The Aviva Life Insurance Company Limited is a joint venture between Dabur Invest Corp and Aviva Group. The Dabur Invest Corp is popular as one of India's oldest & most respected business houses that produces traditional health care products for a long time. The Aviva Group is basically a UK-based insurance company that serves more than 31 million clients across 16 countries. Both together founded Aviva Life Insurance which is a key player in the insurance sector when it comes to quality products and efficient service. The Aviva Life Insurance Company comes among the list of life insurance companies that introduce modern Unit Linked Insurance Plans. The company leads the market in protection and child plans with top class products and a strong sales force. Aviva Life Insurance offers Aviva Life ULIP plans. The aim of the company is to offer insurance solutions to every citizen of the country.
Unit Linked Insurance Plan (ULIP), is a financial product that consists of investment as well as insurance. In a ULIP the premium amount, after deduction of charges, is invested in different funds that you will decide. The fund can be equity-based, debt based etc. The performance of the fund will depend on the market. You can switch easily between the funds. The features of ULIP are same to those of mutual funds except that ULIP are investment products with insurance benefits. Since ULIPs are insurance plans, the maturity benefits are tax-free under Section 10D. If the life cover is not 10 times the annual premium, you won't get any tax deduction and the corpus will also be taxed on maturity. The deduction under Sec 80C has capped at Rs 1.5 lakh.
1. Aviva Dhan Samruddhi :
A traditional life insurance plan that gives guaranteed returns in every 5 years along with the addition to guaranteed maturity benefit, to meet your short and long term needs.
2. Aviva Affluence :
A Unit Linked Insurance Plan, which helps you to live the fullest & demand the maximum out of your finances. The policyholder will not be able to surrender/withdraw the money invested in linked insurance products completely or partially till the end of the fifth year.
3. Aviva Dhan Nirman :
A unique traditional participating life insurance plan that gives you a guaranteed regular stream of income and also a bonus at the end of your policy term. Minimum age is 4 years and the maximum age is 50 years.
4. Aviva Dhan Vriddhi Plus :
A traditional participating life insurance plan that helps you save systematically and build a corpus. Minimum age is 18 years and the maximum age is 50 years.
5. Wealth Pro :
A combo with dual benefit - play aggressively on ULIP funds, along with the secured return of your capital through a guaranteed benefit plan.
6. Aviva Wealth Builder :
A traditional life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed.
7. Aviva Live Smart Plan :
A Unit Linked Insurance Plan, which gives you the flexibility to make your own investment decisions for long-term growth.
8. Aviva Life Bond Advantage :
A Unit Linked Insurance Plan that helps to grow your wealth and offers you an opportunity to invest a lump sum for medium to long-term together with Life Cover and flexibility to access your money after 5 years.
9. Aviva New Family Income Builder :
A saving cum protection oriented traditional life insurance plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years.
10. Aviva iGrowth :
A Unit Linked Insurance Plan that not only makes your money work harder, but also provides comprehensive protection for you and your family.
The premium which you pay for your unit-linked insurance plan is used for building wealth and provides insurance coverage as well. In the starting years of the plan, a large amount of the premium is used for the plan expenses. Later on, the premium is divided into two different segments- investment and insurance.
Units are issued for the amount invested in a fund of your choice; it can be debt, equity or a combination of both. The allocation of the units relies on the performance of the original fund. In the initial 2 to 3 plan years, because of the deduction of high expenses, the value of the fund would stay low.
In the event of hospitalization, critical illness, disability or death – a claim process has to begin by contacting the employer and intimating them about the person or the occasion within a selected time frame. You may also initiate the claim online.
Aviva Life Insurance will keep clients updated about the status of their claims via telephone calls, SMS, and letters. You could also take a look at your claim status online.