Aviva Life Insurance

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Claim Settlement Ratio - 84.01%*
*Data according to IRDA Annual Report (2013-14)

Aviva Life Insurance Company is formed between Dabur Invest Corp and Aviva Group. Dabur Invest Corp is one of India’s oldest and most respected business houses producing traditional healthcare products since time immemorial. Aviva Group is a UK based insurance group serving 31 million customers across 16 countries. Together Aviva Life Insurance has become a key player in the sector quality products and efficient service. The company boasts of being among the first companies to introduce modern unit-linked and unitized with-profit plans. The company leads the market in protection and child plans with world-class products and a strong sales force.

Insurance Plans

Aviva Life Insurance offers a wide variety of plans to the customers. These plans cater to all the basic needs and necessities of the customers at a very competitive rate of interest. They take care of all the basic necessities of the customers by insuring them against all sorts of risks through a wide variety of plans to choose from. The types of plans offered by Aviva Life Insurance are as follows:

Plans for Individuals

Aviva Life Insurance offers a wide range of life insurance plans that cater to the needs of the individual customers. Through these plans, the insurer insures himself and his family against financial constraints. The different types of insurance plans offered to individuals are as follows:

Health Insurance Plans

Health Insurance plan offered by Aviva Life Insurance makes it a point to secure both the policy-holder and his family against any sort of financial constraints that might arise due to medical emergencies. The type of Health Insurance plan offered by Aviva Life Insurance is:

Aviva Health Secure

 This type of health insurance plan is an online insurance plan that assures a lump sum payment on the diagnosis. The plan has some notable features like:

  • Online insurance plan
  • Lump sum amount payable on diagnosis
  • Covers 12 critical illnesses.
  • Minimum payable premium is Rs. 2,000.
  • Minimum and maximum age ranges from 18 years to 55 years.
  • The insurer must survive 30 days after the diagnosis of the critical illness.
  • Critical illness involves first heart attack and stroke that leads to permanent symptoms.

Savings Plan

 Aviva Life Insurance offers a wide range of insurance plans that suits aptly to the modern way of living. They offer both benefits of death and several assured incomes. The types of savings plans are:

  • Aviva DhanNirman- This is a life insurance plan that offers assured income and also payable bonuses on maturity of the plan. This plan involves 4 policy term options and service tax is applicable as per tax law.
  • Aviva DhanSamriddhi- This plan takes care of small-term as well as long term needs of the customers by assuring cash back facility every 5 years and also on maturity. Assured annual bonuses up to 9% of the annual premium is offered and service tax is payable as per the tax law.
  • Aviva iGrowth- This is an online life insurance plan that offers coverage for life and also has an additional increased savings scheme that can be used in difficult times. This plan involves 3 fund options and 3 policy terms and tax benefits can be availed on all the premiums paid.
  • Aviva Life Bond Advantage- This plan makes sure that the policy-holder gets a lump sum that can be used as an investment. It is a single premium unit linked plan with partial with-drawl facility after 5 years.
  • Aviva Live Smart- This is a unit linked insurance plan that offers a wide variety of investment options to the customers so that they have the freedom to choose whatever plan they like with the premium amount. It also offers 7 fund options and free of cost partial with-drawl facility after 5 years.
  • Aviva Family New Income Builder- This plan makes it a point that the insurer pays premium for the first 12 years and get double of that amount in the next 12 years. In case of death of the policy-holder, instant payout is guaranteed and tax benefits can be availed on the payable premiums.
  • Aviva Wealth Builder- This plan insures that the policy-holder gets double the amount paid by him in the form of lump sum at the time of maturity of the policy. It involves 3 policy term options and tax benefits are also available.
  • Aviva DhanVriddhi plus- This plan helps the policy holder save systematically. This plan returns the premiums left as well as offers bonuses at the time of maturity. It involves 3 payment term options and service time is applicable.

