Aviva Term Insurance
  • Economical term plans
  • Offline and online term plan available
  • Hassle free application process
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Everything about Aviva Term Insurance

Aviva India 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. Aviva plc, founded in 1696, is among the world's oldest insurance companies in continuous existence. Aviva has the distinction of being one of the first insurance companies to set up business in India in 1834. Aviva Term Insurance has a customer base of over 34 million across the globe.

Aviva has an array of financial planning products like children's plans, investment plans, retirement plans, health plans, and term plans. At present, Aviva offers customers 4 different types of term plans that take care of the family's financial needs and requirements in case of any unforeseen circumstances like your sudden demise.

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Term Insurance Plans of Aviva Life Insurance

Term Insurance Plans of Aviva Life Insurance

What are the Different types of Aviva Term plans?

Aviva Term Insurance offers four different types of the term plans, having aim to provide financial security to every sector of people, Here are the Term Insurance Plans offers by AVIVA Term insurance

  1. Aviva Signature 3d term plan

    Aviva signature 3d term plan is a term insurance plan offered by aviva life insurance. These plans hold many features like return of premium, tax benefits, additional sum assured on accidental death, critical illness etc.

    Eligibility criteria

    Terms Limits
    Age 18-55 years
    Maturity 28-65 years
    Policy Term 10-47 years
    Sum assured Rs.5-25 lacs
  2. Aviva Protection Plus plan

    Aviva protection plu s is a term insurance plan offered by aviva life insurance.A part from other plans this plan offers customer return of premium option. So that the customer will pay back all the premium if they survive the policy term.

    Eligibility criteria

    Terms Limits
    Age 20-60 years
    Maturity 35-75 years
    Policy Term 15-50 years
    Premium paying Term Regular
  3. Aviva jana suraksha plan

    Aviva jana suraksha is a low cost Term Insurance plan offered by aviva life insurance. The basic purpose of this plan is to provide financial coverage to your dependents i.e- children, parents. So that they will be financially secured in case of your absence.

    Eligibility criteria

    Terms Limits
    Age 18-45 years
    Maturity 50-55 years
    Policy Term 5-10 years
    Sum assured Rs 25000-50000
  4. Aviva Saral jeevan bima Plan

    Aviva saral jeevan bima plan is a simple term insurance plan offered by aviva life insurance. The basic purpose of this plan is to provide financial security to your family at a very low cost , and less eligibility in case of your demise.

    Eligibility criteria

    Terms Limits
    Age 18-55
    Maturity Up to 70 Years
    Policy Term 5-40 years
    Sum assured 5-25 lacs

Understanding about Riders in Aviva Term Insurance Plans

Aviva term Plans offers multiple Riders to fulfill all the requirements of the customers. And also helps the dependents and family in tough times like in your absence. Few of the important Riders are discussed below:

  • Accidental Death Benefit Rider
    Accidental Death Benefits Rider, offers extra sum assured to the nominee of the policyholder, in case of the Death caused by any accident during the rider term. The extra sum assured will be calculated on the original sum assured of the plan.
  • Critical Illness Rider
    In Critical illness rider, sum assured will be given to policy holder in advance.if he/she diagnosed with any critical illness disease i.e - Cancer, Kidney failure, heart disease etc. So the policyholder focuses on treatment of disease without worrying about the financial burdens.
  • Waiver of Premium Rider
    In waiver of premium rider, the policyholder future premiums will be waived off in case of permanent disability of body caused by any reason. In waiver of premium rider the insurance companies will wait for 6 months to finalize the premium waiver. If the customer is still not able to work , the rider will be triggered.
  • Disability Income Riders
    In a disability income rider, the policy holder will get a regular income, if their body is disabled due to any of the reasons and is not able to work anymore. Disability income rider helps the policyholder to meet their present expenses in case of disability of the body.
  • Terminal illness Rider
    In Terminal Illness Rider, the Policy Holder will get a portion of their sum assured in case of being diagnosed of any terminal illness. Terminal illness rider helps the policyholder to diagnose their illness without worrying about the financial components of the treatment.

Key Features of Aviva Term Insurance

Aviva Term Insurance is a leader amongst insurance companies and offers an economical way of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.

  • Annual Premium
    Aviva Term insurance records the annual premium of 1268.15 crore in the year of 2021-2022, considered as good in the insurance industry. (Report by IRDAI)
  • Solvency Ratio
    Solvency ratio is the matrix to determine how well the insurance company will perform in tough times.i.e- covid19, recession etc.
    Solvency Ratio of Aviva Insurance for 2021-22 is 2.14 IRDAI sets a guideline to every insurance company to maintain a solvency ratio of 1.5.
  • Claim Settlement Ratio
    Claim settlement ratio refers to the no. of claims settled by an insurance company in a one financial year. Aviva Term insurance reported the claim settlement ratio of 98.39% in the year of (2021-2022), which is considered as the best in the insurance industry. (Report published by IRDAI)

Benefits of Aviva Term Insurance

  • Trust and reliability
    Aviva term insurance is one of the most customer-centric brands and understands the importance of a hassle-free and quick claim settlement process in difficult times. The brand caters to its customers first. Over the last year, Aviva settled 98.39% of all claims made.
  • Flexible Plans
    Aviva offers term plans with flexible premium payment options according to the choice of your plan. Customers can choose any option( single, regular, limited).
  • Tax Benefits
    Tax Benefits can be availed for premium payments of Aviva Term Plans under sections 80C and 10 (10D) of the income tax act 1961.
    Under section 80C - Tax rebate up to 1.5 lakh.
    Under section 10(10)D - Tax rebate up to 2.5 lakh.
  • Freelook Period
    You have the right to review the policy terms and conditions and return your policy within a period of 15 days from the date of receipt of the policy document.
  • Life Cover
    Aviva offers Term plans life cover from 25 thousand and goes up to 50 lac, which helps to secure the families financially of every sector.

