Aviva Life Insurance is a joint venture between the Dabur Group and UK based insurance group Aviva International Holdings Limited. The group is one of the largest and most popular insurance providers in the world, with over 121 branches spread over 1000 towns and cities in India alone.
The organisation is among the first companies to introduce modern Unit-Linked and Unitized With-Profit plans and is currently the market leader in protection and child plans. Aviva Life Insurance focuses on catering to their customers basic needs by offering a wide range of insurance plans at extremely competitive interest rates.
Key Highlights of Aviva Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @₹ 16*/day
Claim Settlement Ratio
Claim-settlement ratio of 83.07% for year 2014-2015
100% Grievances Settled for year 2014-2015
To be eligible for Aviva Life Insurance
You should be at least 18 years old
You should be less than 55 years old
You should be either Salaried, Self- employed, a professional or have your own business
Aviva Life Insurance at a Glance
A maximum tenure of 35 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Aviva Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Aviva Life Insurance Plans In India
- Aviva Life Insurance Term Plans:
Aviva India offers protection plans so that you can provide enough cover to your loved ones in the unfortunate event of death. The plans under this umbrella are tweaked differently to meet various requirements of all the customers. Here are a few protection plans from Aviva.
- Aviva Lifeshield Plus - A comprehensive plan that covers you as well as your family against unforeseen circumstances at a very nominal cost.
- Aviva Lifeshield Advantage - This insurance plan gives you the advantage of getting your premiums back and also providing life cover to your family.
- Aviva Lifeshield Platinum - This is a highly secure and versatile life insurance plan that comes at a very optimum cost.
- Aviva i-Life - i-Life protection plan offers a host of benefits along with features like complete protection for your loved ones and is available online and life cover is 1 crore.
- Aviva i-Shield - The i-Shield protection plan from Aviva is an online plan that offers return of your insurance premium.
Aviva Life Insurance brings to you plans that are specifically focused on taking care of education and other related needs of your child. Avail any of these child plans to secure a better and bright future for your kid.
- Aviva New Family Income Builder - This Aviva child investment plan makes sure you pay for 12 years and get the double of that amount over the next 12 years.
- Aviva Young Scholar Advantage - This Aviva child education plan not only provides a life cover but ensures smooth education of your children as well.
- Aviva Young Scholar Secure - The Young Scholar Secure plan makes sure all the important milestones of your child’s education are taken care of.
These Aviva life insurance products are great and suitable to the modern Indian lifestyle mainly because they offer death benefits as well as guaranteed incomes and bonuses too. These plans come in a variety of forms so as to offer variable features and benefits to suit the individual needs of a host of customers.
- Aviva Dhan Nirman - An life insurance plan that promises regular income as well as bonuses payable at maturity.
- Aviva Wealth Builder - This life insurance plan guarantees double the total amount of premium in the form of lump-sum amount, on maturity.
- Aviva Live Smart- This is a unit-linked insurance plan that gives you the freedom to choose the investment that you want to make with your premium amount.
- Aviva Dhan Samruddhi - This plan guarantees cash backs every 5 years as well as on maturity, which means your short-term as well as long-term financial needs are taken care of.
- Aviva LifeBond Advantage - The Life bond Advantage assures that you get to put in a lump-sum amount as investment for making it grow.
- Aviva New Family Income Builder - This plan makes sure you pay for 12 years and get the double of that amount over the next 12 years.
- Aviva i-Growth-This plan from Aviva has the comfort of being availed online so that you are covered for life by this insurance and have an accelerated saving scheme to fall back on in times of need.
Pension plans from Aviva India are aimed at providing retirement solutions to the customers so that they have a monetary earning to fall back on once they get retired from their respective jobs. These plans come in a couple of varieties in order to offer various benefits as per customer requirement.
- Aviva Next Innings Pension Plan - This plan offers a lump-sum amount on maturity as well as a guaranteed regular income too after you have retired from your job.
- Aviva Annuity Plus -The Annuity Plus plan guaranteed a regular monthly income during your post-retirement years. Option to choose from 5 annuity options to suit your particular requirement.
- Aviva New Family Income Builder -This plan makes sure you pay for 12 years and get the double of that amount over the next 12 years.
Aviva Endowment plans provide benefits on death and maturity and usually even survival.
- Aviva Young Scholar Secure: A plan that provides your dependents with comprehensive life insurance cover and pays a survival benefit in parts depending on the premium option you choose.
- Aviva Dhan Samruddhi: This is a plan that assures guaranteed returns, helping you meet short and long term financial requirements.
- Aviva Wealth Builder: A plan that gives you the peace of mind that comes with comprehensive life insurance coverage, and also pays you back double the premium amount on maturity.
- Aviva New Family Income Builder: Regular pay-outs for 12 years, comprehensive life insurance cover, and savings on tax. This plan has benefits on maturity and death, ensuring that your family is financially taken care of in your absence, and that you are taken care of if you survive till the maturity date.
- Aviva Dhan Nirman: This is a savings-cum-protection plan that has benefit pay-outs on death, maturity, and survival. Save for your future and secure the future of your dependants by investing in this excellent insurance product from Aviva Life Insurance Company.
