Aviva Life Insurance
Aviva India is a joint venture between Aviva Plc., a UK-based insurance company, and Dabur Invest Corp., one of India’s oldest and most reputable companies. Aviva was founded in July 2002. The company’s major mission is to provide easy and relevant products and propositions that assist clients in achieving their life objectives.
Aviva plc owns a 49 percent share in the JV partnership, while Dabur owns a 51 percent stake, according to Indian insurance regulations. Its digital innovations are focused on providing the best client experience and highest levels of service. The organization serves 33 million clients in 16 countries around the world.
Key Highlights Of The Company
|Premium Underwritten||1,193.64 Crores (2019-20)|
|Equity Share Capital||2,004.90 (As On March 31, 2020)|
|Solvency Ratio||2.42 (March 2020)|
|Claim Settlement Ratio||98%|
|Years Of Experience||300+|
|Recent Awards & Recognition|
What Are The Types Of Life Insurance Offered By Aviva Life Insurance?
Life insurance is crucial because it protects your family and allows you to leave them an amount that is not taxable when you die. Aviva offers a wide range of life insurance plans, including online insurance, term insurance, child insurance, savings plan, retirement plan, and group insurance plans.
1. Aviva Term Life Insurance Plans
When it comes to Term Insurance, Aviva offers the following plans to its customers:
|Name Of The Plan||Entry Age||Coverage Amount|
|Aviva Jana Suraksha||18 To 45 Years||Rs. 30,000 To Rs. 50,000|
|Aviva Life Shield Premium||18 To 65 Years||Rs. 25,00,000 To Rs. 1,00,00,000|
|Aviva Saral Jeevan Bima Plan||18 To 65 Years||Rs. 5,00,000 To Rs. 25,00,000|
- Aviva Jana Suraksha: The Aviva Jana Suraksha term insurance plan offers comprehensive financial protection for your children and dependents. It is a low-cost insurance plan that guarantees a lump sum amount in case you die during the policy term.
- Aviva Life Shield Premium: Aviva Life Shield Premium is a comprehensive life insurance plan that will protect your family financially in the event of a disaster. It’s a term insurance policy that gives you peace of mind by guaranteeing that your loved ones are taken care of, whether it’s for daily costs, child education plans and finances, marriage, or any other milestone that you might not be able to witness.
- Aviva Saral Jeevan Bima Plan: The Aviva Saral Jeevan Bima Plan is a typical, pure term insurance plan that protects your loved ones financially. The plan’s policy period is 5 to 40 years. It’s a basic term plan that protects your family in the case of your untimely demise.
2. Aviva Life Child Insurance Plans
Aviva offers only one child insurance plan as follows:
|Name Of The Plan||Entry Age||Coverage Amount|
|Aviva Young Scholar Secure|
For Parents: 21 To 50 Years
For Child: 0 To 12 Years
- Aviva Young Scholar Secure: AVIVA Young Scholar Secure Plan protects your child’s educational milestones. In case of the death of a parent, a waiver of future premiums is provided. The plan has 4 options with different premiums, ranging from Rs. 33,000 to Rs. 10 lakhs per annum.
3. Aviva Life Saving Plans
Aviva has the following savings plan to offer to its customers:
|Name Of The Plan||Entry Age||Coverage Amount|
|Aviva Nivesh Bima||13 To 60 Years||11 X Annualized Premium|
|Aviva Affluence||2 To 50 Years||Rs. 10 LAKHS To 10 OR 0.5 X Policy Term|
|Aviva i-Growth||18 To 50 Years||Rs. 4,80,000 To Rs. 50,00,000|
|Aviva Income Suraksha||18 To 48 Years|
For Entry Age 18 To 40 Years: Rs. 6,84,000
For Entry Age 41 To 48 Years: Rs. 1,140,000
|Aviva New Wealth Builder||6 To 60 Years|
Death Sum Assured: Rs. 1,87,500 To Rs. 11,00,00,000
Maturity Sum Assured: Rs. 29, 3250 To Rs. 22,46,90,000
|Aviva New Family Income Builder||6 To 50 Years||24 X Annualized Premium|
|POS – Aviva Dhan Suraksha||18 To 50 Years||Rs. 1,45,000 To Rs. 993,250|
|Aviva Fortune Plus Plan||2 To 60 Years||Rs. 6, 25,000 To 10 X Annualized Premium|
- Aviva Nivesh Bima: The Aviva Nivesh Bima Plan is a safe savings plan that allows you to develop a corpus for future savings while giving money back on a regular basis during the policy term, allowing you to easily meet your ongoing financial needs. The policy term of the plan is 10, 15, and 20 years that are subjected to maximum maturity age.
