Aviva Life Insurance
Aviva India Life Insurance Company was established in the year 2000. It is a joint venture between Aviva Group and Dabur Invest Corporation. Aviva Life takes pride in proclaiming to be one of the foremost companies in India to initiate unit-linked and uniform participating plans. The company is headquartered in Gurugram, India. It has a collaboration with DBS Bank (as their chief partner), which is one of the leading banks in India. Several life insurance products such as term plans, savings plans, child plans, retirement plans together with group solutions are provided by the company to its customers.
Highlights
Claim Settlement Ratio | 96.06% |
No. of Financial Planning Advisors | 15,000+ |
No. of Customers | 33 Million |
**Last Updated on 05-11-2020
Aviva Life Insurance Plans
1. Aviva Child Plan
Aviva Child Plan is a blend of insurance and investment that assists the policyholder in securing the future of his/her child. The plan offers life insurance coverage along with providing financial protection to the child (even in the absence of the parents).
The following child plan is offered by Aviva Life Insurance:
i) Aviva Young Scholar Secure Plan
Aviva Young Scholar Secure Plan is a traditional life insurance plan that offers financial protection to cover important milestones of the child's education. The plan waives off all future premiums in the event of the death of the insured parent. It also provides tax exemptions on premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Criteria:
Age at Entry (last birthday) | For Parent: - Minimum: 21 years
- Maximum: 50 years
For Child: - Minimum: 0 year
- Maximum: 12 years
|
Premium Payment Frequency | Yearly, half-yearly and monthly (via ECS only) |
Policy term | 21 minus age at entry of the child |
Riders Available | Aviva Term Plus rider |
**Last Updated on 05-11-2020
2. Aviva Term Plans
Term plans offered by Aviva Life takes care of all the financial requirements of the family in case of the demise of the life assured. The plans provide coverage at affordable rates such as cover against death due to an accident, disability cover, etc.
The different Aviva life insurance term plans are mentioned below:
i) Aviva LifeShield Advantage Plan
Aviva LifeShield Advantage Plan is a comprehensive protection plan that safeguards the family members against financial crisis due to the unfortunate death of the policyholder. The plan offers a return of premiums if the life assured survives the end of the policy tenure. Also, the policy provides additional safety in the event of accidental permanent total disability of the insured person.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 55 years |
Maximum Age at Maturity | 65 years |
Minimum Sum Assured | Rs. 35 lakhs |
Policy Term | 10 to 30 years |
**Last Updated on 05-11-2020
ii) Aviva Jana Suraksha Plan
Aviva Jana Suraksha Plan is a term insurance policy that pays out a guaranteed lump sum amount to the dependents or children on the death of the policyholder during the policy term. It offers double life coverage benefit in case the life assured dies due to an accident.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 45 years |
Premium Payment Frequency | Single, annually, half-yearly, quarterly or monthly |
Premium Payment Term | Single premium or equal to the policy term |
Policy Term | 5 or 10 years, subject to the maximum maturity age of 50 or 55 years respectively |
**Last Updated on 05-11-2020
3. Aviva Savings Plans
Aviva Savings life insurance plans are a combination of investment along with life insurance coverage to deal with uncertainties of life. It allows the policyholder to develop a habit of savings that comes out with returns on investment and be prepared to face unexpected future events. With the help of these plans, one can create a huge corpus and plan accordingly to meet various financial goals.
