Aviva Life Insurance is a joint venture of Aviva plc, a British multinational insurance company, and Dabur Group, one of oldest business houses in India. It started its functions in 2002. Dabur has a 51% stake and Aviva plc has a 49% stake in this partnership.

Aviva plc has been in the sector of financial services for over 18 years. It has over 33 million customers in around 16 countries.

Dabur India Ltd. was set up circa 1880 as a producer of Ayurvedic formulations. The company’s ownership was in the family until 1998 and was then handed over to professional management.

Aviva Life Insurance is one of India’s most trusted and well-organized Life insurance providers, as proven by its unrelenting workforce of 15,000 Financial Planning Advisors and a network of 107 branches across the country.As part of its global CSR programme, Aviva also focuses on the education of underprivileged children in India, enabling slum-dwelling children to get the education they deserve.

Aviva Term Insurance Plans

Aviva Term plan is unlike any other type of life insurance policy since it is much less expensive.

Term insurance provides coverage at a fixed rate of payments, called premiums, for a limited period of time. If the policyholder dies during the term, the death benefit is paid to the beneficiary.

Aviva offers eight Term Insurance plans that fit into every budget enabling its customers to meet their diverse needs.

Aviva Term Plans – Benefits

Apart from Death benefits, which are payable in any Term Insurance, Aviva Term Insurance Plans also offer the following benefits:

Flexible Premium Payment Methods and Frequencies

Paying the premiums for your Aviva Term Insurance Plans is extremely easy since the company offers over six payment methods.

Premium is payable in several frequencies as well, ranging from Single pay to Monthly and is sure to suit everyone’s convenience.

Grace Period

In case the customer does not pay the premium within the specified period, the policy does not lapse since there is a Grace Period of 30 days for paying the premium.

Revival Period

In case the premium is not paid for your Aviva Life Insurance Plan, it can lead to lapsation of your policy. But, you can revive your policy within two years from due date of the first unpaid premium.

Free-look Period

The customers can review the terms and conditions of their Aviva Life Insurance Plan within 30 days from the receipt of the Policy documents.

The customer can cancel their policy in this free-look period, if they are not satisfied, to avail a refund of the premium after deduction of some expenses.

Tax Benefit

Aviva Life Term Plans offer various Tax Benefits under Section 80C of the IT Act, 1961.

Aviva Term Insurance Plan – Features

Plan Name
Eligibility (Min – Max)
Term of Plan (Min – Max)
Death Benefit/ Sum Assured (Min – Max)
Maturity Benefit
Aviva i-Life18 – 55 years10 – 35 yearsRs. 25 lakh – No LimitNil
Aviva i-Shield18 – 55 years10 – 25 yearsRs. 15 Lakh – 5 Crore110% of Premiums Paid
Aviva LifeShield Advantage18 – 55 years10 – 30 yearsRs. 2 Lakh – Rs. 50 Lakh or No Limit (subject to policy option)100% of premiums paid
Aviva LifeShield Platinum18 -60 yearsRs. 60 Lakh
Aviva Sampoorna Suraksha18 – 50 years8 years/ 9 years/ 10 years/15 yearsRs. 7,500 – Rs 3 LakhAvailable, subject to policy term and premium payment frequency
Aviva Extra Cover18 – 55yearsTerm Insurance – 10 years to 35 years
Critical illness cover – 10 years to 30 years
Rs. 25 Lakh(term insurance), Rs. 5 Lakh (critical illness cover)- No Limit(term insurance), Rs. 50 Lakh (critical illness cover)Nil
Aviva i-Life Total18 -65 years10 – 57 (as per policy option)Rs. 50 Lakh – 1 CroreNo Maturity Benefit OR 120% of Premiums paid (as per policy option)
Aviva i-Term Smart18 – 65 years10 – 80 years (without rider)Rs. 75 Lakh – 25 CroreNil

Aviva i-Life Plan:

Aviva i-Life Plan is a term insurance plan to make sure the family of the policyholder is secured and leads a tension-free and comfortable life in the event of the demise of the insured.

