Get covered at unbelievably low premiums for high sums. It can't get any better.

Aviva Term Insurance Company

Aviva Life Insurance Co. India Ltd is a joint venture of Dabur Invest Corp which is of the oldest and most respected business houses in India and Aviva Group which is a UK based insurance group whose connection dates back to 1834 with India. This company aims to be one of the leading insurers in India and offer quality products to its consumers with a substantial growth.

Aviva Life Insurance Company has a wide network of 108 branches across India.

This company is the leading insurance companies that offers quality business also with the touch of maintainable growth. Aviva Insurance was the first company that introduced modern unit-linked and unitized with-profit policies. This company has a variety of term plans customized as per your requirement.

Benefits of Buying Aviva Term Insurance

  • Cost: Aviva term insurance plans are affordable. They are pocket-friendly rates for every product under the term insurance category which makes them the most preferred term insurance company.
  • Rebate: Certain term insurance plans offers rebate in premium if you choose a higher range of sum assured.
  • Variety: Aviva term insurance offers huge variety of online and offline term insurance plans.
  • Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of Aviva Term Insurance Plans

1. Aviva iLife Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 70 years
  • The minimum sum assured is 25 Lakhs and there is no limit for the maximum sum assured
  • The sum assured is given to the nominee if the insured passes away during the policy term
  • Offers rebate in premium if you choose a higher range of sum assured
  • Women earn a 5% discount in premiums than that of men

2. Aviva i-Shield Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 65 years
  • The minimum sum assured is 15 Lakhs and the maximum sum assured is Rs.5 crores
  • On maturity of the term plan, 110% of the total premiums that the insured pays are returned to back
  • If the insured dies within first 10 years of the policy period, 100% of the sum assured is given to the nominee. If the insured dies during the 11th – 20th year of the policy period, 110% of the sum assured of the policy is given to the nominee. If the insured dies between 21st – 25th year of the policy period, 120% of the sum assured is compensated to the nominee
  • Offers rebate in premium if a sum assured is chosen at the range of Rs.20 lakhs and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

3. Aviva Life Shield Advantage Plan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 65 years
  • The minimum sum assured is 2 Lakhs and there is no maximum limit in option A and option B the maximum sum assured is 50 lakhs
  • Death benefit1- If the insured dies within the policy period, the sum assured is paid to the nominee immediately. Death benefit2 – sum assured along with the premiums paid till the death of the insured is paid to the nominee either on the death of the insured or if the insured suffers a total and permanent disability due to an accident, whichever is sooner.
  • If the insured outlives the policy, the total premiums paid are returned back
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

4. Aviva Life Shield Platinum Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 60 and the maturity age is 65 years
  • The minimum sum assured is 50 Lakhs and there is no maximum limit.
  • Protection option1 (life protection) - The nominee is paid the sum assured if the insured dies within the policy period. Protection option2 (income replacement) – The nominee is paid income at regular intervals usually monthly which also increase @ 5% each year compounded annually. Protection option3 (loan protection) – Sum assured here reduces each year and on death of the insured during the policy period, sum assured as on the date of the death of the insured is paid to the nominee
  • Offers rebate in premium if you choose a higher sum assured
  • Smokers, non-smokers and healthy non-smokers chip in different premiums
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

5. Aviva Life Shield Plus Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 65 years
  • The minimum sum assured is 10 Lakhs and there is no maximum limit
  • The entire sum assured is paid to the nominee on the death of the insured during the policy period
  • Insured can pay the premiums either in lump sum through single pay or annually for the entire term
  • Offers tax benefits on claims made and premiums paid

6. Aviva Sampoorna Suraksha Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 50 and the maturity age is 65 years
  • The minimum sum assured is 7500 and the maximum sum assured is Rs.3 lakh
  • The entire sum assured is paid to the nominee on the death of the insured during the policy period
  • Insured can pay the premiums either in lump sum through single pay or annually for the entire term
  • Offers tax benefits on claims made and premiums paid
  • If the insured outlives the policy, the premiums paid would be returned basis the tenure selected by the insured
    Policy period (years)Premium paying periodBelow 30 years entry ageEntry age between 31-40 yearsEntry age between 41-45 yearsEntry age between 46-50 years
    8Single125% of the single premium paid120% of the single premium paid115% of the single premium paid110% of the single premium paid
    95130% of the total premium paid125% of the total premium paid120% of the total premium paid115% of the total premium paid
    107135% of the total premium paid130% of the total premium paid125% of the total premium paid120% of the total premium paid
    1510155% of the total premium paid150% of the total premium paid145% of the total premium paid140% of the total premium paid

7. Aviva Extra Cover Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 55 and the maturity age is 70 years for term plan and 65 years for critical illness cover
  • The minimum sum assured is 5 lakhs for critical illness and 25 lakhs for term plan. The maximum sum assured for critical illness is Rs.50 lakhs and no limit for term plans
  • This plan is basically a combination of Aviva i-Life and Aviva Health Secure that offers both term insurance as well as critical illness cover
  • 100% sum assured is paid to the nominee if the insured dies within the policy period
  • Critical illness cover states that if the insured gets diagnosed, then the nominee would be paid the sum assured if the insured survives for 30 days after the diagnosis is done
  • Offers rebate in premium if you choose a higher sum assured
  • Smokers, non-smokers and healthy non-smokers chip in different premiums
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

8. Aviva i-Life Secure

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 50 and the maturity age is 70 years
  • The minimum sum assured is 50 lakhs and maximum is Rs.10 crores
  • 6% of the sum assured is paid immediately to the nominee. The balance amount is paid @6% of the sum assured each year for 15 years from the year of death of the insured
  • Offers rebate in premium if you choose a higher sum assured of 1 crore and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

