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Aviva Term Insurance
  • 1 Crore Life cover @ ₹ 17* Day
  • Life Cover Upto Age of 80 Years
  • 16 Critical Illness Cover
  • Higher Rang of Sum Assured
  • Tax Benefit Under 80C & 10D
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Aviva Term Insurance

Aviva India has emerged as a new player in the term insurance market that has gained momentum by introducing a remarkable variety of term plans online. The Aviva term plans are tailor-made for different individuals with diverse needs that ensures-

  • Financial security of your family in your absence.
  • High amount of sum assured for continuous family protection to meet future inflation and other market trends.
  • Covers critical illnesses that are injurious to health.
  • 100% payout the death benefits on the event of death
  • Satisfactory claim settlement record of the company

Eligibility Criteria of Aviva Term Insurance Plans

Aviva Term Plans Minimum Age of Entry Maximum Age of Entry Age of Maturity Term of the Policy Minimum Sum Assured Premium Paying Frequency
Aviva I Life 18 years 55 years 70 years 10 years to 35 years Rs 25 lakhs Yearly and half yearly
Aviva i-Shield 18 years 55 years 65 years 10 years to 25 years Rs 15 lakhs (in multiples of 15) Yearly/ half yearly
Aviva i-Life Total 18 years 50 years 65 years (for all options) 65 years (only for Protect Income Options 10 years to 57 years Rs 50 lakhs Yearly and half yearly
Aviva Life Shield Advantage 18 years 55 years 28 years to 65 years 10 years to 52 years Rs 2 lakhs Single/ Yearly/ Half yearly/ Monthly/ Quarterly
Aviva Life Shield Platinum 18 years 60 years 28 years to 70 years 10 years to 52 years Rs 50 lakhs Yearly/ Half yearly/ Monthly/ Quarterly
Aviva Extra cover 18 years 55 years 70 years (without critical cover ) 65 years (with critical cover) 10 years to 35 years Rs 50 lakhs Yearly and half yearly
Aviva Sampoorna Suraksha Plan 18 years 50 years 65 years 8/ 9/ 10/ 15 years Rs 50 lakhs Yearly/half- yearly
Aviva i-Term Smart 18 years 65 years 80 years (without riders) 70 (with riders) 10 years Rs 75 lakhs Yearly/ Half yearly/ Monthly

Types of Aviva Term Insurance Plans

1. Aviva I Life

This is an online term plan that offers higher sum assured options at affordable rates of premiums ensuring financial protection to family and smooth claim settlement process.

Important Features:

  • Death benefit is payable on death of the life assured and will be devoted to family to carry on future expenditures.
  • 5% discount will be given on premium paid by females on the rates determined for male lives.
  • Get rebates on choosing higher sum assured like 1 crore or more. The premium rates vary with different sum assured.
  • A grace period of 30 days will be provided to pay the due amount of premium.
  • You can restore a lapsed policy on payment under a designated time period of two years.
  • Free look Period of 30 days is offered to assured at the time of purchase

2. Aviva i-Shield

With this plan, you can lock the future safety of your family at an affordable premium and can enjoy survival benefit when death does not happen during the term of the policy.

Important Features:

  • Maximum coverage amount available Rs 5 crore.
  • Assured return of premium in case you survived till the end of the policy.
  • Discount on choosing a higher sum assured value of Rs 20,00,0000 or above.
  • Death benefits equal to 120% of the sum assured when the policy has arrived its 21st year.
  • Pre-policy medical examination expenses will be completely carried on by Aviva India.

3. Aviva i-Life Total

This protects your family from financial insecurities as well as the life assured from the critical illness and disability by offering additional protection by paying nominal premiums.

