Aviva Life Insurance

Aviva Life Insurance Company – Overview

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.

Types of Aviva Life Insurance Plans

Aviva Life Insurance Company offers a wide range of life insurance plans –

1. Term Plans
2. Child Plans
3. Savings Plans
4. Retirement Plans
5. Group Plans

Aviva Term 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 –

• Policy Sum Assured
• 10 times the annualized premium (regular premium plans), 125% of Single Premium Plans
• 105% of the total premium paid as on the date of death
• Maturity Sum Assured equaling the sum of total premiums paid

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 –

• Sum Assured + Total Premiums Paid
• 10 times the annualized premium
• 105% of the total premiums paid as on the date of death
• Maturity Sum Assured equaling the sum of total premiums paid

Aviva Child Plan

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

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.

Benefits of Aviva Life Insurance Company

Buying an insurance life policy from Aviva Life Insurance Company has its own benefits that include:-

1. Every life insurance plan sold by Aviva India Life Insurance promises a comprehensive life cover that would not only take care of your loved ones’ basic financial needs but also ensure a secure future in the long run;
2. The claim settlement ratio (CSR) as per the last records obtained in 2018-19 is 96.06%, which hints that the company is efficient in settling the claims of customers.
3. The fact that insurance plans could be bought to create wealth was first hinted at by the company by bringing forth the concept of ULIPs, i.e., insurance plans whose growth equated the market movement, helps customers earn more as the markets grow.
4. Any kind of insurance plan involves tax benefits. The same holds true for insurance policies sold by Aviva Life Insurance Company. While the premiums paid towards the policy are eligible for deduction under Section 80C, the sum assured is free from any kind of tax liability under Section 10(10D) of the Income Tax Act 1961
5. Premium rates are remarkably low. The premiums of the term insurance plans by this company are lower than many of its competitors, thus explaining why customers prefer using the services of this company.

Awards Won by Aviva Life Insurance Company

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.

1. Most Trusted Private Life Insurance Brand of the Year, 2018;
2. Fulcrum Gold Award in the Best Banking and Financial Services category, 2018;
3. “Dream Companies to work for” Award, conducted by Economic Times Now and World HRD Congress;
4. CIO 100 Award.

Aviva Life Insurance Company Contact Details

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

FAQs

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:

1. Download the claim form from the company’s site and fill it
2. Keep necessary documents in hand and submit them if and when required
3. Submit all correct medical details and reports to claim rider benefits during hospitalization and consequent treatment
4. Register your claim details

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:

1. Airtel Money
2. Debit Card or Credit Card
3. ECS
4. NEFT
5. Cash/Cheque Payments

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.