Exclusions of Aviva Term Insurance Plans

There are some general exclusions against which the above-mentioned term insurance plans by the Aviva Life Insurance company would not provide coverage. Let's have a look at them:

  • Suicide Cover If the Policyholder Reason of death is Suicide. So, during the first 12 months of the policy commencement. There is no sum assured that will be applicable for nominees, only the 80% total premium amount paid till date of death will be applicable. (excluding other charges like underwriter charges, taxes etc)

Why should you buy Aviva Term Insurance Plans

Aviva Term Insurance plans are an excellent choice for anyone looking for a cost-effective and reliable way to protect their family's financial future. Here are some reasons why you should consider buying Aviva Term Insurance:

  • Affordable premiums
    Aviva term insurance offers affordable premiums, making it easier for you to secure your family's financial future without paying the high premiums.
  • Comprehensive coverage
    These plans offer comprehensive coverage, including accidental death benefits, terminal illness benefits, and disability benefits, ensuring that all of the unfortunate scenarios are covered within the plans. All these coverage will be easily opted out by taking a suitable aviva term insurance rider.
  • Hassle-free claims process
    Aviva has a hassle-free claims process, ensuring that your beneficiaries can easily claim the sum assured in case of your unfortunate demise of the policyholder.
  • Trustworthy reputation
    Aviva term insurance is a well-known and trusted brand working since 2002, and has sold over 30 million insurance policies. Aviva term insurance have a reputation for providing high-quality insurance products and excellent customer service.

How To Buy Aviva Term Insurance Plans

Steps to buy from Aviva Life Insurance company

  • Visit the official website of Aviva Life Insurance Company.
  • Click on 'All Plans' on the navigation bar and select 'Term Insurance Plans'.
  • Click on the 'Buy Now' button and fill in the required details.
  • Tap on 'Next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Live your Dream after retirement
Live your Dream after retirement

How to File Aviva Term Insurance Claims?

Filing a claim for Aviva Term Insurance is a simple and hassle-free task. You can easily fill and submit their claims online. To file a claim for Aviva Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

Visit the official website of Aviva and click on 'customer service' and 'file a claim'.

Further submit your details like:

  • Name of the policyholder
  • Policy number
  • Date of death/event of the life assured
  • Nominee name
  • Cause of death
  • Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • Medical records at the time of death & past illnesses.
  • Account details of the nominee.

In the case of unnatural death (Accidental death/Murder/Suicide)-

  • Death claim form.
  • Death certificate.
  • Account details of the nominee.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • FIR, police inquest report & panchanama
  • Post mortem report.

3. Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

How to Contact Aviva Life Insurance Company?

2nd-floor Prakashdeep Building, 7 Tolstoy Marg, New Delhi: 110001, Delhi, India.

customerservices@avivaindia.com

Toll-Free Number: 1800-180-2111

Aviva Term Insurance: FAQs

1. What is the minimum and maximum entry age for Aviva Term Insurance Plans?

The minimum entry age for Aviva's plan is 18 years, and the maximum entry age is 65 years. However, the maximum age limit varies based on the policy term and the type of plan selected.

2. Can I change the sum assured amount during the policy term?

No, you cannot change the sum assured amount during the policy term. However, you can opt for additional coverage by adding riders or buying a new policy.

3. How can I pay the premiums for Aviva Term Insurance in India?

You can pay the premiums through various modes such as debit card, credit card, net banking, or cheque. Additionally, you can also set up automatic payments through ECS or standing instructions.

4. Is it possible to cancel Aviva's Term Insurance policy after purchasing it?

Yes, it is possible to cancel the policy after purchasing it. However, the refund amount will depend on the terms and conditions of the policy and the duration for which the policy was active.

5. 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.

6. 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.

7. 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.

8. Does Aviva Term Insurance offer a free-look period?

Yes, Aviva Term Insurance provides a 15-day free-look period during which the policyholder can cancel or return the Aviva term plan after stating the reason for dissatisfaction.

9. Is suicide covered by Aviva term insurance plans?

If the life assured commits suicide during the first 12 months of the policy's issuance, the family of the assured will get 80% of the total premiums paid.

10. Is my Aviva term plan offer coverage for COVID 19?

Yes, COVID 19 is covered under the Aviva term life insurance plan.

11. What is the revival period offered for Aviva term life insurance plans?

Aviva Term Insurance provides a 5 year of revival period from the first date of unpaid premium payment.

12. Can I buy Aviva Term Insurance online?

Yes, you can buy Aviva Term Insurance online through the official website of the company.

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Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.