Aviva Term Insurance

Aviva Life Insurance is a joint venture between Aviva Plc and Dabur Invest Corp. The company provides a variety of insurance plans ranging from term insurance to retirement plans.

At present, the company offers two Term Insurance plans that takes care of your family's needs in case of your unfortunate demise.

Features of Aviva Term Insurance Plans

Claim Settlement Ratio of Aviva Term Insurance

The claim settlement ratio of the life insurance company helps an individual to get an idea of how many claims are paid by the company. Before investing in any term insurance plan, do remember to check the company's CSR.

As of IRDAI Annual report for FY 2019-20, Aviva Life's claim settlement ratio is 97.53%.

Take a look at the below graph that showcases the CSR of the company from the last 4 years.

Yearly Trend in the CSR of Aviva Life

**Data has been sourced from IRDAI's Annual Report

What Are the Different Term Plans Offered By Aviva Life?

Let's explore more about these plans:

1. Aviva LifeShield Advantage Term Plan

   Aviva LifeShield Advantage Term Plan is an individual, non-linked and non-participating term insurance plan which can help safeguard your family's finances after your death and also support you in case of accidental, permanent or total disability during the term of the policy.

   Key Features

   • 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
   • 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.
   • 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 age	18 years to 55 years
   Maturity age	28 years to 65 years
   Policy term	10 years to 30 years
   Sum Assured (SA)	Minimum: 35,00,000, Maximum: Option A - No limit, Option B - 50 lac

2. Aviva Jana Suraksha

   Aviva Jana Suraksha is a term insurance plan that offers financial protection for your children/dependents with the help of a 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, the sum assured will be paid to the nominee. Double the life cover will be paid in the case of accidental death.
   • Protection Against Accidental Death: In such an event, an amount equal to two times the sum insured is paid to the beneficiary.
   • Tax Benefit: The policy offers tax benefits as per the Income Tax Act, 1961.

   Eligibility Criteria

   Entry age	18 years to 45 years
   Policy Term	5 or 10 years, subject to the maximum maturity age of 50 or 55 years respectively
   Premium payment term	Single-premium or Equal to the policy term
   Annual Premium	Depends on life cover
   Premium Payment Frequency	Single, Annually, Half-yearly, Quarterly or Monthly

How To Buy Aviva Term Insurance Plans?

You can invest in Aviva Term Insurance Plans by visiting any branch of 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.