Let us look at the following savings plans offered by Aviva Life Insurance:
i) Aviva Affluence Plan
Aviva Affluence Plan is a unit-linked plan that helps you achieve long-term milestones of life like education of your child, buying a home or planning for retirement life. You need to pay for a limited premium payment term to stay invested and get huge returns under the plan. It also offers 7 investment fund options to choose from as per your requirements.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 2 years Maximum: 50 years |
Age at Maturity | Minimum: 18 years Maximum: 70 years |
Minimum Sum Assured | Rs. 10 lakhs |
Premium Payment Frequency | Yearly only |
**Last Updated on 05-11-2020
The values may change as per the chosen plan option
ii) Aviva i-Growth Plan
Aviva i-Growth Plan is a non-participating unit-linked individual savings plan that assures guaranteed returns on investment in addition to life insurance protection for you as well as your family. As per your risk appetite, you can switch between 3 fund options provided under the plan. It also offers partial withdrawals (after completion of 5 successful policy years) to meet unexpected future expenditure.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 50 years |
Maximum Age at Maturity | 60 years |
Minimum Annualized Premium | For Policy Term = 10 years: Rs. 66,000 For Policy Term = 15 years: Rs. 60,000 For Policy Term = 20 years: Rs. 48,000 |
Maximum Sum Assured | 18-40 years last birthday: Rs. 50 lakhs 41-50 years last birthday: Rs. 30 lakhs |
Policy Term | 10/15/20 years |
**Last Updated on 05-11-2020
iii) Aviva Guaranteed Income Plan
Aviva Guaranteed Income Plan is a combination of savings and life insurance plan, which provides guaranteed income through 11 periodic payouts for over 10 years. The plan offers maturity benefit together with an additional guaranteed terminal benefit, i.e., periodic payouts will be payable to the family even after the demise of the policyholder.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 3 years Maximum: 50 years |
Age at Maturity | Minimum: 18 years Maximum: 65 years |
Minimum Annualized Premium | Entry Age 3 to 45 years: Rs. 50,000 Entry Age 46 to 50 years: Rs. 75,000 |
Sum Assured | Minimum: Rs. 10,10,000 (minimum annualized premium of Rs. 50,000 X 20.2)
Maximum: Rs. 20,20,00,000 per life (maximum annualized premium of Rs. 1 crore X 20.2) |
Payout Period | 10 years from maturity i.e. 15th to 25th year |
**Last Updated on 05-11-2020
iv) Aviva New Family Income Builder Plan
Aviva New Family Income Builder Plan is traditional life insurance in addition to savings oriented plan that protects you and your family financially with the help of guaranteed returns by a way of regular payouts for 12 years. The policy also provides maturity and death benefits. In case of death of the life assured, the payouts will be passed onto the family.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 6 years Maximum: 50 years |
Age at Maturity | Minimum:18 years Maximum: 62 years |
Minimum Annualized Premium | Minimum: Rs. 40,000 Maximum: Rs. 1 crore (per life) |
Sum Assured | Minimum: Rs. 9,60,000 (minimum annualized premium of Rs. 40,000 X 24)
Maximum: Rs. 24 crores per life (maximum annualized premium of Rs.1 crore X 24) subject to board approved underwriting policy |
Premium Payment Frequency | Annual Only |
**Last Updated on 05-11-2020
v) Aviva Income Suraksha Plan
Aviva Income Suraksha Plan is a savings cum life insurance plan that offers regular monthly payouts by guaranteeing returns on your investments to meet financial goals in the future.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 48 years |
Age at Maturity (last birthday) | Minimum: 28 years Maximum: 65 years |
Minimum Premium | - Entry Age 18 to 40 years: Rs. 36,000 per annum or Rs.3,000 per month
- Entry Age 41 to 48 years: Rs. 60,000 per annum or Rs.5,000 per month
[Taxes if any will be charged separately] |
Minimum Sum Assured | - Entry Age 18 – 40 years: Rs. 6,84,000
- Entry Age 41 – 48 years: Rs. 11,40,000
|
Premium Payment Frequency | Annual and Monthly only |
**Last Updated on 05-11-2020
vi) Aviva Dhan Samruddhi Plan
