiums for a total of 3 complete years then only the policy can be surrendered. But in case the policyholder has received any survival benefits during this phase, that amount will be deducted from the surrender value. As a ray of hope the life assured is also eligible for Special surrender value which however depends on the market conditions.


Money back policy is a good alternative for the traditional endowment policies as during times of uncertainties it does guarantee a helping hand in monetary value. Choosing the best type of policy can be a difficult task and full of dilemmas. Various factors are considered before buying insurance, so before taking any quick decision it is better to consult with an expert. A policy is meant to make life safe and easier for you; it is not supposed to become a burden and financial stress.

Also Read: Exclusions Under Money Back Plans Offered By Bajaj Allianz Life Insurance

Why Should I Buy Money Back Insurance Plans Online at InsuranceDekho?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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