Aviva Term Insurance
Aviva India is a joint venture between Dabur Invest Corporation and Aviva Plc. Aviva was founded in 1696 and is actually one of the world’s oldest insurance companies that are still existing and running well. The firm was also one of the first insurance companies that set up in India in 1834. With a 300+ year legacy and serving more than 34 million customers, Aviva has upped the bar in the insurance industry.
Aviva Life Insurance - At A Glance
| Characteristics | Specifications |
| Company Name | Aviva India |
| Headquarters | Gurgaon |
| Year of Establishment | 2002 |
| Company Type | Private |
| Parent Company | Aviva & Dabur |
| CEO | Amit Malik |
| Claim Settlement Ratio (FY 20-21) | 98% |
| Number of Branch Offices | 93 |
Benefits & Features Of Aviva Term Insurance
Aviva Insurance has some amazing features and benefits for its customers. Check out a few of them –
- Financial Protection – Term Insurance helps in protecting the family members financially after the death of the policyholder. It gives peace of mind to the family as the policy helps the family to be financially secured in case of the holder’s demise. They can use the payout amount to not only get through daily expenses but also their goals. Additionally, the beneficiary can choose to receive the payout in a lump sum or in installments according to their financial needs.
- Different Plan Options – Aviva India understands that everyone has different requirements and needs in their current stage of life. And that’s why Aviva insurance policies are designed in such a way that each individual can opt for a plan that suits them the best.
- Affordable Premiums: One of the best benefits of owning an Aviva insurance policy is that they are extremely affordable with a decent cover amount. Most of their plans offer comprehensive coverage keeping in mind that anybody can easily purchase them without worrying about budget restraints.
- Multiple Premium Payment Modes: Aivia India understands that not everyone can pay the premium in one single go, some may have budget restraints and preferences. Keeping that in mind, the policyholder gets the flexibility to pay these premiums on a monthly/quarterly/half-yearly/yearly basis.
- Add Ons: The best part about Aviva Term Insurance is that one can choose ‘Add-ons’ that are available with basic plans.
- High Claim Settlement – Aviva Term Insurance is known for its high claim settlement ratio. In FY 20-21, the insurance company had a ratio of 98%. It simply means that you can trust the insurance provider to process and approve your claims with minimum problems.
- Tax Benefits – If you are paying a premium for term insurance whether it’s monthly/yearly, you can claim a deduction under Section 80C and 10(10D) while filing your taxes.
Aviva Term Life Insurance Plans
1. Aviva LifeShield Advantage Plan
Simply put, the Aviva LifeShield Advantage plan is an insurance + savings plan. It provides financial protection to the family in case of the policyholder’s death. And, the best part – all the premiums paid? It will be returned to the policyholder at the end of the policy term (on survival).
Key Features:
- Financial Protection – Aviva LifeShield Advantage provides comprehensive financial protection for your family after the policyholder’s death.
- Protection Plan – Sum Assured will be paid to the nominee in the event of death.
- Rider Options – The policy owner can take an additional rider option to enhance the basic insurance cover at a nominal cost.
- Rebate – Rebate is offered on one’s premium if the sum assured is high.
- Survival Benefit – The policy owner can enjoy Survival Benefit at the end of the policy term
- Tax Benefit – The policyholder can enjoy tax benefits under sections 80C and 10(10(D)) of the Income Tax Act, 1961 for the premium paid.
Eligibility Criteria:
| Entry age | Minimum is 18 years & Maximum is 55 years |
| Maturity age | Minimum is 28 years Maximum is 65 years |
| Policy term | 10 years to 30 years |
| Premium payment terms | Option A:Single Premium or Regular Premium (equal to Policy Term) Option B:Regular Premium (equal to Policy Term) |
| Sum assured | Minimum – Rs. 35,00,000 Maximum – Option A – No limit, Option B – Rs. 50 lacs |
| Minimum premium | Single-Premium: Rs. 86,450, Annual: Rs. 8,960 Half-yearly: Rs. 4,577, Quarterly: Rs. 2,322, Monthly: Rs. 780 *Applicable taxes will be levied |
| Maximum premium | No Limit (depends on Sum Assured) |
| Premium frequency | Single Premium (available only under Option A) Yearly, Half Yearly, Quarterly & Monthly |
2. Aviva Jana Suraksha Plan
The Jana Suraksha plan provides comprehensive and the most affordable financial protection to the policyholder’s dependents.