Aviva Dhan Samruddhi Plan is a traditional life insurance plan that offers guaranteed money back in every 5 years interval, together with guaranteed maturity benefit to fulfil your long-term financial requirements of life. The policy provides a guaranteed bonus of up to 9% of the annualized premium per annum (based on the chosen policy tenure). This benefit is paid on the maturation of the policy.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 13 years Maximum: 55 years |
Age at Maturity (last birthday) | Minimum: 23 years Maximum: 70 years |
Minimum Annualized Premium | - For Policy Term 10 years: Rs. 35,692
- For Policy Term 15 years: Rs. 19,599
- For Policy Term 20 years: Rs. 17,130
|
Sum Assured | - For Policy Term 10 years: Rs. 4 lakhs
- For Policy Term 15 years: Rs. 2,65,000
- For Policy Term 20 years: Rs. 2,65,000
|
Premium Payment Frequency | Annually, half-yearly, quarterly or monthly |
**Last Updated on 05-11-2020
vii) Aviva Wealth Builder Plan
Aviva Wealth Builder Plan is a traditional savings plus life insurance policy, which doubles the total amount of paid premiums and is liable to pay guaranteed returns at the maturity date. It allows the life assured to choose from 3 policy term options according to his/her needs.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 5 years Maximum: 50 years |
Age at Maturity (last birthday) | Minimum: 18 years Maximum: 63 years (Single Premium); 67 years (Regular Premium) |
Maximum Premium (per Life) | Rs. 1 crore |
Sum Assured | Minimum: Rs. 3,00,150 Maximum: Rs. 2,00,25,000
Minimum: Rs. 7,50,562.50 Maximum: Rs. 10,01,50,000
Minimum: Rs. 10,01,750 Maximum: Rs. 20,05,00,000 |
Premium Payment Frequency | Single or Annual |
**Last Updated on 05-11-2020
The values may change as per the chosen plan option
viii) POS Aviva Dhan Suraksha Plan
POS Aviva Dhan Suraksha Plan is a non-participating and non-linked savings plan that offers regular payouts to fulfil your short-term life goals. The plan pays a lump sum benefit at the end of the policy tenure.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 50 years |
Age at Maturity | 61 years |
Annualized Premium | Minimum: Rs. 10,000 Maximum: Rs. 68,500 |
Sum Assured | Minimum: Rs. 1.45 lakhs Maximum: Rs. 9,93,250 (per life) |
**Last Updated on 05-11-2020
The values may change as per the chosen plan option
4. Aviva Retirement Plans
With Aviva Retirement Plans, the life assured can enjoy financial freedom after retirement. It allows the policyholder to maintain a good lifestyle by giving back the accumulated amount as pension or annuity at regular intervals as per your choice. The retirement plans offer guaranteed advantages along with the benefit of life insurance coverage.
Aviva Life Insurance offers the following retirement policies to its customers:
i) Aviva Annuity Plus Plan
Aviva Annuity Plus Plan is a non-linked and non-participating immediate annuity plan that provides lifetime income during your retirement years. It offers 7 annuity choices to match your financial needs. The plan also provides flexibility to choose the purchase price at the time of commencement of the policy to receive higher annuity instalments.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 80 years |
Purchase Price | Minimum: Rs. 25,000 Maximum: No Limit |
Annuity Installment | Minimum Rs. 500 for any of the annuity frequency chosen |
Annuity Frequency | Yearly, half-yearly, quarterly, monthly |
**Last Updated on 05-11-2020
The values may change as per the chosen plan option
ii) Aviva Next Innings Pension Plan
Aviva Next Innings Pension Plan is a traditional life insurance policy, which guarantees regular earnings post-retirement life. The plan pays 210% of all paid premiums on the maturation date of the policy.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 42 years Maximum: 60 years |
Age at Maturity (last birthday) | Minimum: 55 years Maximum: 78 years |
Minimum Annualized Premium | Single: Rs. 1.5 lakhs Limited: Rs. 50,000 per annum |
Premium Payment Frequency | Single, annual, half-yearly and monthly |
Policy Term | 13/16/18 years |
**Last Updated on 05-11-2020
5. Aviva Group Plans
Aviva Group Life Insurance Plans are provided to the employees or group members of an organisation by their employers. These plans offer life insurance coverage to the employees based on their annual income. It also offers flexibility to choose and change the sum assured amount from time to time as per requirements.