Aviva i-Life Term Plan – Benefits & Features:

Grace period

If a policyholder hasn’t paid her/his premium on the specified date, s/he will get a grace period of 30 days from the premium due date to pay the unpaid amount.  If the policyholder fails to pay the premium even in the grace period, the policy will lapse and its benefits will cease immediately. In such cases, the Aviva term insurance policy won’t acquire any paid up or surrender value.

Policy Revival (Reinstatement)

If this Aviva term insurance plan lapses anytime during the policy tenure, it can be revived within 2 years from the date of the first due premium amount. The policyholder needs to provide proof of insurability to get her/his policy revived as deemed suitable by the Company and pay a revival fee (which is currently Rs 250), subject to IRDA of India approval.

Cost of a medical examination

The medical examination and special tests cost will be taken care of by the Company at the time of buying the company; whereas, at the time of Aviva term insurance policy reinstatement/revival, these costs have to be borne by the life assured.

Exclusion

In case, the life assured commits suicide within 1 year (12 months) of buying the policy, the nominee of the life insured will be paid 80% of the total premium paid by the policyholder till the date of her/his death. However, this payment will exclude the charges against taxes & extra premium paid wherein the policy is still active.

In case, the suicide happens within 12 months of the policy revival the beneficiary will be paid the amount higher of 80% of the premiums paid (excluding the charges against taxes & extra premium paid wherein the policy is still active) or the surrender value applicable on the date of death of the policyholder.

Nomination & Assignment

Nomination and Assignment facility in accordance with Section 39 of Insurance Act 1938is permitted under this Aviva term plan.

Free Look Period

The policyholders have the right to review the terms & conditions of this Aviva term plan. They will get a free look period of 30 days from the receipt date of the policy document. If the policyholders opt to cancel their policies during the free look period, they will receive the refund of the total premium paid by them till the cancellation date after deducting expenses incurred on medical examinations and stamp duty.

Aviva i- Shield Plan:

Aviva i-Shield Plan is a term insurance policy with return of premium, which secures the family of the policyholder in the event of the demise of the insured.

Aviva i-Shield – Benefits & Features

Grace period

If a policyholder hasn’t paid her/his premium on the specified date, s/he will get a grace period of 30 days from the premium due date to pay the unpaid amount.  If the policyholder fails to pay the premium even in the grace period, the policy will lapse and its benefits will cease immediately. In such cases, the policy won’t acquire any paid up or surrender value.

Policy Revival (Reinstatement)

If this Aviva term insurance plan lapses anytime during the policy tenure, it can be revived within 2 years from the date of the first due premium amount. The policyholder needs to provide proof of insurability to get her/his policy revived as deemed suitable by the Company and pay a revival fee (which is currently Rs 250), subject to IRDA of India approval.

Cost of a medical examination

The medical examination and special tests cost will be taken care of by the Company at the time of buying the company; whereas, at the time of policy reinstatement/revival, these costs have to be borne by the life assured.

Exclusion

  • In case, the life assured commits suicide within 1 year (12 months) of buying the policy, the nominee of the life insured will be paid 80% of the total premium paid by the policyholder till the date of her/his death. However, this payment will exclude the charges against taxes & extra premium paid wherein the Aviva term insurance policy is still active.
  • In case, the suicide happens within 12 months of the policy revival the beneficiary will be paid the amount higher of 80% of the premiums paid (excluding the charges against taxes & extra premium paid wherein the policy is still active) or the surrender value applicable on the date of death of the policyholder.

Nomination & Assignment

Nomination and Assignment facility in accordance with Section 39 of Insurance Act 1938 is permitted under this Aviva term plan.

Free Look Period

The policyholders have the right to review the terms & conditions of this Aviva term plan. They will get a free look period of 30 days from the receipt date of the policy document. If the policyholders opt to cancel their policies during the free look period, they will receive the refund of the total premium paid by them till the cancellation date after deducting expenses incurred on medical examinations and stamp duty.

Aviva Life Shield Advantage Plan:

Aviva Life Shield Advantage Plan offers comprehensive protection for the family of the insured in case of his/her demise.