Retirement Plan

Retirement Plans are also called Pension Plans. It assures the policy-holder a guaranteed income of the money assured till the insurer retires. It helps the policy-holder to live a tension-free life even after their retirement. The retirement plan offered by Aviva Life Insurance are as follows:

  • Aviva Next Innings Pension Plans- This plan offers assures a huge lump sum of money at the time of maturity and also assured regular income after the retirement of the policy-holder. It guarantees lump sum of 210% on the premiums paid and protects the family of the deceased insurer.
  • Aviva Annuity Plus- This plan assures guaranteed monthly income for the insurer post his retirement. This plan offers 5 annuity options that can be chosen by the insurer depending on his needs and requirements. In case of death it guarantees instant guaranteed payouts and tax benefits can also be availed as per the tax law.
  • Aviva New Family Income Builder- This plan makes sure that the insurer pays the premium for the first 12 years and gets back double that amount in the next 12 years. It has 7 annuity options and the amount of annuity payable is assured for the policy life.

Child Plan

 These plans take into account that all the basic needs of the children of the insurer are taken care of. These needs may include education and other related needs.

  • Aviva Young Scholar Advantage- this plan is a life insurance plan that covers the child against life risk and also makes sure that his education is properly funded throughout. It offers a lump sum amount paid at the time of death of the parent and future premiums also gets waivered. With-drawl of money facility is also offered.
  • Aviva Young Scholar Secure- This makes assures that all the important milestones of  a child’s career are well taken care of. It offers assured money back guarantee and waiver of future premiums at the time of the parents’ death. Tax benefits on all the paid premiums can also be availed as per the tax law.
  • Aviva New Family Income Builder- This plan makes sure that the insurer pays the premium for the first 12 years and gets back double that amount in the next 12 years. It has 7 annuity options and the amount of annuity payable is assured for the policy life.

Rural Plan

 Rural plans are special types of cost-effective plans that are uniquely designed to suit the life insurance needs of people living in the rural areas. The plan under Rural plan is as follows:

  • Aviva CSC BimaLaabhYojana- This plan assures that the family of the deceased gets instant sum assured paid to them. It provides protection to the policy-holder and also involves only a single payable premium. It also offers 2 policy term options.
  • Aviva Jana Suraksha- This is a low cost insurance plan that takes care of the insurance needs of the people in the rural areas. It insures guaranteed payment in the form of lump sum at the time of death during the term of the insurance.
  • Aviva NayiGrameen Suraksha- This plan assures that the family of the deceased gets instant sum assured paid to them. It provides protection to the policy-holder and also involves only a single payable premium. It also offers 2 policy term options.
  • Aviva Sampoorna Suraksha- This plan assures that the family of the deceased gets instant sum assured paid to them. It provides assured benefit at the time of maturity and the premium amount is as low as Rs. 750.

Protection Plans

 Aviva Life Insurance offers many protection plans that protect the policy-holder against all risks that might arise due to miss-happenings. Protection plans come in different types which are -

  • Aviva Extra Cover- This plan is a combination of both i-Life plans and also Health Secure Plans that offers benefits like death, critical illness, maturity etc.
  • Aviva LifeShield Plus- It is a type of a comprehensive protection plan that offers minimum sum assured at Rs. 10 lacs.
  • Aviva LifeShield Advantage- - it helps the family of the deceased by waiving off the future premiums. It also protects the family if the insurer dies.
  • Aviva LifeShield Platinum- this plan is a versatile life insurance plan that is nominally charged and offers life cover, income and loan protection.
  • Aviva i-Life- This plan guarantees high sum assured and several other bonuses at the time of maturity.
  • Aviva i-Shield- It is a type of term assurance plan that helps the family of the deceased by waiving off the future premiums. It also protects the family if the insurer dies.