9. Aviva i-Life Total

This plan can be bought through the website. The features of this plan are mentioned below:

  • This is a non-linked & non-participating term insurance plan
  • Offers in-built terminal illness benefit
  • Offers Protect Plus life cover that doubles in case of accidental death
  • Offers Protect Assured that returns 120% of all your premiums paid up till maturity
  • Offers Protect Income that offers protection to your family members even in your absence
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Exclusions of Aviva Term Insurance

The claims would not be admitted under the below exclusions:

  • Suicide - If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

Claim Process of Aviva Term Insurance

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

  • Claim Intimation:

    The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

    • Terminal illness claim form
    • Critical illness claim form
    • Accidental disability form
    • Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Aviva Life Insurance office along with the doctor’s certificate, death certificate, physician statement etc.

You can also contact the Customer Service Helpline at 1800-103-7766. You can also write to the:

Claims Department, Aviva Life Insurance Company India Ltd, Aviva Towers, Sector 43, Opposite DLF Golf Course, Gurgoan- 122 003.

Fund value payment:

On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

Arrange for documents:

Based on the type of claim, your nominee would then have to attach the relevant documents in original or photocopies. These photocopies are needed to be attested by a Gazette officer.

Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Review of Aviva Term Insurance

Aviva Term Insurance offers an array of reasonably priced term insurance policies. Their term plans are made-to-measure to shield you against your mounting financial responsibilities towards your family after your demise. They boast of a very good claim settlement ratio amongst other private insurers.

Their term insurance products like Aviva extra cover, Aviva iLife secure plan, Aviva i-shield plan and Aviva Sampoorna Suraksha term plans are premeditated to meet precise requirements. Hence, if you are scouting for an insurer who will deliver dependability, competence and brilliant post sales services in consort with the products specific to your requirements, Aviva Term Insurance is a won over alternative.

FAQs on Aviva Term Insurance

Why should I buy Aviva Term Insurance Plan?

You should buy Aviva Term Insurance Plan because of the hosts of the benefits it offers. Some of them are mentioned below:

  • Financial security- It offers financial security to your loved ones once you are gone and gives them an opportunity to lead a life without compromising the gestures of life.
  • Low premium- Aviva term insurance offers attractive premiums for a higher sum assured
  • Rebate- Certain term insurance plans offers rebate on premiums for a higher sum assured
  • Smokers included- Even those with tobacco-chewing and smoking habits can opt for term plan. No one discriminates or judges that way. But, also the premium would differ as per your category of smokers, non-smokers, healthy non-smokers etc.
  • Tax exemption- The premium paid is also exempted from taxation up to a maximum of Rs.1 lakh under Section 80C of the Income Tax Act, 1961.
  • Death benefit- The beneficiary receives a lump sum amount on the demise of the policyholder incase death during the policy period.

How can I make the premium payments if I wish to buy the Aviva i-Shield term insurance plan?

It is important that you make regular payments if you wish to gain the benefits of the term insurance plan. The various modes of payments available are mentioned below:

  • Electronic Clearing System
  • National Electronic Fund Transfer
  • Airtel Money
  • Debit or Credit card
  • Cash payment
  • Cheque payment

How should I decide on the sum assured if I wish to buy the Aviva term insurance plan?

The sum assured is the amount that you are covered for. This is the amount that Aviva Term Insurance Company would pay your nominee in case of your untimely death. The sum assured depends on the below factors:

  • The number of dependents
  • The type of lifestyle you wish to give your family in your absence
  • The investments that you have
  • Your budget to buy a term plan
  • The amount that you require for your child’s education and to pay the tuition fees
  • Your loans and liabilities

It is advisable to buy a term insurance that is 10 times your annual income

What if I wish to surrender or cancel the term insurance plan that I had bought from Aviva Term Insurance Company?

If you wish to surrender the term insurance plan that you had bought from Aviva Term Insurance Company, you need to submit the relevant documents as advised by the company along with a surrender form. If you submit the documents before 1500 hrs, then the value of the units would be calculated as per the current market rates. However, if you submit the documents post 1500 hrs, the market rate of the next working day would be applicable. You will have to submit the relevant form to Aviva Term Insurance Company’s branch locations irrelevant of the city.

The head office of Aviva Term Insurance is mentioned below:

Aviva Life Insurance Company India Ltd, Aviva Towers, Sector 43, Opposite DLF Golf Course, Gurgoan- 122 003.

Why do I find a difference in premiums for the online and offline term insurance plans of Aviva Term Insurance Company?

The benefits offered by the online and offline term plans by Aviva Term Insurance Company are no different. However, the plans bought online are much cheaper that those bought offline due to some of the reasons mentioned below:

  • Costs such as distribution, paperwork, commission are all saved by the insurance companies if you buy a term insurance plan online. Such benefits are further passed on to the customers by reducing the premium costs.
  • It is said that insurance companies find a particular customers profile as low-risk if the payment for the premiums are made online. Since low risks results in low premium, ultimately the premiums paid online become cheaper.
  • There is less physical movement if you go online to buy a term insurance plan. For instance, if you visit any branch of Aviva Term Insurance Company to buy a plan, you will have to fill the form physically which further travels to the local hubs, post which the policies are underwritten. Then there would be a decision taken whether the policy would be approved or denied. If you buy a policy online, the rules are applied as you fill the details and most of the times the screening happens then and there. These savings are further transferred to the customers by offering a lower premium.
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