Important Features:

  • The minimum premium paid is Rs 3525.
  • An additional benefit of critical illness and disability riders which can be purchased at an extra premium on inception. The premium will be revised after every five years.
  • Increases the sum Assured when you attain the age of 50 years and claim has not been made at time of exercising this option.
  • If premiums are paid on due date, then a grace period of 30 days is provided for yearly, Half Yearly, and quarterly premium paying policies. While 15 days are reserved for monthly policies.
  • There are four options available under Aviva i-Life Total namely-
    1. Protect - Under this, 50% of coverage is paid on terminal illness and rest is paid on death and the future premiums are reduced due to terminal illness.
    2. Protect Assured - This option comes with maturity benefit where the life assured will receive 120% of all premiums paid till date of maturity.
    3. Protect Income - On death, the respective nominee will receive the sum assured in regular incomes which will rise by 5% every year if regular monthly income (RMI) option is selected in starting of the policy.
    4. Protect Plus - This option pays the entire coverage amount on happening of non-accidental death. If the death falls due to an accident, the extra amount will be paid 100% to the beneficiaries.

Premium Paying Terms

Plans Premium Paying Frequency Policy Term Premium Paying Term
Protect Yearly/ Half Yearly, Monthly/ quarterly 10 years to 57 years Equal to the policy term selected
Protect Assured Yearly/ Half Yearly, Monthly/ quarterly 10 years to 30 years Equal to the policy term selected
Protect Income Yearly/ Half Yearly, Monthly/ quarterly 10 years to 57 years Half of the policy term Example: For 20 years policy term, the premium will be paid for 10 years.
Protect Plus Yearly/ Half Yearly, Monthly/ quarterly 10 years to 57 years Equal to the policy term selected

4. Aviva Life Shield Advantage

This plan not only safeguards your family after your death but also prevents you when you confront any permanent disability during the term of the policy.

Important Features:

  • Protects your family like a soldier from the attack of uncertain events like death.
  • Premium starting from Rs 2,400 per year.
  • Take advantage of discounts by opting for higher coverage amount.
  • Surrender value is also available on payment of first three years premiums.
  • Maturity benefits are payable through two options-
    1. Option 1 Life protection - On death, sum assured will be allotted to the nominees of the deceased.
    2. Option 2 Life-cum-disability protection - All the premiums paid till date plus the sum assured is returned on intimation of death or permanent disability of the assured

5. Aviva Life Shield Platinum

This Plan along with the benefit of death to the beneficiaries also offers flexibility in choosing the type of protection and premium paying term.

Features:

  • Lower premium if you are not a tobacco consumer.
  • If you are a nonsmoker male or female with robust and sound health, then special premium rates are applicable.
  • Grace period to deposit the due premium is 30 days for yearly and half-yearly policies. Whereas for monthly and quarterly premium paying policies, it is 15 days.
  • Death benefit is payable in any one of three options as chosen at inception-
    1. Options 1 Life protection - The nominee on the death of the life assured will be paid in lumpsum to meet the immediate liabilities of the family. The person who opts for Option 1 will get special rates of premium whether they are male or female.
    2. Option 2 Income Replacement - This is opposite of Option 1 which provides the coverage amount in the form of regular monthly income paid into the account of nominee/ beneficiaries.
      • This will enable the family to continue living current lifestyle in future with constant supply of money to meet inflation standards.
      • Also, the monthly income will increase by 5% per year and will be received by nominee till the end of the policy term.
      • Total Sum assured would be Monthly benefit chosen at inception x term of policy x 12.
    3. Loan Protection - It is perfect for people who are under the liability of loan like a home loan and need financial assistance for repayment of loan amount in addition to applied interest rate.

Features:

Option 1 Option 2 Option 3
Premium Paying Term Equal to the term of the policy Two third of the policy term
Premium Paying Frequency Yearly, Half Yearly, Monthly, quarterly
Surrender Value Not applicable Payable after the premium has been deposited on the due date.
Grace Period 30 days

6. Aviva Extra cover

This plan is an amalgamation of benefits present in Aviva i-Life and Aviva Health Secure which takes of your family when you are no longer to take care and also promises protection against critical illnesses of major organs.

Important Features:

  • 100% of sum assured is allowed as death benefit to the legal heirs/ nominees.
  • Premium Paying Frequency is Yearly and Half Year and term is equal to the base policy term.
  • Covers 12 critical illness affecting heart, lung, liver, brain, bones, etc.
  • Discounts on selecting a high value of sum Assured.
  • Advantage of low premiums for non-smokers.