- Aviva Affluence: It is a unit-linked insurance plan that assists you to make maximum out of your finances and live life to the fullest. You only need to pay for a limited payment term and you will stay invested for meeting long-term milestones. You can also optimize your returns by selecting from 7 fund options under the plan.
- Aviva i-Growth: AVIVA iGrowth is a savings-oriented individual unit-linked, non-participating life insurance plan. This plan is designed to make your money work harder while also providing full protection for you and your family. The plan has 3 fund options and 3 policy terms.
- Aviva Income Suraksha: Aviva Income Suraksha is a life insurance and savings plan that helps you financially by ensuring returns in the form of monthly payouts. In the event of your unexpected death, these regular payments are transferred over to your family.
- Aviva New Wealth Builder: Aviva New Wealth Builder is a classic life insurance plan that not only protects your family from the unexpected but also ensures a lump sum payout if you live to maturity. When the plan matures, the policyholder receives double the amount of all premiums paid. You can also pick between the Single Pay Option, which starts at Rs. 1,50,000 per annum, and the Limited Pay Option, which starts at Rs. 50,000 per annum.
- Aviva New Family Income Builder: It is a savings and protection plan that helps you financially by ensuring returns in the form of regular payouts for a period of 12 years. In the event of your unexpected death, these regular payments are transferred over to your family. This guarantees that you maintain the same standard of living for them even when you are not present.
- POS – Aviva Dhan Suraksha: It is a non-linked and non-participating life insurance cum savings plan that pays regular payouts in order to meet short-term needs. The plan provides additional financial support by paying lump sum benefits for achieving important milestones.
- Aviva Fortune Plus Plan: Aviva Fortune Plus is a Unit Linked Insurance Plan (ULIP) that can help you safeguard your assets while also allowing you to make money. This is one of the greatest investment plans since it provides minimal life insurance coverage while also allowing one to increase their assets by repaying the amount paid in charges.
4. Aviva Life Retirement Plans
Aviva’s retirement plans are designed to help you plan for your post-retirement days and live a stress-free lifestyle. The company offers the following insurance plans as retirement plans:
|Name Of The Plan||Entry Age||Policy Term|
|Aviva Annuity Plus||50 To 80 Years||Lifelong|
|Aviva Next Innings Pension Plan||42 To 60 Years||13, 16, & 18 Years|
|Aviva Saral Pension Plan||40 To 80 Years||Lifelong|
- Aviva Annuity Plus: It’s a standard insurance plan that’s been created to give you lifetime income after you retire. The plan also gives you the option of choosing from seven different annuity alternatives to meet your individual financial demands.
- Aviva Next Innings Pension Plan: The Aviva Next Innings Pension Plan is a pension plan that allows you to build a lump sum by paying a recurring or one-time premium. This lump amount will provide you with a steady income throughout your retirement years.
- Aviva Saral Pension Plan: The Aviva Saral Pension Plan is a retirement plan that can provide you with a steady income for the rest of your life while also providing financial stability for your family. The plan has two options: Single Life and Joint Life.