Aviva LifeShield Advantage – Benefits & Features

Death Benefit

  • Option A: Life Protection

In the unfortunate event of the death of the life assured during the policy tenure, the Sum Assured will be paid to her/his nominee and the policy benefits will be ceased after that. However, it’s important that the policy is in an active state and all the due premiums have been paid till the death of the life assured.

  • Option B: Life-cum-disability Protection (Return of the premium option)

In the unfortunate event of the policyholder’s death or if s/he is suffering from PTD (Permanent Total Disability) caused due to an accident, whichever happened earlier during the policy tenure, the Sum Assured will be paid to her/his nominee and the policy benefits will be ceased after that. However, it’s important that the policy is in an active state and all the due premiums have been paid till the death of the life assured.

Maturity Benefit

Maturity Benefit under this Aviva term plan is the Return of Premiums paid to the policyholder once s/he has completed the policy tenure. The return of premiums is paid after deducting taxes & extra premium. Here, it’s important to note down that there will be no interest paid on the premiums.

Grace period

If a policyholder hasn’t paid her/his premium on the specified date, s/he will get a grace period of 30 days from the premium due date to pay the unpaid amount.  If the policyholder fails to pay the premium even in the grace period, the policy will lapse and its benefits will cease immediately. In such cases, the policy won’t acquire any paid up or surrender value.

Policy Revival (Reinstatement)

If this Aviva term insurance plan lapses anytime during the policy tenure, it can be revived within 2 years from the date of the first due premium amount. The policyholder needs to provide proof of insurability to get her/his policy revived as deemed suitable by the Company and pay a revival fee (which is currently Rs 250), subject to IRDA of India approval.

Cost of a medical examination

The medical examination and special tests cost will be taken care of by the Company at the time of buying the company; whereas, at the time of policy reinstatement/revival, these costs have to be borne by the life assured.

Exclusion

  • In case, the life assured commits suicide within 1 year (12 months) of buying the policy, the nominee of the life insured will be paid 80% of the total premium paid by the policyholder till the date of her/his death. However, this payment will exclude the charges against taxes & extra premium paid wherein the policy is still active.
  • In case, the suicide happens within 12 months of the policy revival the beneficiary will be paid the amount higher of 80% of the premiums paid (excluding the charges against taxes & extra premium paid wherein the policy is still active) or the surrender value applicable on the date of death of the policyholder.

Nomination & Assignment

Nomination and Assignment facility in accordance with Section 39 of Insurance Act 1938 are permitted under this Aviva term plan.

Free Look Period

The policyholders have the right to review the terms & conditions of this Aviva term plan. They will get a free look period of 30 days from the receipt date of the policy document. If the policyholders opt to cancel their policies during the free look period, they will receive the refund of the total premium paid by them till the cancellation date after deducting expenses incurred on medical examinations and stamp duty.

Aviva Life Shield Platinum:

Aviva Life Shield Platinum term insurance plan is a unique policy to aid the family of the insured in case s/he is not around.

Benefits & Features of Aviva LifeShield Platinum:

Death Benefit

  • Option A: Life Protection.

In case of the policyholder’s unfortunate death, the sum assured will be paid to her/his beneficiary as a lump-sum.

  • Option B: Income Replacement.

The beneficiary will be given a monthly payment on a regular basis chosen by the policyholder at the time of buying the Aviva term insurance policy. The regular income will keep on increasing by 5% per annum compounded yearly from the first year itself of the policy to take care of the inflation rate.

  • Option C: Loan Protection.

Under this plan option, the sum assured keeps reducing uniformly over the policy tenure and the nominee will receive the applicable Sum Assured as on the year of the unfortunate death of the policyholder.

Maturity  Benefit

This Aviva term plan doesn’t have any maturity benefits to offer.

Grace period

If a policyholder hasn’t paid her/his premium on the specified date, s/he will get a grace period of 30 days from the premium due date to pay the unpaid amount.  If the policyholder fails to pay the premium even in the grace period, the policy will lapse and its benefits will cease immediately. In such cases, the policy won’t acquire any paid up or surrender value.