7. Aviva Sampoorna Suraksha Plan

Sampoorna Suraksha follows the path of providing utmost benefit to the family of life assured in the form of death benefit and maturity benefit.

Important Features:

  • Affordable Premium starting from Rs 750 per year.
  • Assurity to get guaranteed maturity benefit if no death occurs.
  • Offers lumpsum payment on death like event.

How maturity benefit is payable?

Policy term Premium Paying Term Less than 30 years Between 31-40 Between 41-45 Between 46-50
Premium Paying Term Equal to the term of the policy Two third of the policy term
Premium Paying Frequency Yearly, Half Yearly, Monthly, quarterly
Surrender Value Not applicable Payable after the premium has been deposited on the due date.
Grace Period 30 days

8. Aviva i-Term Smart

An online term plan that secures the interest of life assured by offering death benefit, coverage against critical Illness and disability, and rise in sum assured after occurrence of certain events like marriage or childbirth.

Important Features:

  • The minimum basic premium payable Rs 3,861 per year exclusive of riders.
  • Maximum coverage of Rs 25 crores can be purchased.
  • Give rise to basic sum Assured during the policy tenure up to maximum of Rs 25 lakhs where the life assured age should be less than 45 years.
  • Payout on the investigation of 16 critical illness like strokes, cancer etc
  • Rider available is Aviva Critical Illness and Disability Rider.
  • If a higher sum assured (more than 1.5 crores) is purchased, then rebates are given up to Rs 7.50 per lakh of sum assured.

Types Of Aviva Group Term Insurance Plans

Group Insurance Plans Aviva Credit Term Life Aviva Group Term Life Aviva Corporate Shield Plus Aviva Credit Assure Aviva Corporate Life Plus
Minimum Age of Entry 15 years (for education loans) 18 years (for other loans) 15 years (for education loans) 18 years (for other loans) 18 years 18 years 18 years
Maximum Age of Entry 70 years 75 years 74 years 69 years 69 years
Minimum Maturity Age Single Premium- 17 years (education loan) 20 years (other loan categories) Limited Premium- 23 years (education loan) 26 years (other loans) Single Premium- 17 years (education loan) 20 years (other loan categories) Limited Premium- 23 years (education loan) 26 years (other loans) 65 years (for all options) 65 years (only for Protect Income Options 70 years Nil
Maximum Maturity Age 75 years 70 years (for employers) 60 years (for non-employer under Employee schemes) 28 years to 65 years 70 years Nil
Term of the Policy Single Premium- 2 years to 30 years Limited Premium- 8 years to 30 years Single Premium- 2 years to 30 years Limited Premium- 8 years to 30 years One Year One Year (with regard to regular annual renewals) One years (with regard to continuous annual renewals)
Minimum Sum Assured Rs 5,000 (per member) Rs 5,000 (per member) Rs. 3,60,000 Rs 5,000 (per member) Rs 10,000 (per employee) Rs 1 crore (per scheme)
Maximum Sum Assured Rs 10 crores (home loan) Rs 5 crores ( lother loan) Rs 10 crores (home loan) Rs 5 crores ( lother loan) Rs. 10,00,000 Rs 10,00,000 (per member) No limit
Premium Paying Frequency Only for Limited Premium: Yearly/ Half-yearly/ Quarterly/ Monthly Only for Limited Premium: Yearly/ Half-yearly/ Quarterly/ Monthly Yearly/ Half-yearly/ Quarterly/ Monthly Yearly/ Half-yearly/ Quarterly/ Monthly Yearly/ Half-yearly/ Quarterly/ Monthly
Group Size (number of members can be covered) 50 members 20 members (for employer) 50 members (for non-employer under Employees scheme) 20 members 50 members 50 members

Aviva Group Credit Life

This plan gives the facility of loan funding to meet the growing demand of family to acquire wealth and asset with the money accumulated by sweating blood.

