About Aviva Life Insurance

The United Kingdom-based insurance company, Aviva is a public limited company incorporated in May 2000. The company was initially named CGNU Public Limited Company. In April 2002, the name was changed to Aviva Public Limited Company by their shareholders. The significance of the word Aviva was derived from a Latin word, “Viva” meaning alive.

At present Aviva is a multinational firm headquartered in London, United Kingdom. Along with being the largest insurance company in the United Kingdom, it is the second largest insurance company in Canada.

Aviva is listed on the London Stock Exchange and is currently headed by CEO Andrew Moss.

Aviva life is a life insurance company in India founded in 2002 by the union of it’s London based orient called Aviva PLC holding 49% share and the Indian multinational called Dabur group holding the remaining 51% share.

Headed by the CEO Mr. T.R.Ramachandran, Aviva India presently has 121 branches and employs 3000 employees, 9000 financial advisors.

The headquarters for Aviva India is based in Gurugram. Aviva India has 2 main subsidiaries namely Aviva Life Insurance Company India Pvt Ltd. and Asset Management Arm.

Aviva Life Insurance Company offers a wide range of comprehensive life insurance policies to meet the burgeoning needs of the insurance seekers. With a claim settlement ratio of 90.60% in years 2016-2017, the company has a record of 100% grievances settled.

Eligibility Criteria of Aviva Life Insurance

  • The minimum age eligibility for an individual to avail the policy is 18 years. Whereas, the maximum age limit for an individual to avail a plan is 55 years.
  • The policy buyer should be professional, salaried and self-employed.
  • The maximum tenure of policies offered by Aviva Life Insurance is 35 years.

Types of Plans Offered by Aviva Life Insurance

Aviva Life Insurance Protection Plans

Aviva life protection plans are specifically designed to provide life coverage to the family of the insured and provide them financial security in the event of the demise of the insurance holder. The term plans offered by Aviva life insurance provides higher coverage at an affordable premium rate.  Let’s take a look at the plans offered by Aviva Life.

Plan Name Age at Entry Age at Maturity Policy Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva i-Term Smart Minimum- 18 years

Maximum-65 years

Maximum-

80 Years (Without rider)

70 Years

(With rider)

Minimum-

5-10 Years

Maximum-

70-80 Years minus the entry age.

 

Minimum-

5-10 Years

Maximum-

70-80 Years minus the entry age.

 

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 75 Lakh

Maximum-

INR 25 Crores

(Subject to underwritten policy.)

Aviva i-Life Total Minimum- 18 years

Maximum-65 years

Maximum-

75 Years (Without rider)

70 Years

(With rider)

Minimum-

10 Years

Maximum-

30- 57 Years

 

Minimum-

10 Years

Maximum-

30- 57 Years

 

·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 50 Lakh

Maximum-

No Limit

 

Aviva Extra Cover – A combo plan Minimum- 18 years

Maximum-55 years

Term Insurance- 70 years

Critical Illness-

65 Years

Term Insurance- 10-35 years

Critical Illness-

10-30 Years

Term Insurance- 10-35 years

Critical Illness-

10-30 Years

·         Half Yearly

·         Annually

Minimum:

Term Insurance-

INR 25 Lakh

Critical Illness-

INR 5 Lakh

Maximum:

Term Insurance – No Limit

Critical Illness-

INR 50 lakh

Aviva LifeShield Advantage Minimum- 18 years

Maximum-55 years

Maximum-

65 Years

10-35 years 10-35 years ·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 2 Lakh

Maximum-

INR 25 Crores

 

Aviva LifeShield Platinum Minimum- 18 years

Maximum-60 years

Maximum- 70

Years

10-52 years *Same as policy term

OR

*2/3rd of the policy term

·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 50 Lakh

Maximum-

No Limit

 

Aviva I life Minimum- 18 years

Maximum-55 years

Maximum- 70

Years

10-25 years 10-35 years ·         Half Yearly

·         Annually

Minimum-

INR 25 Lakh

Maximum-

No Limit

 

Aviva i-Shield Minimum- 18 years

Maximum-55 years

Maximum-

65 Years

10-25 years 10-25 years ·         Monthly

·         Half Yearly

·         Annually

Minimum-

INR 15 Lakh

Maximum-

INR 5 Crores

 

Aviva life Insurance Savings Plans

Aviva Life investment and savings plans are designed with an objective to provide an opportunity to the insured to save money so that it can multiply over a long period of time and help them to achieve their long-term objective. Let’s take a look at the savings plans offered by Aviva life insurance.