Now, let us check out the range of group plans offered by Aviva life insurance:
i) Aviva Group Credit Life Plan
Aviva Group Credit Life Plan provides financial security against the loan liabilities to the family of the borrower in the event of the death of the borrower. The plan offers single pay and limited premium payment variants as per the requirements. It offers a death benefit along with accidental total permanent disability benefit and can be also purchased on a joint life basis.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: - 15 years for education loan;
- 18 years last birthday for other loan types
Maximum: 70 years last birthday Note: Age will be computed for each life in case of joint life cover |
Age at Maturity | Minimum: 17 years for Education Loan; 20 years for other loan types Minimum: 23 years for Education Loan; 26 years for other loan types
Maximum: 75 years (last birthday) |
Sum Assured | Minimum: Rs. 5,000 Maximum: Rs. 10 Crores for Home Loan; Rs. 5 Crores for other loan types |
Premium Payment Term | Single-Premium & Limited Premium for 5 years only |
**Last Updated on 05-11-2020
ii) Aviva Group Gratuity Advantage Plan
Aviva Group Gratuity Advantage Plan is a unit-linked group life insurance plan that has been specially designed for the corporate sector. The plan can be customized according to the requirements of the individual and offers benefits beyond legal liabilities. The policy offers several unit-linked investment funds to make investments as per your needs.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 74 years |
Minimum Sum Assured | Rs. 1,000 per employee |
Maximum Sum Assured | Rs. 1 Crore per employee |
Minimum Group Size | 10 |
**Last Updated on 05-11-2020
iii) Aviva Group Life Protect Plan
Aviva Group Life Protect is a one-time premium payment group term life insurance product that is designed for customers of banks, financial institutions, credit societies, and cooperative banks providing loans. It financially protects these institutions against loans like a car loan, home loan, education loan, personal loan, etc. The policy provides coverage to recurring deposit and credit cardholders, where the sum assured is decided by the employer.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 69 years |
Type of Sum Assured offered | Reducing, Flat |
Minimum Sum Assured | Rs. 1,000 (per member) |
Maximum Sum Assured | No limit |
Minimum Group Size | 50 |
**Last Updated on 05-11-2020
iv) Aviva Group Term Life Plan
Aviva Group Term Life Plan is a non-linked and non-participating group term insurance plan, which offers life insurance cover to the employees (inclusive of schemes in lieu of Employees Deposit Linked Insurance Scheme). The employee can cover his/her spouse under the plan by paying additional premiums. It also offers maturity and surrender benefits and is available for non-employer-employee groups.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 69 years for Employer-Employee Schemes & 59 years for Non-Employer-Employee Schemes |
Age at Maturity | 70 years for Employer-Employee Schemes & 60 years for Non-Employer-Employee Schemes |
Minimum Sum Assured | Rs. 5,000 (Per Member) Rs. 20 lakhs (Per Scheme) |
Policy Term | One Year (Renewable) |
**Last Updated on 05-11-2020
v) Aviva New Group Leave Encashment Plan
It is a unit-linked and affordable premium policy for employers. Aviva New Group Leave Encashment Plan is a way to provide leave encashment liabilities to all the employees of an organisation under a single plan. The plan provides the employees with an option to switch between various investment fund options at their convenience.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 70 years |
Minimum contribution | Rs. 1 lakh at inception |
Sum Assured | Rs. 1,000 per employee (fixed) |
Funds available | 7 Funds options |
Minimum Group Size | 10 members per group |
**Last Updated on 05-11-2020
vi) Aviva Corporate Life Plus Plan
Aviva Corporate Life Plus Plan is a group term insurance product, which offers life insurance coverage for the employees and members of an organisation. It provides financial protection to the families of employees. It offers additional security against death and permanent disability.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 69 years |
Minimum Sum Assured | Rs.10,000/employee and Rs. 1 crore/scheme |
Premium Payment Term | Equal to the policy term |
Premium Payment Frequency | Annually, half-yearly, quarterly or monthly |