Important Features:

  • It is joint life cover that assures protection to multiple lives.
  • Covers distinct number of loans such as Home Loan, Loan against Property, Education Loan, Car Loans, Agricultural Loans, Personal Loans and Business/Partnership Loan under single life and joint life cover.
  • Surrender value is given on the payment of premium for first 3 years under single premium cover.
  • Offer choices in sum assured-
    1. Flat Sum Assured
    2. Reducing Sum Assured
    3. Reducing Sum Assured Flat cover during Moratorium Period.
    4. Reducing Sum Assured with Increasing Cover during the Moratorium Period.
  • Freedom to choose death benefit option to get the coverage. There are two options available under the policy-
    1. Death Cover with inbuilt terminal illness Option
    2. Death Cover with inbuilt accelerated Accidental Total Permanent Disability

Aviva Group Term Life

This plan motive is to provide group security to the group of individuals and allows to buy the policy with no requirement of medical test.

Important Features:

  • Covers your spouse under Pure Term Cover – Lump sum Benefit on the payment of additional premium.
  • Discount is provided on total sum assured at scheme level.
  • Members can exercise the option to purchase extra coverage in addition to basic coverage with regard to underwriting.
  • For non-payment of premium on due date, policyholder can revive the policy within 180 days after the first unpaid premium date.
  • The death benefit is offered in three options as opted during policy purchase by the master policyholder. These are-
    1. Pure Term Cover - Lump sum Benefit
    2. Pure Term Cover - Regular Monthly Income Benefit (RMI)
    3. Pure Term Cover with Terminal Illness Benefit

Aviva Corporate Life Plus

It is exclusively for corporate organizations who want to financially protect their employees from natural/ accidental death or disabilities.

Important Features:

  • Death benefit is paid to the family after sudden demise of employee covered.
  • Rebates for choosing sum assured equal or higher than Rs 15 crores per scheme.
  • Riders available under the plan are- Group Permanent Total Disability, Group Double Accident Benefit (DAB), Group Critical Illness Rider.
  • Maximum of Rs 50 lakhs can be taken to avail each rider and rider sum assured for each member must be equal to basic sum assured.
  • 30 days of grace period will be given if premium payments are skipped on due date.

Aviva Corporate Shield Plus

Just like Corporate Life Plus, this plan offers the same benefits with fewer formalities of pre-policy check-ups and affordable premium payable value.

Important Features:

  • The premium applicable on minimum sum Assured is Rs 15,000.
  • Rider available under the plan is Double Accident Benefit (DAB)
  • Entire sum assured is paid to the nominee after death of covered member.
  • Revival of lapsed policy due to ignorance in premium payment.

Aviva Credit Assure

A group term plan that is fabricated for Non Employer-Employee group which provide complete payment of sum assured as death benefit.

Important Features:

  • Coverage to members of non Employer-Employee group and compensate the financial loss occurred to family of deceased member.
  • Offers two types of sum assured - Flat amount and Outstanding Loan Amount.
  • Spouse of the member can also be covered if master policyholder selects this option on the purchase of policy.
  • Aviva will refund the premium calculated on Pro-Rata basis, if a assured member is withdraws his/ her assured status from policy.
  • New member willing to join the existing policy can easily request throughout the year.

Aviva Term Insurance Riders

Critical Illness and Disability rider

Aviva by providing the option of critical illness assures the safety and assistance to Assured with highly pernicious illnesses that can take one’s life if not given due attention.

Eligibility criteria to opt the Rider

Age of Entry 18- 65 years
Age of Maturity 70 years
Term of the rider 5 to 52 years (the term must be equal to premium paying term of base policy)
Sum Assured Rs 5 lakhs to 50 lakhs
Plans that carry Rider Aviva i-Term Smart, Aviva Extra cover, Aviva i-Life Total

Illnesses covered-

  • First Heart Attack (specific severity)
  • Open Heart Replacement
  • Major surgery of the Aorta
  • Stroke resulting in Permanent Symptoms
  • Cancer of Specified Severity
  • Kidney failure requiring regular dialysis
  • Benign brain tumour
  • Major Organ/Bone Marrow Transplant
  • Deafness
  • Motor Neurone disease with permanent symptoms
  • Coma of specified severity
  • End-stage liver disease
  • Multiple Sclerosis with persisting symptoms
  • End-stage liver disease
  • Aplastic Anaemia