Plan Name Age at Entry Age at Maturity Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Dhan Nirman Minimum- 4 years

Maximum-50 years

Maximum-

75 Years

18 to 30 Years 14 to 18 Years ·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 2 Lakh

Maximum-

INR 1 Crores

 

Dhan Samruddhi Minimum- 13 years

Maximum-55 years

Minimum- 23 years

Maximum-70 years

10,15 or 20 Years 10 years ·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

Minimum-

INR 1 Lakh

Maximum-

INR 5 Crores

 

I-Growth Minimum- 18 years

Maximum-50 years

Maximum-

80 Years

10,15 or 20 Years 10,15 or 20 Years Annually Minimum-

INR 3.5 Lakh

Maximum-

INR 30-50 Lakh

 

LifeBond Advantage Minimum- 2 years

Maximum-65 years

Minimum- 18 years

Maximum-75 years

10-73 Years Single Premium Single Time 1.25*Premium
Wealth Builder Minimum- 5 years

Maximum-50 years

Minimum- 18 years

Maximum-67 years

13,15,17 Years Single

OR

Regular

Single or annually Minimum- 2* Single premium

Maximum-20*Annual Premium

Dhan Vriddhi Minimum- 18 years

Maximum-50 years

Maximum-70 years 20 Years 5,7 or 11 Years Annually Minimum-

INR 3-10 Lakh

Maximum-

INR 5 Crores

 

Affluence Minimum- 2 years

Maximum-50 years

Minimum- 18 years

Maximum-70 years

15-30 years 5-30 Years Annually 10 times of the premium paid till maturity

OR
0.5 times the policy term

Aviva Life Insurance Child Plans

Aviva Life Child plan offered by Aviva Life is specifically designed with an objective to offer financial security to the child and help the insured to create a financial cushion for their children so that all their future expenses can be taken care of. The child insurance plans offered by Aviva life insurance also provide financial protection to the children in the event of the demise of the parents. Child plans offered by Aviva life are:

Plan Name Age at Entry Age at Maturity

(Parent’s Age)

Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva Young Scholar Advantage

 

Parent-

21-45 Years

Child-

0-17 Years

Maximum-

60 Years

10-25 Years 10-25 Years Annually 1)      Policy Tenure

X Annual premium x 0.5

OR

2)      Annual

premium x 10

(Whichever is higher)

Aviva Young Scholar Secure

 

Parent-

21-50 Years

Child-

0-12 Years

Maximum-

71 Years

21 minus Child’s Age at Entry. 13 minus Child’s Age at Entry for children who were entered ·         Monthly

·         Half Yearly

·         Annually

·         Premium Paid x 1.5

OR

·         Annual

premium x10

(Whichever is higher)

Aviva Life Insurance Retirement Plans

The retirement plans offered by Aviva Life Insurance protect the future of the policyholder financially by providing them with regular income after the retirement. The retirement plans help the individuals to do a proper retirement planning and create a financial cushion so that they can deal with any type of emergency situation and maintain a good lifestyle after retirement. Retirement Plans offered by Aviva Life are:

Plan Name Age at Entry Age at Maturity Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Annuity Plan Minimum-18 years

Maximum-80 years

·         Monthly

·         Quarterly

·         Half Yearly

·         Annually

New Family Income Builder Minimum- 6 years

Maximum-50 years

Minimum- 18 years

Maximum-62 years

12 Years 12 Years Annually Minimum-

INR 9.60 Lakh

Maximum-

INR 24 Crore

 

Next Innings Pension Plan Minimum- 42 years

Maximum-60 years

Minimum- 55 years

Maximum-78 years

13,16,18 Years ·         Single

·         5 years

·         10 years

 

·         Single

·         Monthly

·         Half Yearly

·         Annually

105% of the premium paid (death benefit)

OR

210% of the premium paid

Affluence Minimum- 2 years

Maximum-50 years

Minimum- 18 years

Maximum-70 years

15-30 Years 5-30 Years Annually 10 times of the premium paid till maturity

OR
0.5 times the policy term

Aviva Life Insurance Rural Plans

These plans are specifically designed with an objective to provide insurance coverage especially to people living in the rural areas. These are a cost-effective plan that not only helps to create a financial corpus but also provides financial security to the family of the insured in case of any eventuality. Let’s take a look at the plans offered by Aviva Life Insurance.