Key Features:
- Financial Protection – Aviva Jana Suraksha term insurance plan offers basic financial protection to the deceased’s family
- Affordable Plan – This insurance policy is extremely affordable. It was designed in such a way that everyone has an opportunity to have life insurance irrespective of the budget restraints.
- Payout Option – In case of the policy owner’s death during the term of the policy, the company will pay the assured amount in a lump sum.
Eligibility Criteria:
| Entry age | The minimum is 18 years and the maximum is 45 years |
| Maturity age | The maximum is 50 or 55 years |
| Policy term | 5 years or 10 years |
| Premium payment term | Single Premium or Equal to the policy term |
| Premium Payment Frequency | Single, Annually, Half-yearly, Quarterly or Monthly |
3. Aviva Life Shield Premium Plan
This term insurance plan is a bit different than others. It offers a customized/personalized comprehensive insurance plan according to the policyholder’s needs and requirements.
- Comprehensive Policy – Aviva Life Shield Premium is a pretty good comprehensive term insurance policy that helps in securing your family financially in times of need.
- Different Plans – In this insurance policy, one has an option to choose from different basic covers that suit your needs.
- Payout Options – The nominee has the flexibility to choose the assured amount payout. They can opt for a lump sum/income/50-50/or a combination of both.
- Rider Options – The policy owner can choose additional coverage such as Accidental Death Benefit, Waiver of future premiums due to permanent total disability, etc on their basic plan. If the person whose life was insured suffered total permanent disability due to an accident then the future premiums shall be waived. If the policyholder dies due to an accident then an additional payout of up to Rs. 50 lakhs will be paid.
Eligibility Criteria:
| Entry age | The minimum is 18 years last birthday The maximum is either 49 years or 65 years (depends on premium payment term and policy type) | ||||||||||||
| Maturity age | 80 years last birthday | ||||||||||||
| Policy term | Minimum: Flat or Decreasing Sum Assured: 10 years Increasing Sum Assured: 26 years Limited pay 5: 10 years Limited pay 10: 15 years Maximum: 62 years | ||||||||||||
Minimum/Maximum Sum Assured |
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4. Aviva Saral Jevan Bima
The plan is a pure term insurance plan that provides good financial security to the policy owner’s loved ones.
Features:
- Insurance Feature: Aviva Saral Jeevan Bima Plan is a pretty standard term insurance policy. The minimum amount assured is Rs 5 lakhs while the maximum amount assured is Rs. 25 lakhs respectively.
- Financial Protection – The insurance policy aims in helping one’s family members financially post-death of the policyholder.
- Tax Benefits – The policyholder can enjoy tax benefits under sections 80C and 10(10(D)) of the Income Tax Act, 1961 for the premium paid.
Eligibility Criteria:
| Entry age | The minimum is 18 years and the maximum is 65 years |
| Maturity age | The maximum is 70 years last birthday |
| Policy term | Single: 1 year to 40 years Limited 5: 10 years to 40 years Limited 10: 15 years to 40 years Regular pay: 5 years to 40 years |
| Sum assured | Minimum Sum Assured: Rs. 5,00,000 Maximum Death Sum Assured: Rs.25,00,000 |
| Premium Payment Frequency | Single, Annually, Half-yearly, or Monthly |
Exclusions Under Aviva Life Term Policy
- If the policyholder commits suicide within a year of the policy date/reinstatement date then the nominee will receive up to 80% of the premiums paid. Post that, the policy will be considered void and the beneficiary won’t be able to claim anything else.
- If the policyholder died due to certain pre-existing medical conditions that weren’t mentioned in the policy then the insurance will be considered void.
- If the policyholder died due to any illegal activity then the policy will be considered void.
- If a terminally ill policy owner committed suicide within the first year of policy date/revival date then the policy will be considered void.
Exclusions for Accidental Death Benefit or Accidental Total & Permanent Disability(TPD) Add-On Covers:
No benefits will be payable if death or disability occurs from, or is caused by, any one of the following:
- Self-inflicted injury/attempted suicide
- Drug Abuse
- War/ civil war/rebellion/ revolution/ riot/strikes
- Dangerous sports and other activities
- Criminal Acts
How Can You Buy Aviva Term Insurance Plan?