5. Aviva Group Insurance Plans
Aviva offers the following group plans as life insurance plans to its customers:
|Name Of The Plan||Entry Age||Coverage Amount|
|Aviva Group Term Life||18 To 79 Years||Rs, 5,000 To No Limit|
|Aviva Group Credit Life||15 To 70 Years||Rs. 5,000 To Rs. 5 Crores|
|Aviva Corporate Life Plus||18 To 69 Years||Rs. 1,00,00,000 To No Limit|
|Aviva Credit Assure||18 To 69 Years||Rs. 5,000 To Rs. 10 Lakhs|
|Aviva Group Gratuity Advantage||18 To 74 Years||Rs. 1000 To 1 Crore|
|Aviva New Group Leave Encashment Plan||18 To 70 Years||Rs. 1000 Per Employee|
|Aviva New Traditional Benefit Plan||18 To 74 Years||Rs. 5000 Per Employee|
|Aviva Credit Suraksha||18 To 64 Years|
Per Member: Rs. 1 Lakh
Per Scheme: Rs. 20 Lakhs
|Aviva Group Life Protect||18 To 69 Years||Rs. 1000 (Per Member) To No Limit|
|Aviva Corporate Shield Plus||18 To 74 Years||Rs. 3,60,000 To Rs. 10,00,000|
- Aviva Group Term Life: Aviva Group Term Life is an annually renewable group insurance product for Employer-Employee and affinity organizations that provides life insurance. The plan also has an option of monthly income or lump sum benefit.
- Aviva Group Credit Life: It’s a plan that covers loan funding in the event that the borrower is unavailable. It protects the loan and allows the family to relax and enjoy the assets acquired through loans and hard-earned money.
- Aviva Corporate Life Plus: Aviva Corporate Life Plus is a group term insurance plan that provides life insurance to an organization’s employees and members, as well as financial protection for their families. The plan has a policy term of 1 year and it is renewable every year.
- Aviva Credit Assure: This group term life insurance plan compensates the insured member’s financial problem in the event of his or her death. Members of non-employer-employee groupings are principally addressed by the plan.
- Aviva Group Gratuity Advantage: Aviva Group Gratuity Advantage is a corporate-oriented, group unit-linked program. Aviva Group Gratuity Advantage can also be tailored to meet specific needs in order to provide benefits beyond those required by law.
- Aviva New Group Leave Encashment Plan: The Aviva New Group Leave Encashment Plan is a unit-linked plan that provides employers with a flexible and cost-effective alternative to fund their leave encashment liabilities. The plan provides a lump sum fund to cover your employees’ leave encashment liabilities.
- Aviva New Traditional Benefit Plan: The Aviva New Traditional Employee Benefit Plan is a group employer-employee benefit plan designed to help companies manage their funds and make employee benefit payments. The plan requires a minimum of ten people to form a group.
- Aviva Credit Suraksha: Credit Suraksha is a comprehensive program that provides financial stability to unorganized group members and their families. This policy can be held by any microfinance institution, bank, or affinity group as the master policyholder.
- Aviva Group Life Protect: Aviva Group Life Protect Yojna is a group term life insurance product that provides life cover for a single payment. Customers of financial institutions, banks, cooperative banks, and credit societies that offer home loans, loans against property, school loans, auto loans, two-wheeler loans, tractor loans, and personal loans are the primary target groups. It also covers credit card and recurring deposit holders, whose sum assured is determined by the master policyholder’s requirements.
- Aviva Corporate Shield Plus: Aviva Corporate Shield Plus is a group term insurance plan that replaces employee deposit-linked insurance (EDLI) with benefits. The plan has a policy term of 1 year and it is renewable every year.
Why Should You Choose Life Insurance Plans From Aviva?
Aviva is one of the most preferred choices among the people due to the following reasons:
- It Is A Reliable Brand
Aviva Life is a trustworthy brand that focuses on offering the greatest customer experience possible through digital methods. They work with strong ideals such as caring more, leaving a legacy, eliminating complexity, and never stopping to give their clients the finest of everything.
- Higher Claim Settlement Ratio
A claim settlement ratio shows how many claims were successfully settled by the insurance company out of the total number of claims they received throughout the year. For the financial year 2020-21, Aviva India has a claim settlement percentage of 98 percent.
- Healthy Solvency Ratio
A solvency ratio is a metric that assesses a company’s ability to meet its financial obligations. According to the IRDAI, every insurer must maintain a health solvency ratio of 1.5. AVIVA Life Insurance meets the IRDAI criteria, with a healthy solvency ratio of 2.42.
