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

Aviva i-Term Smart

This is an online affordable term plan which offers complete financial security with an opportunity of additional protection against critical illness and disability.

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Entry Age
Min: 18 years (age last birthday)
Max: 65 years (age last birthday)
Maximum Maturity Age
80 years last birthday (without Aviva Critical Illness and Disability Rider - Non linked Rider)
70 years last birthday (with Aviva Critical Illness & Disability Rider - Non linked Rider)
Premium
Min: Rs. 3,861 (excluding discounts, taxes & extra premium, if any)
Max: Depends on the Age, Term & Sum Assured chosen
Sum Assured
Minimum: Rs. 75 Lakh
Maximum: Rs. 25 Cr (per life)
Premium Payment Term (PPT) / Policy Term
Min - 10 years
Max - 70 minus Entry Age with Rider
80 minus Entry Age without Rider
Rider and optional benefits
Aviva Critical Illness & Disability Rider-Non Linked Rider
Option to Increase Sum Assured
Rider and optional benefitsThe Sum Assured is paid to the nominee

Aviva i-Life Total

This is an online term plan which offers four coverage options - Protect, Protect Plus, Protect Assured and Protect Income.
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Entry Age
Min: 18 years
Max: 65 years for Protect, Protect plus and Protect Income Options
60 years for Protect Assured Option
Maximum Maturity Age
70 years last birthday (without Aviva Critical Illness and Disability Rider - Non linked Rider)
75 years last birthday (with Aviva Critical Illness & Disability Rider - Non linked Rider)
Premium
Min: Rs. 3525 (excluding discounts, taxes & extra premium, if any)
Max: Depends on the Age, Term, Option & Sum Assured chosen
Sum Assured
Min - Rs. 50 lakhs
Max - No Limit / Rs. 1,00,00,000 (per life)
Premium Payment Term (PPT) / Policy Term
Rider and optional benefits
Aviva Critical Illness & Disability Rider-Non Linked Rider
Option to Increase Sum Assured
Death Benefit
Protect Option - Sum Assured is payable on death of the Life Insured.
Protect Plus Option - In case of non-accidental death, 100% Sum Assured is paid to the nominee. In case of death due to an accident, an additional 100% of the Sum Assured is paid to the nominee
Protect Assured Option - Sum Assured is payable on death of the Life Insured. This option provides life cover as well as maturity benefit on survival till maturity
Protect Income - Provides a regular monthly income to the nominee on death of the Life Insured

Aviva i-Life

This is an online term plan offering low cost life cover.
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Sum Assured
Minimum: Rs. 25,00,000
Maximum: no limit (depends on underwriting)
Entry Age
Minimum: 18 years last birthday
Maximum: 55 years last birthday
Maturity AgeMaximum: 70 years last birthday
Premium Payment FrequencyYearly, half-yearly
Policy Term
Minimum: 10 years
Maximum: 35 years
Premium Payment TermEqual to the policy term
Payment FrequencyYearly, half-yearly (the modal factors are: 1.0000 & 0.5108 respectively). Alteration between yearly and half-yearly modes of premium payment is allowed at any policy anniversary subject to payment of alteration charge which is Rs. 100 at present and subject to review from time to time
Rebate on Large Sum AssuredPremium rates depend on the size of the Sum Assured ranges – less than Rs. 50 lacs, Rs. 50 lacs to less than Rs. 1 Cr, Rs. 1 Cr to less than Rs. 5 Cr and Rs. 5 Cr & above
Rebate for Female LivesAn additional rebate for female lives of 5% on the tabular premium rates for male lives
Death BenefitSum Assured is payable on death of the Life Insured

Aviva LifeShield Advantage

This is term insurance plan which offers return of premium on survival at the end of the Policy Term.
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Entry Age18-55 years
Maturity Age28 - 65 years
Sum AssuredRs. 2 lakhs minimum Maximum: For Option A – No Limit / For Option B - Rs. 50 lakhs
Premium Payment Term (PPT) / Policy Term10 years to 30 years
Death BenefitOption A: Life Protection - the Sum Assured is paid to your nominee Option B: Life-cum-disability protection along with Return of premium - the Sum Assured along with the sum of all premiums paid till date of notification of death, will be paid to the nominee.