It’s pretty simple and convenient.
Step 1: Choose the insurance plan that suits you the best.
Step 2: Select the level of protection you require (Amount assured on death of policy owner)
Step 3: Select the policy term (5-40 years)
Step 4: Choose the right frequency to pay your premium amount
Step 5: Fill in the other personal details
Step 6: If you are okay with the premium calculated then upload supporting documents
Step 7: Select the payment mode and pay.
Documents Required To Purchase Aviva Term Insurance?
- For Age proof – Aadhar card/Passport/Rental Agreement/Birth Certificate
- For Identity proof – PAN card/Aadhar card/Passport/license
- Latest Medical certificate
- And income proof – salary slips/income tax returns
How You Can Claim For Aviva Life Term Plans Online
In case of an unfortunate event of death of the policyholder, Aviva Insurance assures in doing its best in processing the claim at the earliest so that the family members don’t have to worry about the financial strains.
Here’s how you can claim the insurance –
Step 1: Death Claim Intimation
You have to intimate a death claim to the company through any of the options –
- Online
- Email at claims@avivaindia.com
- Call toll-free customer service helpline (1800 103 7766)
- Visit your nearest Aviva Branch Office
- Write to them at
Claims Department,
Aviva Life Insurance Company India Limited,
Aviva Tower, Sector rd,
Opposite DLF golf course,
DLF Phase – V, Sector 43, Gurgaon – 122003
Step 2: The company assigns a Claim Personal Manager who will take care of the process until the very end. The name and contact details will be conveyed through letters, SMS, and call.
Step 3: Submit the Documents
- Death Claim Handout
- Employer Questionnaire if Salaried
- CRS / FATCA Addendumis if the claimant is outside India
- And bank details
Step 4: The final settlement amount will be notified, processed, and transferred to the nominee’s bank.
Documents Required To Make An Insurance Claim?
- Filled and signed Death Claim Form by the Nominee
- Original Death Certificate
- Original Policy Document
- Address proof and photo identity of the nominee
- Copy of canceled cheque
- Last Medical report, if any
- Discharge or any other hospital papers/reports, if any
Additional Documents to be Submitted
Accidental Death
- Copy of First Information Report (FIR)
- Final Police Investigation Report
- Copy of Post Mortem Report
- Newspaper cutting (If available)
Frequently Asked Questions
Yes, it does. Deaths outside India are covered in your term insurance plans. But do note that the company may reject your claim if the death has occurred because the policyholder was traveling to an unsafe country. For more details, it’s best if you talk to your financial advisor for finer details of each policy.
If the policyholder is diagnosed with a terminal illness then the company pays a lump sum amount to the owner. The illness needs to be confirmed by authorized medical practitioners.
You can revive your lapsed policy within five years from the date of the first unpaid installment. You need to submit proof of continued insurability of life. And if the premium isn’t paid before the grace period then the policy will lapse and you won’t be able to enjoy any benefits of the plan. And oh, to revive the said policy, the company charges a small revival fee.
The plan does the follow to help you secure your future:
- Flexible payouts either as a lump sum or regular monthly income
- The term plan usually has a high sum assured so that family doesn’t have a strain in the future
- Provides tax benefits
- Offers coverage against critical illness and disability
Fill the Non-Financial Endorsement Form and submit it at any nearest Aviva Branch or courier it to Aviva’s Head Office.
Head Office: Aviva Tower, Sector Road, Opposite Golf Course, DLF Phase-V Sector -43 Gurgaon-122003 Haryana, India.
Unfortunately, your existing plan cannot be changed. Although there’s one thing you can do – opt for a new policy as per your current requirements.
Sadly, the insurance cover cannot be modified. However, you can apply for a new policy that best suits you according to your requirement. You can talk to the insurance plan experts (1800 103 7766) for more information.
Log in to MyAviva –
- Click on the “Manage my Policy” tab
- Click on “Change payment frequency” and update
Please note that premium payment frequency options vary based on the policy.
Log in to MyAviva:
- Click on the “Manage my Policy” tab.
- Click on “My Policy Details” to see all details.
It depends on your insurance and many other criteria. So try calling on the Toll-free helpline number 1800-103-7766 to know if you need to get it done.
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