Policy Revival (Reinstatement)

If this Aviva term insurance plan lapses anytime during the policy tenure, it can be revived within 2 years from the date of the first due premium amount. The policyholder needs to provide proof of insurability to get her/his policy revived as deemed suitable by the Company and pay a revival fee (which is currently Rs 250), subject to IRDA of India approval.

Cost of a medical examination

The medical examination and special tests cost will be taken care of by the Company at the time of buying the company; whereas, at the time of policy reinstatement/revival, these costs have to be borne by the life assured.

Exclusion

  • In case, the life assured commits suicide within 1 year (12 months) of buying the policy, the nominee of the life insured will be paid 80% of the total premium paid by the policyholder till the date of her/his death. However, this payment will exclude the charges against taxes & extra premium paid wherein the policy is still active.
  • In case, the suicide happens within 12 months of the policy revival the beneficiary will be paid the amount higher of 80% of the premiums paid (excluding the charges against taxes & extra premium paid wherein the policy is still active) or the surrender value applicable on the date of death of the policyholder.

Nomination & Assignment

Nomination and Assignment facility in accordance with Section 39 of Insurance Act 1938 is permitted under this Aviva term plan.

Free Look Period

The policyholders have the right to review the terms & conditions of this Aviva term plan. They will get a free look period of 30 days from the receipt date of the policy document. If the policyholders opt to cancel their policies during the free look period, they will receive the refund of the total premium paid by them till the cancellation date after deducting expenses incurred on medical examinations and stamp duty.

Aviva Sampoorna Suraksha:

Aviva Sampoorna Suraksha is a non-participating, non-linked life insurance policy securing the future of the family of the policyholder.

Benefits & Features of Aviva Sampoorna Suraksha:

Policy Revival (Reinstatement)

If this Aviva term insurance plan lapses anytime during the policy tenure, it can be revived within 180 days (6 months) from the date of a policy lapse. The policy revival is a sole and discreet decision made by Aviva term plans underwriting team.

Death Benefit

  1. If a policyholder dies while her/his cover is still active, her/his nominee will receive the full sum insured
  2. If a policyholder dies due to an accident while her/his cover is still active, in addition to any amount payable her/his nominee will also receive the full sum insured.

If a Member suffers Accidental Total and Permanent Disability, while her/his cover is still active and her/his Accidental Total and Permanent Disability continues for a minimum of 180 consecutive days, the company will pay an amount equal to the sum insured wherein this Aviva term plan will continue for the death benefit only.

Maturity Benefit

As it’s a group term plan, if the cover of the assured member is still active on the Member Maturity Date, the member will be paid the maturity benefit by the company.

Exclusions

No death benefit will be paid if the insured member dies within a period of 45 days from the policy effective date for her/him. The only exception is the case wherein the insured member’s death is accidental.

Surrender Value

If the group member has paid a regular premium of a minimum of 2 years regular premium, s/he will be paid either of the Guaranteed Surrender Value or Special Surrender Value, whichever is higher.

Loan

There is no loan facility available under this Aviva term plan.

Aviva Extra Cover:

Aviva Extra Cover is one of the unique combinations of Aviva Health Secure and Aviva Life giving comprehensive protection with life coverage at an affordable cost. It pays out a lump sum up on the diagnosis of 12 critical illnesses.

Benefits & Features of Aviva Extra Cover

Death Benefit

In the unfortunate event of the death of the life assured during the policy tenure, the Sum Assured will be paid to her/his nominee and the policy benefits will be ceased after that. However, it’s important that the policy is in an active state and all the due premiums have been paid till the death of the life assured.

Critical Illness Benefit

The policyholders will also be paid the sum assured in case they are diagnosed with any of the 12 critical illnesses listed under this Aviva term plan.

Here, it’s important to note that the critical illness cover premium will remain the same for the first 5 years and will be reviewed after every 5 policy years. This review is performed only after getting approval from IRDAI(Insurance Regulatory & Authority of India).

Furthermore, the sum insured is only paid in the case the policyholder survives for 30 days after the critical illness diagnosis. There is a waiting period of 90 days from the policy commencement date or the revival date.

Maturity Benefit

There is no maturity benefit offered under this Aviva term plan.