Disability where an individual becomes paralyzed to do daily physical activities for himself. The activities which are considered impracticable by assured due to complete disability-

  • Dressing - The incapacity to dress or put on clothes and any other accessory.
  • Feeding - Cannot feed the prepared food on their own.
  • Transferring - Unable to move oneself from a bed to a chair or wheelchair and vice versa
  • Mobility - the incapacity to walk over the leveled surface like from one room to another to bathroom or any other space.
  • Toileting - the ability to use the lavatory or otherwise manage bowel and bladder functions in order to ensure personal hygiene.
  • Loss of two limbs for permanent that can no more function.
  • Loss of eyesight of both the eyes which cannot be treated and repaired.
  • Permanent paralysis in one eye and one limb (above the wrist or above the ankle portion) which is declared as irrecoverable and cannot be rectified with any treatment.

Aviva Group Term Insurance Riders

  • Accidental Death Benefit: This rider will be helpful when any member in the group term plan meet death due to accidents. The death must result within 90 days after the accident has occurred.
  • Double Accident Benefit (DAB) Rider: This provides coverage amount on taken on double accident rider plus the basic sum assured to the policyholder.
  • Group Permanent Total Disability: The sum assured will be paid if permanent total disability sustains for more than 6 months because of any illness/ ailment/ accident along with proper proofs to get settlement of claim.
  • Group Critical Illness Rider: A member can receive a compensation on diagnosis of any of the 10 critical illness by a medical practitioner along with the evidences like clinical/ laboratory/ radiological reports. The illnesses include Heart Attack (specific severity), Heart Valve Surgery, Coma, Multiple Sclerosis, Stroke, paralysis, Cancer of Specified Severity, Kidney failure, Major Organ Transplantation.

Review of Aviva India

Aviva Life Insurance has been made by the combined efforts of Dabur Invest Corp and Aviva International Holdings Limited which is a UK based insurance group. The company holds its presence from 1834 in the insurance sector and has been operating as the oldest insurance group worldwide.

With 94.5% of claim settlement ratio, Aviva has been recognized as "the most trusted Private insurance brand 2018" according to The Brand Trust Report - India study 2018.

FAQs

1. What is the procedure to claim settlement?

  • Claimant must Inform the insurance provider about the claim within a given time limit.
  • Submit the required documents to support the claim.
  • Aviva will investigate the credibility of documents and validness of the claim by appointing a personal manager for each claim.
  • After the claim has been accepted the claim manager will communicate the entire claim process to the claimant and notify about claim status.

2. What is the list of documents required for claim process?

Important documents to be submitted for admission of claim by the company-

  • Claim form fully acknowledged and filled by the nominee or claimant making the claim.
  • Death certificate issued by local municipal corporation bodies.
  • Policy documents and schedule mentioning all the term and conditions.
  • KYC documents proof of claimant which include photo Identity and address proof.
  • Photocopy of signed canceled cheque for transfer of claim amount directly into the account of nominee.

For Natural Death or death due to illness

  • Medical Report prepared by last attending doctor
  • Discharge/ Death summary & other hospital papers like diagnostic test reports and past medical reports.

For Accidental Death

  • Photocopy of First Information Report (FIR)
  • Final reports provided through police investigation
  • Photocopy of post mortem reports
  • Newspaper cutting (only if possible)

3. How much time is taken by Aviva India to settle a claim?

The number of days taken for settlement of claim-

  • When no investigation is required after the proper documents have been submitted- 7 days after the claim intimation or receipt of complete documents.
  • When investigation has been necessitated to check the accountability of documents - 120 days or 45 days from claim intimation period in favor of death/ rider

4. Do Aviva Term insurance Plans carry Tax benefits?

Yes, all individual term plans as well as group term insurance policies contain the element of tax benefits under the Income Tax Act, 1961.

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