Aviva Term Insurance
Aviva Term Insurance
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Aviva Term Insurance

Aviva Life Insurance is one of the leading life insurance companies in India. It is a joint venture between Aviva Plc., a UK based insurance group, and Dabur Invest Corp., one of India's oldest and most respected business houses. It crafts simple and effective products that help its customers to achieve their life goals. The company aims to provide the finest customer experience and the highest levels of service through digital innovations. Aviva offers two effective term insurance plans, which are explained below.

Type of Aviva Term Insurance Plans

1. Aviva LifeShield Advantage Term Plan

It is an individual, non-linked and non-participating savings life insurance plan. This plan not only safeguards your family after your death but also financially supports you in case of permanent disability during the term of the policy.

Key Features:

Protection For The Family: Aviva LifeShield Advantage offers total protection to your family at an affordable cost so that their financial needs are taken care of even in case of your demise.

Return of Premiums: You don't have to worry about the premiums that you have paid towards this policy. Under this plan, Aviva will return the amount that you paid towards the base premium at the end of the policy tenure, excluding extra premium (if any) and taxes in case of life insured's survival.

Two Categories of Protection: Under this plan, you get the opportunity to choose from two categories of protection:

  • Option A: Life protection
  • Option B: Life-cum-disability protection along with the return of premium

Maturity Benefit: Under this plan (both options), you will receive the maturity sum assured, which is the sum of total premiums paid, without any interest.

Eligibility Criteria:

Entry age18 years to 55 years
Maturity age28 years to 65 years
Policy term10 years to 30 years
Premium Paying Term (PPT)Option A: Single Premium or Regular Premium (equal to Policy Term)
Option B: Regular Premium (equal to Policy Term)
Premium frequencySingle-Premium (available only under Option A)
Yearly, Half Yearly, Quarterly & Monthly frequency are available for Regular Premium option (only ECS/ Direct Debit allowed for Quarterly & Monthly modes)
Sum Assured (SA)Minimum: 35,00,000
Maximum: Option A - No limit Option B - 50 lacs

**Last Updated on 09-07-2020

2. Aviva Jana Suraksha

Aviva Jana Suraksha is an affordable term insurance plan that offers comprehensive financial protection for your children/dependents with the help of affordable insurance and guaranteed lump sum amount in case of your death during the term of the policy.

Key Features:

  • Death Benefit: In the event of your death, sum assured will be paid to the nominee. Double the life cover will be paid in the case of accidental death.
  • Tax Benefit: The policy offers tax benefits as per the Income Tax Act, 1961.

Eligibility Criteria:

Entry age18 years to 45 years
Policy Term5 or 10 years, subject to the maximum maturity age of 50 or 55 years respectively
Premium payment termSingle-premium or Equal to the policy term
Annual PremiumDepends on life cover
Premium Payment FrequencySingle, Annually, Half-yearly, Quarterly or Monthly

**Last Updated on 09-07-2020

Aviva Term Insurance Riders

The company comes out with multiple riders to enhance the basic cover for better coverage. Let's discuss them in detail.

Aviva Term Plus Rider: This rider offers additional protection along with the base plan. The amount will be equal to the rider sum assured in case of death of the life insured.

Critical Illness & Disability Rider: Critical illness insurance and disability rider provide you with a lump sum of money if you are diagnosed with listed critical illness or disability.

How To Buy Aviva Term Insurance Plans?

You can invest in Aviva Term Insurance Plans by visiting any branch of the Aviva Life Insurance. Just follow the below steps-

  • Visit the nearest branch of 'Aviva Life Insurance Company'.
  • Connect with the representative of the company.
  • Discuss the plan details and submit all the documents.
  • Make the payment using available payment modes.

Note: You can also call an advisor to your home/or connect on the toll-free number. For the same, you have to provide basic details on the official website of the company.

What Is The Claim Process of Aviva Term Insurance?

  • Visit the official website of the Aviva Life Insurance Company.
  • Take the cursor to the tab 'Customer Service'.
  • Click on the tab 'File a claim'.
  • It will take you to the new tab. Provide your policy number & DOB.
  • Click on the tab 'Submit'.
  • Submit the required documents.
  • Let the company examine your file and they will disclose the result accordingly.
  • On approval, the company will transfer the claim amount directly to the registered account. If the claim is rejected, the company will inform the party over the call/SMS/post.

Documents Required To Register The Aviva Term Insurance Claim

  • Claimant intimation form duly filled and attested by the claimant.
  • Death certificate (original as well as photocopies) issued by a local authority in your area.
  • Id & address proof of the claimant.
  • Cancelled cheque or the photocopy of the claimant's passbook.

Aviva Term Insurance : FAQs

1. Can I change the duration of Aviva's term insurance cover after the policy is issued to me?

The duration of life cover cannot be changed once the policy is issued.

2. How can I check my policy details?

To check the policy details or claim status, you have to log in to your online account by visiting the official website of the company.

3. What will be the impact on the Aviva Term Insurance premium amount if my medicals show adverse results?

There are several factors that play a vital role in determining an increase in premiums. A few of such factors include health conditions and change in family history, etc.

4. Can one change his/her nominee - say include spouse after marriage under Aviva Term Insurance Plan?

Yes, you can change the nominee after marriage or if the nominee passes away before the policyholder. In both cases, one can request the insurance company to do the changes.

Last updated on 09-07-2020