- Aviva Sampoorna Suraksha: A non-linked, non-participating savings-cum-protection plan that offers benefit pay-outs on maturity and death. You also have the flexibility to choose premium payment term and the premium amount.
These are low-cost insurance plans designed to meet the insurance needs of people from the rural areas. This scheme aims to bring the rural population too under the umbrella of insurance.
- Aviva Jana Suraksha - This is a low cost insurance plan meant to meet the insurance needs of the people from rural areas. These people have a low purchasing power and per capita income and hence a low-cost plan is required to ensure insurance for them is up to the mark. This plan guarantees a lump-sum amount in case of death of the policyholder during the term of the insurance.
- Aviva Sampoorna Suraksha - This is a non-linked, non-participating insurance plan wherein there is guaranteed payment of lump-sum amount in case of death of the policyholder as well as flexibility to choose premium tenure.
- Aviva Nayi Grameen Suraksha - A rural insurance plan that offers a life cover for 5 years or 10 years with a single affordable premium payment and provides the sum assured to the nominee in case of the unfortunate demise of the life insured.
- Aviva Corporate Life Plus - A group insurance plan with minimum medical formalities that allows a life cover for employees with additional cover for accidental death and permanent disability and tax benefits for the organisation for the premium paid.
- Aviva Corporate Shield Plus - A term plan similar to employee deposit linked insurance that can be availed by corporates, making the organisations the Master Policyholders. Along with the Sum Assured, a rider option allows payment of an additional sum in case of accidental death. The Master Policyholder will receive the benefits and disburse the same to the beneficiary. Tax benefits can be availed on the premiums paid.
- Aviva Credit Suraksha - A rural insurance plan aimed at providing financial security to members of banks and other institutions and their families through variable risk covers and optional life cover. A micro-finance institution or a bank can be a master policyholder through this plan. The death benefit payable can be managed by the master policyholder and appropriate death benefit can be passed on to the beneficiary of the life insured.
- Aviva CreditPlus - A rural insurance plan aimed at providing loan protection for the families and financial risk protection for any micro-finance institution or bank in the case of the unfortunate demise of the member who has availed a loan.
- Aviva Group Life Protect - A rural group insurance plan that can be availed by financial organisations offering various types of loans or credit lines. It is a single premium payment plan that provides life cover for the customer of the organisation.
- Aviva Group Gratuity Advantage - A group unit-linked product offering varied levels of customisations with lump sum benefit to employees or their family members and tax benefits to the employer. The plan also offers the flexibility to invest in various unit linked investment funds.
- Aviva New Group Leave Encashment Plan - A group insurance plan that can be availed by employers to effectively meet the leave encashment facility provided by them. No charges on switching between various investment funds. Tax benefits are available on the premiums paid.
- Aviva New Traditional Employee Benefit Plan - A group employer-employee benefit product that allows employers to handle their fund management needs to make payments for employee benefits in cases of gratuity and leave encashment on the resignation, retirement or an unfortunate demise.
Aviva Extra Cover is a combination of i-life cover as well as health cover to keep you protected from all kids of risks. The policy provides you with a life cover at a very nominal cost and for critical illnesses, it pays you a lump sum amount.
Key Benefits of Aviva Extra Cover
Here are some of the key advantages of Aviva Extra Cover.
- Death Benefit: In case of unfortunate death of policy holder, beneficiary is paid the sum assured. This ensures that your family and loved ones are sufficiently protected even when you are not around to provide for them.
- Critical Illness Benefit:Sum assured is paid to you in case any of the 12 listed critical illnesses is diagnosed. The illness should be one of those described as critical illness in the Aviva Health Insurance brochure.
- Maturity Benefit:No maturity benefit is applicable on this plan.
Main Features of Aviva Extra Cover
- 100% sum assured is paid out in the event of death
- Cover for 12 critical illnesses
- Easy online application without cumbersome paperwork
- Free-look period of 30 days
- Low life insurance premiums for non-smokers
- Entry Age – 18 years minimum, 55 years maximum
- Policy term is 10-30 years for life cover and 10-35 years for critical illness cover
- Minimum sum assured, Rs.25 lac for life insurance and Rs.5 lac for illness cover
- Maximum sum assured, No limit for life insurance, Rs.50 lac for critical illness cover
You Can Also Check: AVIVA Life Insurance for NRIs
Normally, you can make two types of life insurance claims under a single life insurance policy. They include death claims and maturity claims. Maturity claim refers to the benefits the life insured receives when the policy matures. A policy needs to be continued properly and all premiums need to be paid on time to enjoy the maturity benefits. Death claims are made following the death of the life insured. In that case, the designated nominee receives the death benefits offered by a life insurance policy.
How to make a claim?
Making a claim is very simple with Aviva. The company’s customer friendly helpdesk will always be at your service to help you in claim settlements. Based on the claim you make, you need to choose an application form and complete it by putting information such as client id, policy number and policyholder’s name, etc. and submit it to your nearest branch of Aviva or an agent. You can also send your application by post. Different application forms are available for making different claims such as health claims, hospital cash benefit claims, group claims etc. Also, you need to submit the appropriate documents depending on the type of claim you make. If you are making a maturity claim, the process is very simple. What you have to do is to fill up a form called the policy discharge form and the maturity amount is paid out subsequently. But, making a death claim involves a lot of paperwork and you need to submit a number of documents in support of death caused to the life insured.