- Won Numerous Awards
Aviva India has received numerous awards for its services. Aviva India was just named one of TRA’s ‘Most Trusted Brands in India’ for 2019. The Economic Times named Aviva the ‘Best Brand of the Year, 2019’. The ‘Silver at Effies 2011’ award went to Aviva India.
- Strong Customer Support
Aviva India provides a robust customer care service that is available 24 hours a day, seven days a week. The experienced and friendly team of specialists is always available to answer their customers’ questions and provide them with practical solutions and ideas.
How To Calculate Premium For Aviva Life Insurance Plans?
If you want to find the precise premium amount for Aviva Life Insurance Plans, go to the company’s official website. Let’s use some examples to give you a better understanding!
|Name||Age||Gender||Name Of The Plan||Amount To Be Invested Annually||Premium Payment Terms||Premium Amount Per Annum|
|Akansha||28||Female||Aviva New Wealth Builder||Rs. 15,00,000||1 Year||Rs. 15,67,500|
|Ranjeet||31||Male||Aviva New Wealth Builder||Rs. 20,00,000||6 Years||Rs. 20,90,000|
|Shipra||33||Female||Aviva New Wealth Builder||Rs. 25,00,000||10 Years||Rs. 26,12,500|
|Himanshu||41||Male||Aviva New Wealth Builder||Rs. 30,00,000||6 Years||Rs. 31,35,000|
What’s The Buying Process Of Aviva Life Insurance Plans?
For buying Aviva Life Insurance Plans, you need to follow the below-mentioned steps:
- Visit the official website of the company.
- Click any of the life insurance plans under the “Our Life Insurance Plans” section and then click on “Calculate Premium”.
- Enter all of your necessary details, such as name, contact number, email, etc., and press “Continue”.
- Enter your DOB, gender, and various other details, and press “Calculate Premium”.
- The premium details will be displayed on your screen as per your plan.
- Pay for the premium and your policy details will be sent to your registered mail address.
If you want to purchase the policy in person, please visit your local Aviva India branch. When you visit the location, you will receive all of the insurance information you require.
However, if you continue to have issues, you can contact Probus Insurance for assistance.
What’s The Claim Process For Aviva Life Insurance Plans?
The following are the steps involved in filing a claim:
- Depending on which claim needs to be filed, fill out the claim form completely and correctly on Aviva’s website.
- Gather the appropriate documents, which must be submitted as originals or photocopies and officially attested by a gazetted officer, magistrate, Tahsildar, or police sub-inspector, depending on the claim you have brought.
- If you need to file a Hospitalization / Surgical Rider Benefit Claim, you must provide all medical reports and bills provided by the treating physician, who must be qualified to issue such a report.
- Finally, you must submit the claim form to your local Aviva branch office together with the relevant papers.
- Once the documents are verified by the company, the claim request will be accepted.
Basic Documents Required
- Completed and countersigned claim form
- Original policy document
- Copy of death certificate issued by the local authority
- Address Proof of the nominee
- Medical records
- Nominee ID proof establishing a relationship with life insured
Frequently Asked Questions
If you are unhappy with your Aviva Life Insurance policy and want to cancel it, you will need to write the firm a letter. The letter should be sent to ‘Customer Services,’ and it should be accompanied by the original policy paperwork as well as the premium receipt. You have 15 days from the date you receive the policy document to cancel the insurance. If you acquired the policy through distance marketing, you will have a 30-day window to cancel it.
Aviva offers an Interactive Voice Response (IVR) payment option, which allows policyholders to pay up to Rs.15 lakhs in premiums using their credit cards.
You can call the company at their toll-free number 1800-103-7766 or 0124-2709046. You can also write to the company at customerservices@ avivaindia.com.
If you want to cancel your Aviva policy after you’ve bought it, you must do so before the end of the Freelook Period, as the business will reimburse your premium after deducting the costs of stamp duty and medicals, as well as the proportionate risk premium. If you seek cancellation before the policy is issued, you will be eligible for a return of the application fee after the company deducts the costs of medical examinations. If you seek cancellation after the insurance has been issued, you will be refunded the premium amount after deducting stamp duty and/or medical expenses.