Life Insurance Aviva Life Insurance

Aviva Life Insurance Company

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	Most Trusted Private Life Insurance Brand Of The Year, 2019 Best Brand Of The Year, 2019 Dream Companies To Work For, 2018 CIO 100 Award, 2018 BFSI Underwriting & Claims Customer Care Initiative Of The Year, 2018

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

Death Sum Assured is equal to higher of (ten times of the annualized premium or maturity sum assured or 105% of the total premiums paid).
Maturity sum assured will depend on the age of the life insured, policy term, and plan option.

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:

ONLINE METHOD:

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.

OFFLINE METHOD:

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

1. What is the procedure for canceling my Aviva Life Insurance policy?

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.

2. How can I check on the status of my Aviva Life Insurance claim?

Through phone calls, SMS, and letters, Aviva Life Insurance Company will keep customers informed about the status of their claims. You can also monitor the status of your claim online.

3. Is it possible to pay my premiums over the phone?

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.

4. How can I contact the company?

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.

5. If I cancel Aviva Life Insurance, will I get my money back?

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.

6. Is suicide covered by Aviva's term insurance plans?

If the life assured commits suicide during the first 12 months of the policy’s issuance, the life assured’s family will get 80% of the total premiums paid.