Aviva Term vs Lic Term

  • Multiple policy tenure to choose from
  • Premiums starting @Rs 15/day
  • 30-day grace period
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Aviva Term vs Lic Term

COMPANY DETAILS Edit Aviva Life Term Insurance

Aviva Term

 Edit LIC Term Insurance

Lic Term
Rating
Number of term insurance plans and add-ons
Annual Premiums Collected (2024-25)

Annual Premiums Collected (2024-25)

1306.77 crore

Annual Premiums Collected (2024-25)

848.92 crores
Payout Options

Payout Options

Lump sum, monthly or a combination of both

Payout Options

Lump sum, monthly, or a combination of both
Claim ratio

Payout Options

99%%

Payout Options

98.15%%
Solvency Ratio

Solvency Ratio

1.93

Solvency Ratio

2.11
Pan India Presence

Pan India Presence

122+

Pan India Presence

2048
Riders Available

Riders Available

Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, Cancer Cardio

Riders Available

Accidental Death and Disability Benefit, Critical Illness, Premium Waiver Benefit
Policy Term

Policy Term

5 to 62 years (depen

Policy Term

5 to 40 years
Inception year

Inception year

2002

Inception year

1956
Complaint ratio per ₹1 crore of premium collected

Complaint ratio per ₹1 crore of premium collected

0.088

Complaint ratio per ₹1 crore of premium collected

0.005
Average claim settlement time

Average claim settlement time

5 working days

Average claim settlement time

7-15 working days
IRDAI registration number

IRDAI registration number

122

IRDAI registration number

512
Awards and recognitions

Awards and recognitions

India's Trusted Private Life Insurance Brand, 2025; Long Service Awards; Movers and Shakers & CEO Award

Awards and recognitions

'Best Brand' at ET BFSI Awards, 'Most Trusted Insurance Brand' by Insurance Alerts, and recognitions for claim service and campaign excellence
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Overview

Aviva Term Insurance

Aviva India is a joint venture between Aviva Plc and Dabur Invest Corp. It serves over 34 million customers globally and offers term insurance plans with affordable premiums. Aviva plc, founded in 1696, is among the world's oldest insurance companies in continuous existence and was one of the first to set up business in India in 1834.

Aviva term plans can be easily purchased from their website, a branch office, or an aggregator.

What are the key features of this plan?

  • Accidental death benefit cover
  • Critical illness cover
  • Waiver of premium cover
  • Choice of policy tenure
  • Affordable Premiums
  • Tax benefits

Riders

Riders You Can Avail With Aviva Term Insurance Plans

You can avail the following riders with your Aviva term insurance plans.

Name of the Riders Benefits
Aviva Accidental Death Benefit Rider The Aviva Accidental Death Benefit Rider offers an additional sum assured to the policyholder's nominee in case of death due to an accident during the rider term.
Aviva Critical Illness Rider With the Critical Illness Rider, the sum assured is paid to the policyholder in advance if diagnosed with any of the listed critical illnesses such as cancer, kidney failure, or heart disease.
Aviva Waiver of Premium Rider With the Waiver of Premium Rider, future premiums are waived off in case of the policyholder's permanent disability. The insurance company will wait for 6 months to confirm the disability; if the customer is still unable to work, the rider will be triggered.
Aviva Disability Income Riders The Disability Income Rider provides a regular income to the policyholder if they become disabled and are unable to work. This rider helps meet present expenses in case of disability.

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Trouble connecting with an insurance company?

Contact PolicyX.comCall at our toll-free number 1800-4200-269Email: helpdesk@policyx.com

We are happy to help.

LIC Term Insurance

Explore India’s best-selling Term insurance plans below

One of India's most trusted and legacy insurance brands, LIC began its journey six decades ago and serves over 250 million policyholders.

LIC Jeevan Amar

LIC Jeevan Amar

LIC Jeevan Amar plan is a non-linked, non-participating, without profit, offline pure protection term insurance plan. With several benefits, LIC Jeeva...

Unique Features

  • Rebate on High Sum Assured
  • Discounted Premium for Women
  • Add-on cover with Accident Benefit Rider

LIC Jeevan Amar (Pros)

LIC Jeevan Amar
  • Choose your policy term
  • Flexibility to choose from two benefit options
  • Special rates for women

LIC Jeevan Amar (Cons)

LIC Jeevan Amar
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Jeevan Amar (Other Benefits)

LIC Jeevan Amar
  • High sum assured rebate
  • Choose the riders of your choice
  • Attractive premium rates for non-smokers

LIC Jeevan Amar (Eligibility Criteria)

LIC Jeevan Amar
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 25 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

LIC Tech Term Plan

LIC Tech Term Plan

LIC's Tech Term plan is a non-linked, non-participating online, pure risk premium plan that provides financial protection to the insured's family in c...

Unique Features

  • Online Application
  • Rebate on High Sum Assured
  • Lower Premium for Women

LIC Tech Term Plan (Pros)

LIC Tech Term Plan
  • Choose from two benefit options
  • payment of benefit in installments
  • Special rates for women

LIC Tech Term Plan (Cons)

LIC Tech Term Plan
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Tech Term Plan (Other Benefits)

LIC Tech Term Plan
  • High sum assured rebate
  • Choose your policy term
  • Enhance your protection with riders

LIC Tech Term Plan (Eligibility Criteria)

LIC Tech Term Plan
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 50 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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