Plan Name Age at Entry Age at Maturity Policy Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva CSC Bima Laabh Yojana Minimum-18 years

Maximum-50 years

60 years 5-10 years Equal to policy term Yearly, Monthly Minimum-Rs22,500

Maximum-Rs2,00,000

Aviva Jana Suraksha Minimum-18 years

Maximum-45 years

50,55 years 5-10 years Single pay, equal to policy term Single, yearly, half-yearly, quarterly, monthly —-
Aviva Nayi Grameen Suraksha Minimum- 18 years

Maximum-50 years

60 years 5-10 years Single premium Single pay Minimum-Rs.10,000

Maximum-Rs.50,000

Aviva Sampoorna Suraksha Minimum-18 years

Maximum-50 years

65 years 8,9,10,15 years Single pay, 5 pay, 7 pay, 10 pay Yearly, half- yearly Minimum-Single pay -Rs.12,500

5 pay- Rs.7,500

7 pay-Rs.7,500

10 Pay-11,250

Maximum-

Rs.3,00,000

 

Aviva Life Insurance Group Plans

Group insurance plans offered by Aviva Life Insurance are a special insurance plan which provides insurance coverage to a group of people like employees or members of an association. Aviva Life offers various group life insurance plans like term plans, leave encasement/gratuity plans and credit/rural plan. Let’s take a look at the group plans offered by Aviva life Group Insurance.

Plan Name Age at Entry Age at Maturity Policy Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva Group Credit Life Minimum- 18 years

Maximum-70 years

75 years Single Premium  2-30 years

Limited premium 8-30 years

Limited premium -5 years

Single premium- during insurance enrollment

Single premium-N/A

Limited Pay- yearly, half-yearly, quarterly & monthly

Minimum-Rs.5,000

Maximum-Rs.10,00,00,000(for Home loan)

Rs.5,00,00,000(for other loan type)

Aviva Life Group Term Life Minimum-18 years

Maximum-69 years (for the employer-employee scheme)

59 years (For non-employer-employee scheme)

70 years (for the employer-employee scheme)

60 years

(For non-employer-employee scheme)

Yearly renewal group insurance policy —- —- Per Member- Rs.5,000

Per Scheme-

Rs.20,00,000

Aviva Corporate life Plus Minimum-18 years

Maximum-69 years

1 year Equal to policy term Yearly, Half-yearly, quarterly, monthly Minimum-Rs.1,00,00,000

Maximum-No upper Limit

Aviva Corporate Shield Plus Minimum- 18 years

Maximum-74 years

—- 1 year —- Yearly, Half-yearly, quarterly, monthly Minimum-Rs.3,60,000

Maximum-Rs.10,00,000

Aviva Credit Assure Minimum-18 years

Maximum-69 years

—- 1 year —-   Minimum-Rs.5,000 (Per member)

Maximum-Rs.10,00,000( Per member)

Leave Encashment/Gratuity

Plan Name Age at Entry Age at Maturity Policy Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva new Traditional Employee benefit Plan Minimium-18 years

Maximum-74 years

—- Minimum-Rs.1,000 (per employee)

Maximum-Rs.1,00,00,000 ( per employee)

Aviva New Group leave Encashment Plan Minimum-18 years

Maximum-70 years

—- —- —– Rs.1000 per employee (Fixed)
Aviva New Traditional Employee Benefit plan Minimum-18 years

Maximum-74 years

—- —- —- —- Rs.1000 per employee (Fixed)

Credit/Rural Protection Plans

Plan Name Age at Entry Age at Maturity Policy Tenure Premium Paying Tenure Mode of Premium Payment Sum Assured
Aviva Life Credit Suraksha Minimum-18 years

Maximum-64 years

—– 1 year —- —- Rs.1,00,000 Per member

Rs.20,00,000 per scheme

Aviva Group Life Protect Minimum-18 years

Maximum-65 years

—- —- —- —- Rs.1000 per employee (Fixed)

No upper limit

Aviva Life Insurance Claim Settlement Process

Aviva Life offers a very simple and easy process to file a claim. As per the requirement of the individual he/she can file for a claim through the offline or online process. To help our customers know more, here we have briefly discussed both the process of claim settlement.

