About Aviva Life Insurance Company

Established in the year 2000, Aviva India Life Insurance Company is a joint venture between Aviva Plc and Dabur Invest Corporation. The company initiated unit-linked and uniform participating plans in India. The company has its headquarters in Gurugram, India.

The company offers several life insurance products such as term plans, savings plans, child plans, retirement plans together with group solutions to its customers. Take a look at a few of the awards achieved by Aviva Life Insurance Company:

• Most Trusted Private Life Insurance Brand of 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

Key Features of Aviva Life Insurance Company

Choosing an ideal term insurance company can be a hectic and tedious task if you do not know the parameters to look for! There are so many Insurance companies & policies which tend to make the decision maker confused. Hence, we have enlisted few parameters like Claim Settlement Ratio & Solvency Ratio which can help you make an informed decision.

Likewise, while selecting the best life insurance companies, there are few parameters that one should consider before investing in any life plan. Read along to explore all those important factors:

1. Claim Settlement Ratio

   The Claim Settlement Ratio of the life insurance company helps an individual to understand the claim settling ability of the company.

   For checking the CSR of your shortlisted companies, you can check out the IRDAI Annual Report.

   We are presenting a graphical representation which mentions the Claim Settlement Ratio of Aviva Life Insurance Company from 2016- 2020.

   As per the latest IRDAI Report, CSR of Aviva Life Insurance Company stands at 97.53%.

   Graph Illustration of Aviva Life Insurance Company's CSR from 2016-2020

   

   **Data from IRDAI Annual Reports

   To get a clear picture of CSR of top life insurance companies, take a look at the below graph.

   Aviva & other Top Life Insurance Companies based on Claim Settlement Ratio (2019-20)

   

   **Data from IRDAI Annual Reports

2. Solvency Ratio

   Another important parameter that one should consider before buying a life insurance policy is checking the financial background of the insurance provider. And for this, customers should check the solvency ratio as it helps in measuring the ability of the company to meet its long-term debt obligations. As per IRDAI, all insurance companies in India are obliged to maintain a minimum solvency ratio of 1.5. At present, the solvency ratio of the company is 2.89.

   Solvency Ratio of Aviva Life Insurance Company (2016- 2020)

   

   **Data has been sourced from IRDAI's Annual Report

3. Annual Premium

   The annual premium of an insurance company helps the potential policyholder in identifying the volume of a business and helps them in measuring the preference of other customers. As per the IRDAI report, we have collected the data of Aviva Life Insurance company and have prepared a graph that shows the trend of annual premium over the years 2016- 2020.

   Yearly trend in the annual premium income of Aviva Life

   

   **Data has been sourced from IRDAI's Annual Report

Types of Plans Offered By Aviva Life Insurance

The company offers different term plans, savings plans, retirement plans & group plans. Take a look at the below table to explore all the plans available under the company:

Aviva Life Insurance: Claim Settlement Process

Step 1: Claim Intimation

The beneficiary has to inform the company about the incident. This can be done via call, mail, message or by physically visiting the nearest branch of the insurance company.

Step 2: Arrange Documents

Based on the type of claim, the beneficiary has to attach the relevant documents such as the death certificate, doctor's certificate, ID proof, address proof, etc. asked by the insurer in original or photocopies. The photocopies should be attested by a Gazetted Government Officer.

Step 3: Claim Settlement

On receiving the documents, the insurer will proceed with the verification process and may contact the beneficiary in the event of any clarification. If all the documents are in place, then the claim will be settled in favour of the beneficiary and the amount shall be transferred to the beneficiary's account.

Aviva Life Insurance: Contact Details

Contact Address

Head Office: Aviva Tower, Sector Road, Opposite Golf Course, DLF Phase-V, Sector-43, Gurgaon- 122003 Haryana, India.

Customer Support

Phone: 1800 103 7766 (Toll-free); 0124-2709046

E-mail: customerservices@avivaindia.com

For Any Escalations: complaints@avivaindia.com