Aviva i-Life Total:

Aviva i-Life Total is a non-participating, and non-linked life insurance policy to protect the future of the family of the insured.

Benefits & Features of Aviva i-Life Total:

Death Benefit

  • Protect

This Aviva term insurance plan option offers life cover in combination with the terminal illness benefit

  • The sum assured is paid to the beneficiary on the demise of the policyholder
  • In case the policyholder is diagnosed with a critical illness, an immediate payout is made to her/him
  • This payout is equal to 50% of the sum assured, which has a maximum limit of Rs 1 crore.
  • The remaining balance of the sum assured will be paid on the demise of the life assured.
  • The future premiums will be waived once the claim amount is paid for the Critical

 

  • Protect Plus

This Aviva term plan option offers life cover along with additional coverage for death occurred to accidents.

  • In case the death of the policyholder is a non-accidental one, her/his nominee will receive 100% of the sum assured.
  • In case the death of the policyholder is an accident alone, her/his nominee will receive an additional 100% of the sum assured besides the basic sum assured amount.
  • Protect Assured

This plan option offers life cover as well as maturity benefit if the policyholder survives the maturity period.

  • The sum assured is paid to the nominee on the demise of the life assured.
  • In case the policyholder survives till the end of the policy tenure, s/he will be paid 120% of the basic sum of the premium amount paid (excluding extra premium & taxes, if any) by her/him.

 

  • Protect Income

This plan option offers a regular amount on monthly basis to the beneficiary on the demise of the policyholder.

  • To avail of this plan option, the policyholders need to choose a Regular Monthly Income (RMI) amount at the time of buying this Aviva term plan. This amount will increase by 5% per annum (compounding yearly). The maximum RMI amount paid at any point of time will be 3 times of the initial RMI amount.
  • The RMI amount will start from the 1st day of the month following the death of the policyholder and continues till the full tenure of the policy.

 Additional Rider & Optional Benefits

  • Aviva Critical Illness & Disability Rider-Non Linked Rider

It covers 16 critical illnesses &Permanent Total Disability occurred due to illness or accident.

  • Option to Increase Sum Assured

The Aviva term insurance policyholders will get the option to increase their protection level with increasing financial liabilities and responsibilities. The policyholders will get an option of a one-time increase of their sum assured on the following events:

  • Marriage (within 6 months)
  • Child Birth or Legal Adoption
  • While getting a Housing Loan (need to submit a written notice at least 30 days prior to the policy anniversary)

Note: This facility is only available in case the policyholder has opted for ‘Protect’ or ‘Protect Plus’ plan option

Maturity Benefit

There is a maturity benefit available under Protect Assured plan option under this Aviva term plan. In case the policyholder survives till the end of the policy tenure, s/he will be paid 120% of the basic sum of the premium amount paid (excluding extra premium & taxes, if any) by her/him.

On the other hand, ‘Protect’, ‘Protect Plus’  and ‘Protect Income’ are pure term insurance plan options and hence, there is no maturity benefit available under these 3 plan options.

 Surrender Benefit

  • Surrender Value is applicable only for the ‘Protect Assured’ and “Protect Income” plan option
  • Aviva term plan under ‘Protect Assured’ plan option can be surrendered at any point of time once the policyholder has already premiums or 3 years.
  • Aviva term plan under ‘Protect Income’ plan option can be surrendered only after the policyholder has already paid the entire premium for the applicable premium payment term.

Tax Benefit

Tax benefits under this Aviva term plan are applicable as per prevailing income tax laws, which are subject to change.

Aviva i-Term Smart:

Aviva i-Term Smart is a type of term insurance plan where the policyholder can protect his/her family for the price of an apple.

Benefits & Features of Aviva i-term Smart:

Death Benefit

In the unfortunate event of the death of the life assured during the policy tenure, the Sum Assured will be paid to her/his nominee and the policy benefits will be ceased after that. However, it’s important that the policy is in an active state and all the due premiums have been paid till the death of the life assured.

Additional Rider & Optional Benefits

  • Aviva Critical Illness & Disability Rider-Non Linked Rider:

It covers 16 critical illnesses &Permanent Total Disability occurred due to illness or accident.