Offline Claim Process

  1. In the offline process, the beneficiary of Aviva Life Insurance policy will need to visit the branch office of Aviva Life Insurance and thoroughly fill the claim form.
  2. With the properly filled claim form, the nominee will also require to submit important documents like address, the name of the policyholder, date of birth, policy number, etc.
  3. Once the claim form submitted with the important documents, the insurance company will verify the claim form.
  4. After the verification is done, the final payout is given out to the nominee as the death benefit.

Online Claim Process

  1. The online process to file Aviva Life Insurance claim is simple and easy. Primarily, the nominee will have to visit the Aviva Life Insurance official website.
  2. Secondly, they will have to fill in the claim settlement form thoroughly online.
  3. Once the claim form is filled by the nominee he/she will have to submit the form with other required documents like the name of the policyholder, policy number, date of birth, address, etc.
  4. After the form is filled thoroughly, the nominee will have to submit it.
  5. The insurance company will verify the claim application and then the death benefit will be paid to the beneficiary as a final

Other Process of Claim Settlement

  • The insured or nominee has the option to initiate a claim online on their website or on their dedicated claim helpline.
  • Prior to the filing of the claim, a claim personal manager is assigned to help in assisting in the clearance of the claim.
  • The manager assists the insured or the nominee of the claim in collecting the requisites such as the documentation, and help in speeding up the settlement.
  • The manager also provides a set timeline to the claimant for the settlement of the claim.
  • The process of settlement is totally mechanized and the claimant gets acquainted with every step of the way to the updates through the means of SMS, emails, and

Documents Required for Claim Settlement

  • Original Policy document
  • Completely filled and signed a claim form
  • Claimant’s ID proof original documents
  • Original of the Death Certificate
  • Address Proof of the Claimant
  • Saving Bank Account Number
  • Contact Details of the Claimant
  • Medical Records of the Insured
  • Age Proof of the Claimant

Premium Calculation

  • On the official Aviva India website, there are multiple tools available for the ease of the customer.
  • One such tool is the premium calculator.
  • Through a detailed study of the needs and requirements of probable investor, the premium calculator helps in the selection of the appropriate plan for the investor.

Aviva Life Insurance FAQ’s

What are the premium payment modes available for Aviva Life Insurance?

Ans- The premium payment modes available for Aviva Life Insurance are:

Online mode include:

  1. Debit Card
  2. Net Banking
  3. Credit Card
  4. Payment Through Standing Instructions

Offline mode includes:

  1. Through ECS facility
  2. Money Order
  3. Cheque /Cash/DD
  4. IVRS
  5. Visit the nearest branch to your location.

How to check the policy status of Aviva Life Insurance?

Ans- There is various different methods to check the status of the policy. The insured can check the policy status through online method, by visiting the website of the company or through offline method. In offline method, the insured can send SMS and Email to the company and know the status of the policy. Moreover, the policyholder can also call to the toll free number of the company and know the status of the policy.

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by Aviva Life Insurance?

Ans- Aviva Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

What is the claim settlement process of Aviva Life Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the documents required to apply for Aviva Life Insurance?

Ans- The documents required to apply for Aviva Life Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of Aviva Life Insurance?

Ans- In order to cancel the policy of Aviva Life Insurance, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

How to avail loan against Aviva Life Insurance policy?

Ans-Once the plan obtains the surrender value, the insured can avail loam against it. According to the type pf plan the amount of loan given to the policyholder is decided by the insurance company.

How do I generate the e-receipt for my Aviva Life Insurance policy?

Ans- By visiting the official website of Aviva Life Insurance Company, the insured can generate the e-receipt. In order to generate the e-receipt the insured will be required to click the link of premium paid certificate. Once the policyholder thoroughly fills all the details a generated e-receipt will be sent to the e-mail ID of the policyholder.

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