Minimum Group Size | 50 members |
**Last Updated on 05-11-2020
vii) Aviva Corporate Shield Plus Plan
Aviva Corporate Shield Plus Plan is a group term insurance policy, which offers advantages as per the employee deposit linked insurance (EDLI). The plan facilitates the financial loss of the dependents that arises due to the unfortunate death of the life assured. It offers security without undergoing any medical tests along with minimal formalities.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 74 years |
Sum Assured | Minimum: Rs. 3.6 lakhs Maximum: 10 lakhs |
Mode of Payment | Yearly/half-yearly/quarterly/monthly |
Policy Term | One Year (Renewable) |
**Last Updated on 05-11-2020
viii) Aviva Credit Assure Plan
Aviva Credit Assure Plan, a group insurance plan that safeguards the family of an employee against financial contingencies after the death of the insured employee. The plan is primarily for non-employer-employee groups.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 69 years |
Age at Maturity | 70 years |
Sum Assured | Minimum: Rs. 5,000 (Per Member)
Maximum: Rs. 10 lakhs (Per Member) |
Minimum Group Size | 50 |
Policy Term | One Year (Renewable) |
**Last Updated on 05-11-2020
ix) Aviva Credit Suraksha Plan
Aviva Credit Suraksha Plan is a comprehensive plan that offers financial protection to the members of unorganized groups and their families. It also provides optional life coverage to the spouse of the insured member.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 64 years |
Maximum Sum Assured | Rs. 1 lakh (Per Member) & Rs. 20 lakhs (Per Scheme) |
Premium Payment Frequency | Annually, half-yearly, quarterly or monthly |
Minimum Group Size | 100 |
Policy Term | One Year (Renewable) |
**Last Updated on 05-11-2020
x) Aviva New Traditional Employee Benefit Plan
Aviva New Traditional Employee Benefit Plan is a non-participating and non-linked variable group insurance plan, which primarily targets the employer-employee benefit. The fund management liabilities of the employer such as retirement or death of their employees, Gratuity, Leave Encashment on resignation, etc. are administered by this policy.
Eligibility Criteria:
Age at Entry (last birthday) | Minimum: 18 years Maximum: 74 years |
Sum Assured | Sum assured is fixed Rs. 1,000 per employee |
Minimum Contribution at Scheme Level | Rs. 1 lakh at inception |
Mode of Payment | Yearly/half-yearly/quarterly |
Minimum Group Size | 10 |
**Last Updated on 05-11-2020
Why Choose Aviva Life Insurance Plans?
Offers Financial Security:
Aviva life insurance policies are designed in such a way that can easily help you achieve financial goals by making savings like arranging funds for child education, retirement corpus, home loan, personal loan, etc. without thinking for the funds after death. The plans also help you to deal with the outstanding debts that can be a burden for your family in your absence.
Under Section 80C of the Income Tax Act, 1961, the premium paid for Aviva life insurance is eligible for the deduction, and also the death benefit or maturity is exempted from tax under Section 10(10D).
Why PolicyX.com Is The Best Platform To Buy Aviva Life Insurance Plans?
PolicyX.com is certified by the Insurance Regulatory and Development Authority of India (IRDAI). The company provides the following features to its customers:
- It offers free online comparison quotes of various insurance providers, which helps you to go with the right plan for your needs.
- With the help of PolicyX.com, you can simply purchase a suitable plan (as per your requirements) within 15 minutes.
- The quotes provided by PolicyX.com are unbiased, making it a trustworthy and persistent organisation.
- The customer care support team of PolicyX.com is always there to guide you at every step. You are free to ask and contact them for any questions or doubts related to an insurance policy.
Aviva Life Insurance: Claim Settlement Process
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.
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.
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 within 15 working days from the date of submission of the claim form.
Aviva Life Insurance: Contact Details
Contact Address:
Registered Office: Aviva India, 2nd Floor, Prakashdeep Building, 7 Tolstoy Marg, New Delhi, 110030, Delhi, India.
Corporate 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
You can also contact Aviva Life by filing a 'Contact Us Form' given at their official website.
