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.
The features of Aviva Term Plan are given in the comparative table below:
|Plan Name||Eligibility (Min – Max)||Term of Plan (Min – Max)||Death Benefit/ Sum Assured (Min – Max)||Maturity Benefit|
|Aviva i-Life||18 – 55 years||10 – 35 years||Rs. 25 lakh – No Limit||Nil|
|Aviva i-Shield||18 – 55 years||10 – 25 years||Rs. 15 Lakh – 5 Crore||110% of Premiums Paid|
|Aviva LifeShield Advantage||18 – 55 years||10 – 30 years||Rs. 2 Lakh – Rs. 50 Lakh or No Limit (subject to policy option)||100% of premiums paid|
|Aviva LifeShield Platinum||18 -60 years||Rs. 60 Lakh|
|Aviva Sampoorna Suraksha||18 – 50 years||8 years/ 9 years/ 10 years/15 years||Rs. 7,500 – Rs 3 Lakh||Available, subject to policy term and premium payment frequency|
|Aviva Extra Cover||18 – 55years||Term 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 Total||18 -65 years||10 – 57 (as per policy option)||Rs. 50 Lakh – 1 Crore||No Maturity Benefit OR 120% of Premiums paid (as per policy option)|
|Aviva i-Term Smart||18 – 65 years||10 – 80 years (without rider)||Rs. 75 Lakh – 25 Crore||Nil|
Aviva Term Plans – Features
The various Aviva Term Plans are explained below:
Aviva i-Life is a term insurance product that is available online. The claim and premiums are tax exempted. This policy has the following characteristics:
- This is a pure Term Plan and has special rebates for those who choose a higher Sum Assured.
- Moreover, the premium is 5% lower for women than that for men.
Aviva i-Shield is an online term plan, which comes with return of premium option on the maturity of the policy. This policy has the following characteristics:
- This plan also offers a rebate on Sum Assured higher than Rs. 20, 00,000.
- Apart from the sum assured, the plan also provides a maturity benefit of 110% of the premiums paid.
Aviva LifeShield Advantage
Life Shield Advantage plan by Aviva Term insurance is a plan that offers return of premium on the maturity of the policy. The plan has the following features:
- This plan offers two options to choose from. The first option is like any other term plan, the Sum Insured is offered as Death Benefit.
- The second option offers Sum Assured or the aggregate paid premiums at the time of death or in case, a partial or complete disability occurs unexpectedly.
Aviva LifeShield Platinum
This Plan offers three options to choose from, they are:
- Option A: Life Protection in which the nominated beneficiary receives the Sum Insured in the event of premature demise of the policyholder during the policy tenure.
- Option B: Income Replacement in which the nominated beneficiary receives monthly payouts regularly, which increase at the rate of 5 percent every year, which is compounded annually.
- Option C: Loan Protection in which the Sum Insured reduces annually and upon the demise of the policyholder during the policy tenure, while the Sum Assured applicable, as on the date of demise, is paid to the nominated beneficiary.
Aviva Sampoorna Suraksha
Aviva Sampoorna Suraksha is a term insurance product that promises the return of premiums paid on the maturity of the policy. It comes with the following characteristics:
- This plan offers assured Maturity Benefits
- The premium can be as low as Rs. 750 and the customers have the flexibility to choose their premium payment duration.
Aviva Extra Cover
Aviva Extra Cover is an amalgamation of health insurance plan under Aviva Health Secure and a term insurance plan under i-Life. It has the following features:
- This is a combo plan and pays the Sum Assured as a lump-sum amount upon the diagnosis of any of the 12 critical illnesses as mentioned in the policy documents.
- For non-smokers, the premiums are attractive. They may also get special discounts for high Sum assured.
Aviva i-Life Total
This plan offers four options to the customers.
- Protection, which is Death cover, with inbuilt terminal illness benefit.
- Protect Plus which ensures double Sum Assured in case of accidental death
- Protect Assured which offers Sum Assured or 120% of the premiums paid, whichever is higher.
- Protect Income which serves as a monthly income provider for a family after the death of the life insured.
Aviva i-Term Smart
Aviva i-Term Smart insurance plan is a protection oriented term life insurance product by Aviva, which offers life cover at affordable price along with an opportunity of added protection against disability and critical ailments. It has the following features:
- Not only does this plan offer coverage until the age of 80, it also allows the policyholder to increase the life cover during the policy term.
- The plan also has an option for coverage of 16 critical illnesses, and upon diagnosis, the policy-holder gets an immediate pay
Benefits of Aviva Term Plans
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.
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.
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.
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.
Aviva Life Term Plans offer various Tax Benefits under Section 80C of the IT Act, 1961.
How to Buy Aviva Term Insurance Plans?
Aviva Term Plan can be bought using the following ways:-
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.
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
- 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.