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Life Insurance 5990 views July 21, 2019
Table of Contents
|Name||Aviva Life Insurance|
|Company Tagline||With you today, for a better tomorrow|
|Managing Director & CEO||Trevor Bull|
|Owner||Joint venture between Aviva plc. And Dabur Group India|
|Total No of Employees||3000+|
More than 15 years since the inception of Aviva India Life Insurance Company as the result of a joint collaboration between Dabur India and the UK-based insurance company Aviva Plc, this company has climbed to the ranks of being one of the foremost names in the life insurance sector. Currently, Aviva India Life Insurance Company is tied up with more than 40 banks and finance houses. The group operates through its large network of 107 branches spread across 3000 locations in India.
The company with the help of its vast chain of financial planning advisors numbering to more than 13,500 has served more than 33 million customers across 16 countries. The company’s bank-assurance facility available with almost every bank, be it rural or urban, adds to its growing progress and repute. Keeping their customers’ needs in mind, the company has always managed to customize its life insurance products and was the first to introduce the concept of Unit Linked Insurance Plans (ULIPs) and unitised with-profits policies.
The focus of Aviva Life Insurance Company has always been its customers. This explains its high claim settlement ratio that is nearly 96.06%. for FY 2018-19. Voiced the most trusted brand by its customers in 2018, this company with its range of policies has managed to woo its customers and ensure that they have access to the best available benefits as per their needs. Additionally, its comparatively new range of micro-insurance plans cater to the growing needs of the rural population and young Indians, aged 18-22 years, looking for low-cost life insurance plans that promise them an adequate cover at the fraction of the premium costs corresponding to traditional policies.
Aviva Life Insurance Company offers a wide range of life insurance plans –
Aviva offers term insurance plans namely Aviva Jan Suraksha and Aviva Lifeshield Advantage. These plans are basically protection variants where the nominees get the sum assured should policyholders die during the policy term. Let’s check out these two plans one after another.
Aviva Jan Suraksha – It offers life cover for a premium as low as INR 25,000. The life cover doubles in case of accidental death. You have both single and regular pay premium options. You can choose from different premium payment frequencies – Single, Monthly, Quarterly, Half-yearly or Annually. Anyone aged between 18 and 45 years can buy the policy, which can run for 5 or 10 years. The maximum age allowed for policyholders till maturity is 50 or 55 years.
Aviva Lifeshield Advantage – The plan, which comes in two options, offers life cover up to the age of 65 years. The options are Life Protection Death Benefit and Permanent Total Disability. It comes with a ‘Return of Premium’ feature that returns you all the premiums paid should you outlive the policy term. The minimum sum assured of the plan remains INR 35 lakh, while there is no maximum limit. In case you choose the permanent disability cover option, the maximum sum assured will be INR 50 lakh. The policy term ranges from 10 to 30 years.
Option A (Life Protection Death Benefit) – Upon death during the policy term, nominees/beneficiaries will receive the highest of the following –
Option B – Life cum Disability Protection along with Return of Premium – In the case of death or permanent total disability due to an accident, whichever happens before during the policy term, the death sum assured will get paid and the policy will terminate. The death sum assured remains the highest of the following –
Aviva offers a child plan – Aviva Young Scholar Secure – a traditional life insurance plan that helps meet various milestones of your children’s education. The future premium gets waived on the death of the insured parent. The plan comes with four variants with premiums ranging from INR 33,000 to INR 10 lakh per annum.
Aviva Savings Plans are categorized into ULIP and guaranteed plans. Within Unit-linked Insurance Plans (ULIPs), Aviva Affluence and Aviva i-Growth come as two options for you. Aviva Affluence offers you as many as 7 funds to choose from according to your risk appetite. You can choose an investment horizon of 15-30 years along with life cover. Aviva i-Growth allows you to choose an investment horizon of 10/15/20 years as well as provide a life cover. Choose the investment fund weighing in your risk appetite.
If we talk about Guaranteed Plans, Aviva offers these variants – Aviva Income Suraksha, Aviva New Wealth Builder, Aviva New Family Income Builder and Aviva Dhan Samrudhi, POS Aviva Dhan Suraksha and Aviva Guaranteed Income Plan.
Buying an insurance life policy from Aviva Life Insurance Company has its own benefits that include:-
Awards and accolades always have a pleasing effect. Greater the combined effort put in by an entire team, more is the joy of being recognized by stakeholders and consumers. Enumerated below are some awards that remind Aviva’s employees of the journey they have had with this company.
Aviva Life Insurance Company Limited CIN: U66010DL2000PLC107880
Registered Office: Aviva Life Insurance Company Limited, 2nd Floor, Prakashdeep Building, 7 Tolstoy Marg, New Delhi, 110030, Delhi, India
Corporate Office: Aviva Life Insurance Company Limited, Aviva Tower, Sector Road, Opposite Golf Course, DLF Phase-V, Sector-43, Gurgaon- 122003 Haryana, India
Toll-free Customer Service Number: 1800 103 776
Office Number: 0124-2709000; 0124-2709046
How to file a claim with Aviva Life Insurance?
Claim settlement is now a simple process, thanks to the necessary steps designed and executed by Aviva for their customers’ benefit. Customers can now seek the claim both online and offline using the following steps:
What are the premium payment modes for Aviva Life Insurance policies?
It is important that premiums are paid regularly. However, one may choose to pay online or offline depending on needs and suitability. However, customers may choose any one of the following methods to pay premiums. These include:
How should I apply for policy renewal?
Aviva allows its customers the advantage of policy renewability. However, many customers continue to be ignorant about the process involved in policy portability. The portability involves the following steps –
Step 1: Login to the company’s site using Login Id and Password;
Step 2: Choose the policy that you wish to be renewed. Go to the “Pay Renewal Premium” tab and click on it
Step 3: Choose your payment option (NEFT or through Card Payment)
Step 4: Validate and confirm your payment details
Step 5: Take out the payment receipt
How do I decide the amount of life cover that I need?
Before you choose the amount of life cover, you should ensure that you choose an amount adequate to your needs. A lot depends on the responsibilities you bear, the number of dependents, the extent of their dependence, financial liabilities like loans taken, the value and state of liquidity of your current assets, etc. However, one basic rule of thumb rule says that the amount of life cover you must opt for must be equal to at least 10 times your yearly salary. This means that if you are earning an annual package of INR 8 lakhs, ensure that you buy a life insurance policy that promises minimum death benefits amounting to INR 80 lakhs.
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