  • Option to Increase Sum Assured:

The policyholders will get the option to increase their protection level with the increasing financial liabilities and responsibilities. The policyholders will get an option of a one-time increase of their sum assured on the following events:

  • Marriage (within 6 months)
  • Child Birth or Legal Adoption
  • While getting a Housing Loan (need to submit a written notice at least 30 days prior to the policy anniversary)

Note: A maximum increase of Rs. 25 lakhs is allowed in the Sum Assured under this benefit (without any medical examination).

Maturity Benefit

There is no maturity benefit offered under this Aviva term plan.

Surrender Benefit

There is no surrender benefit offered under this Aviva term plan.

Tax Benefit

Tax benefits under this Aviva term plan are applicable as per prevailing income tax laws, which are subject to change.

How to Buy Aviva Term Insurance Plans?

Aviva Term Plan can be bought using the following ways:-

Online

Aviva Life Insurance offers particular life insurance schemes, which are only available for purchase online.

The customer has to log into the official website of the company, select the required policy, select the coverage and put in the details.

The premium for the respective policy will be determined by making use of the details provided. The customer can pay the premium in online mode using a debit card, credit card or internet banking facilities after which the insurer will issue the policy.

Intermediaries

One can buy policies, which are not available online, from Aviva Life brokers, agents, banks, etc. where these intermediaries will aid the customers

Policies, which are not available in online mode, can be purchased from Aviva Life agents, brokers, banks, etc. where the intermediaries will help customers with the process of application.

Aviva Term Insurance – FAQ’s

Q1. How to make the payment of premium? What are the different modes available for premium payment?

A1. In order to continuously receive the benefits, it is important to make payment of the premium timely. You can make the payment for AVIVA term plan by using any of the methods mentioned below:

  • Cash/Cheque Payments
  • Airtel money
  • ECS SYSTEM
  • AXIS/SBI/HDFC Bank debit card
  • NEFT
  • Auto Debit card or Credit card

Q2. What are the steps to pay my premium online?

A2. The steps you have to follow to pay the premium for your Aviva Term Plan are explained below.

Step 1: Log onto the Aviva Life website.

Step 2: Enter the policy details of Aviva Term Insurance – the policy number and policyholder’s date of birth.

Step 3: Select your online bank account or debit/ credit card to make the payment.

Step 4: Complete authentication, confirm your payment details, and receive an online confirmation.

Q3. How can I check policy status for Aviva term insurance?

A3. If you’re a registered user, you have to log into the e-portal with the help of your Client ID and password in order to check the status of your term insurance plan.

Q4. What is Aviva term insurance policy’s renewal process?

A4. You can renew your Aviva term insurance policy online:

The process involves the following steps:

Step 1: Login into the e-portal on the official website with your Client ID and password.

Step 2: Choose the due policy for renewal payment. Hit the ‘Pay Renewal Premium Now’ option.

Step 3: Select your preferred payment option- NEFT, Debit Card/Credit Card.

Step 4: complete the authentication process, confirm the details of the payment, and print the receipt of the payment for future use.

Q5. What is the claim settlement process for Aviva term insurance?

A5. For policyholders of Aviva Health Plus, Cashless Claim Settlement facility is available in case of hospitalization or surgery.

For other issues the claims process is;

Step 1: Complete the form of claim.

As per the terms and conditions of your policy and options, you must fill-in the forms for claims being made against riders, death benefit, hospital cash benefits, group term insurance, and gratuity.

Step 2: Arrange for required documents

Depending on the claim made, you have to attach the appropriate supporting documents.

The documents in original form or copies attested by a Magistrate or Gazatted officer can be submitted.

Step 3: Make arrangements for the medical reports for medical claims

In the event of surgery or hospitalization, you must present the applicable medical reports and with the bills issued by the attending doctor or physician, who qualifies to issue such reports.

Once you complete with all the aforementioned formalities, you can submit them to the nearest Aviva Life Insurance branch.

Or, you can also post the documents to Aviva Life.

Step 4: Receive the claim settlement

Claims shall be paid and reimbursements will be made after verification and approval process is complete.