Aviva LifeShield Platinum

This is a term insurance plan which offers low cost life cover.
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Entry Age18-60 years
Maximum Maturity Age28-70 years
Sum AssuredMinimum Rs. 50,00,000, maximum no limit subject to underwriting
Premium Payment Term (PPT) / Policy Term
10 to 52 years
Option A - equal to Policy Term
Option B & Option C – 2/3rd of policy term, rounded down to the nearest integer
e.g. for a 16 years term, paying term will be 10 years
Death Benefit
Option A: Life Protection - Sum Assured is paid out to the nominee as a lump-sum
Option B: Income Replacement - The nominee will receive monthly benefit amount chosen at inception till the end of the policy term, this amount increases by 5% p.a. compounded annually from the very first year of the policy
Option C: Loan Protection - The Sum Assured (SA) reduces uniformly over the Policy Term and the applicable Sum Assured as on the year of unfortunate death is paid to the nominee

Aviva CSC Bima Laabh Yojana

This is a simple insurance plan which comes with the flexibility to choose from two policy term options.
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Entry Age18 to 50 years
Maximum Maturity Age60 years
Sum Assured
Min - Rs. 22, 500
Max - Rs. 2,00,000
Premium
Minimum Annual Premium: Rs. 300
Maximum Annual Premium: Rs. 2650
Policy Term5 or 10 years
Premium Payment Term (PPT)Equal to Policy Term
Death BenefitSum Assured will be paid to the nominee on death of Life Insured

Aviva Nayi Grameen Suraksha

This is a low cost simplified term insurance plan.
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Entry Age18 to 50 years
Maximum Maturity Age60 years
Sum Assured
Minimum life cover is Rs. 10,000
Maximum is Rs 50,000 (per life)
Premium Payment Term (PPT) / Policy Term
5 or 10 years
Single Premium: Minimum Rs. 500 and Maximum 5,000
Death BenefitSum Assured will be paid to the nominee on death of Life Insured

Aviva Extra Cover

This is an online combo plan offering life & critical illness cover.
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Minimum Entry Age (last birthday)18 years
Maximum Entry Age (last birthday)55 years
Maximum Maturity Age (last birthday)
70 years for term insurance
65 years for critical illness cover
Minimum Sum AssuredRs. 25 Lac for term insurance Rs. 5 Lac for critical illness cover
Maximum Sum Assured
No limit, subject to underwriting for term insurance
Rs. 50 Lac for critical illness cover (includes cover taken for other critical illness policies with Aviva)

10-35 years for term insurance
10-30 years for critical illness cover
Policy TermEqual to policy term
Premium Payment TermYearly and Half Yearly
Death BenefitThe Sum Assured will be paid to the beneficiary
Critical Illness BenefitThe Sum Assured will be paid in case of diagnosis of any of the 12 major critical illnesses covered

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, Gurgaon- 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.

Awards and Recognition

  • 96.06% Claim Settlement Ratio
  • Awarded Best Brand 2019 & Most Trusted Brand 2018 & 2019 by TRA brand Trust Report, 2019 & Economic Times
  • Aviva Group serves 33 Million customers across 16 countries
  • Ranked 8th among 1000 Most Trusted Brands of India by TRA, Brand Trust Report – India Study
  • Awarded Best Brand, 2019 by Economic Times
  • Fulcrum Gold Award for the ‘Aviva brings Good Thinking in Insurance’ in the Best Banking and Financial Services category, 2018
  • Aviva Ranked 10th in ‘Dream Companies to work for’ Award, conducted by Economic Times Now & World HRD Congress
  • 'CIO 100 Award' in 2018 for the successful implementation of Hyperconverged Infrastructure to enhance our Private Cloud Capability
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.

How to pay premium? What are the modes of payments available?

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 can I check policy status for Aviva term insurance?

You can check policy status by simply logging into your account with a registered user ID and Password on the official website of Aviva India. Post login, you can see all of your policy details.

What is the policy renewal process for Aviva Term Insurance?

Simply login into your account with a registered user ID and Password on the official website of Aviva India. Post login, click on policy details and select renewal. You will be directed to the payment gateway where you can make the premium payment online.

What is the policy cancellation process for Aviva term insurance? -

For cancelling a policy, you will have to physically visit the branch office and surrender the policy in writing.