Aviva has launched a revised version of its Relevant Life insurance plan to meet the HM Revenue and Customs (HMRC) requirements.

The first ever Relevant Life policy was rolled out in January 2016 with critical illness cover (CIC). However, advisers expressed concern that the policy might be breaching HMRC guidelines.

As a result, the British insurer decided to replace CIC with ‘employee significant illness cover’.

Partial payment options have also been removed from the policy and only the most serious conditions, including advanced cancer, serious heart attack and stroke are covered in the new version.

Some advisers were uncertain about the product since a number of other providers had expressed doubts about whether the product complied with tax rules, FTAdviser quoted Aviva head of protection distribution Mark Cracknell as saying.

Advisers or clients who have an existing Relevant Life policy will not be affected by the changes. It will also not impact those who have a policy application arising from binding quotations in place by 11 March 2018.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.