The following documents need to be submitted in order to make a life insurance claim in case of death or maturity:
- A copy of the original policy document.
- A filled and countersigned claim form.
- ID proof of the nominee stating his/her relationship with the life insured.
- A copy of death certificate issued by local authority.
- Address proof of the beneficiary.
- Medical records including admission notes, discharge summary, test reports.
- Contact number of the claim initiator.
- Post mortem report, if any.
- A copy of FIR or police report if required.
- Saving bank account number.
- Newspaper cuttings, if available.
Aviva Life Insurance FAQs:
- Q. How to initiate a claim with Aviva Life Insurance?
A.In the event of hospitalization, critical illness diagnosis, disability, or death – a claim process must be started by contacting the company and intimating them about the nature of the event within a specific period of time. You can also initiate the claim process online.
- Q. How do I find out the status of my claim with Aviva Life Insurance?
A.Aviva Life Insurance Company will keep the customer updated about the status of their claims through phone calls, SMS, and letters. You can also check your claim status online.
- Q. Can I pay my premiums through Direct Debit?
A.Yes, the direct debit facility is available for 15 banks as of December, 2015. To activate the direct debit system, one must first fill up and submit the direct debit mandate. The mandate form can be downloaded from the Aviva website, or collected at any Aviva Life Insurance branch office.
- Q. Can I pay my premiums over the phone?
A.Aviva offers an Interactive Voice Response payment facility, through which policyholders can make premium payments of up to Rs.15 lakh using their credit cards.
- Q. Can I pay my premiums through setting up standing instructions on my credit card?
A.Yes, standing instructions can be placed on your VISA, MasterCard, Diners Club, or American Express credit cards. On the premium due date, the premium amount will be deducted from the specified account. In order to utilize this facility, fill out and submit a Credit Card Authorization Form at any Aviva Branch Office.
- Q. Is there an Electronic Clearance System (ECS) facility available?
A.Renewal premium amounts can be automatically deducted from your chosen bank account, on a specified date, and paid to Aviva Life Insurance Co. Bear in mind that this facility is only available to policies that are “in-forced”, and on which there is no outstanding premium.
- Q. Can I renew my Aviva Life Insurance policy online?
A.Yes, you can renew your Aviva Life Insurance policy online.
- Q. Can I make premium payments through National Electronic Fund Transfer or NEFT?
A.Yes, you can make premium payments through NEFT Payments.
- Q. How do I apply for a duplicate policy?
A.In order to receive a duplicate of your policy from the company, you need to fill a request form and submit it to your nearest branch along with all required documents.
- Q. How do I reinstate a lapsed policy?
A.Lapsed policies can be reinstated, depending on the policy terms and conditions. In order to reinstate a policy, you need to fill up the Declaration of Good Health and provide complete details with relevant documents.
How to Apply Aviva India Life Insurance Online
News About Aviva Life Insurance
Karni S Arha Appointed As CFO At Aviva Life Insurance
Aviva India, a joint venture between Dabur Invest Corp (DIC) and UK based insurer, Aviva International holdings (AIH), recently appointed Karni S Arha as its new CEO (chief financial officer), who will be working out of Aviva’s head office which is located in Gurgaon. Mr. Arha brings with him 17 years of extensive and valuable experience, with special focus on the insurance sector. Prior to joining Aviva, Mr. Arha was the Executive Vice President at Anand Rathi Insurance brokers.
15th September 2016
Aviva International Holdings to Increase its Stake
UK-based insurer Aviva is set to increase its stake in the Indian joint venture of Aviva Life Insurance Company India Ltd. It currently holds 23% stake in the Indian JV with Indian multinational Dabur accounting for the remaining 77% till now. With relaxing of FDI norms in the insurance sector this year so that foreign insurers can hold up to 49% stake in their Indian arms, more insurers are expected to follow suit to get a larger slice of the Indian market.
The approval for Aviva was tweeted today by the Competition Commission of India (CCI). Aviva International Holdings already has major operations in countries like Taiwan, Vietnam, Indonesia and Ireland, apart from India. The move was hinted by Aviva Europe and India CEO David McMillan in August when he said his company was looking at increasing its stake in the Indian JV.
25th November 2015
Limited Premium Term Plan launched by Aviva Life Insurance
Aviva Life Insurance has just announced a new life insurance plan, called Aviva Dhan Vriddhi Plus. This plan will be a traditional participating, limited premium paying plan. The plan will ensure the policyholder will receive a guaranteed lump sum equivalent to the premiums paid by him/her and include bonuses accrued ensuring their savings grow.
The CEO and MD of Aviva India said that they are looking to offer products to suit specific customer segments, and their research with customer has helped them align the Aviva Dhan Vriddhi Plus to the customers’ needs. The new product will increase the customer's options of providing for their children's education, financial security for the family or even a comfortable retirement.
24th September 2015