Group Insurance Plans

Group Insurance plans are special insurance plans that cover a group of people like the employees working in a company or the members of an association. Plan variants in the Group Insurance type are given below:

Term insurance Plans

Term insurance is also commonly known as Term Plans or Pure Risk plans. They provide financial security to the family of the deceased person in the form of lump sum money assured in order to cover all the financial needs and requirement. If due to any uncertain event, the policy-holder dies, a big sum of assured money is offered to the nominee like wife, mother, father or children of the policy holder. The premiums of term plans are comparatively lower among all the various types of life insurance plans. The different types of offered term insurance plans are as follows:

  • Aviva Corporate Life Plus- This plan offers a cover for life to the employees. It also includes an added cover benefit of death due to an accident or permanent disability of the employees. It offers protection with minimal medical formalities.
  • Aviva Corporate Shield Plus- This is a type of a term plan that is designed primarily for corporate. It offers protection with minimal medical formalities. It also offers compensation for the financial losses to the nominee.

Gratuity/Leave Encashment Plans

The death benefit option is given to the insurer with more than one investment options. This plan is a market linked plan that offers the employees the benefit of leave encashment. Various plans in the category include:

  • Aviva Group Gratuity Advantage- This plan assures that the nominee gets a lump sum amount at the time of the death of the insurer. It also offers tax benefits to the employers and also protects the employees against the risk of death.
  • Aviva New Group Leave Encashment Plan- This plan offers a lump sum amount to meet leave encashment needs of the employees. In case of death. It provides life insurance cover of Rs. 1,000.
  • Aviva New Traditional Employee Benefit Plan- This plan is a fund based program for corporate. This plan also offers benefits of leave encashment by the members who are still serving and that depends on the rules of the schemes.

Rural/Credit Protection Plans

This plan provides protection on the credit of the customers residing in the rural areas. The various types of rural plans are as follows:

  • Credit Suraksha- It is a comprehensive scheme that provides people of unorganized group against any financial constraints. It also offers coverage of risk and optional life cover to the spouse.
  • CreditPlus- This plan is designed for micro institutions that offer financial helps to individuals in the rural areas. It lessens financial losses at the time of the death of the employee by offering them financial security.

Aviva Group Life Protect

 It is a type of Life Insurance plan that requires a single payable premium and offers life cover. It is a group term life insurance plan for banks, institutions etc. 

 

Aviva Life Insurance - FAQs

1. How to pay premium? What are the modes of payment available?

For receiving continuity of your benefits, it is critical to pay premiums on time. You can pay your AVIVA Life Insurance premium through these 7 methods:

  • Airtel money
  • Auto Debit card or Credit card
  • HDFC/SBI/AXIS Bank debit card
  • ECS SYSTEM
  • NEFT
  • Cash/Cheque Payments
  • Change Payment Mode

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your online bank account or debit/ credit card to make the payment

Step 3: Authenticate and confirm your payment details and receive online confirmation


2. How can I check policy status?

As a registered user, you must log into the e-portal with your Client ID and password to check the policy status.

Alternatively, you can check the status via the SMS facility, provided you are a registered user.

SMS POLSTAT <Policy no> to 9880102266

Example: POLSTAT AILXXXXXXX

Note: Please do not use any brackets or special characters (<>,( ),**) with the keyword or Policy number.

Want to get policy details without login, avail AVIVA Insta Access ™ feature. To know more contact toll free 1-800-703-7766.


3. What is the policy renewal process?

Online Policy Renewal facility is available to all Aviva customers. The process is as follows;

Step 1: Login into e-portal with your Client ID and password.

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- NEFT, Credit Card/Debit Card

Step 4: Authenticate and confirm your payment details and print out the payment receipt


4. What is the company’s process to settle claim?

For Aviva Health Plus policyholders, Cashless facility is permitted in case of for surgery or hospitalization. For others the process is as follows;

Step 1: Complete the claim form

As per your policy T&C and options, you need to duly fill the forms for claims against riders, hospital cash benefit, death benefit, gratuity and group term insurance.

Step 2: Arrange for correct documents

Based on the claims made, you need to attach the correct supporting documents. You can submit the documents in original or photocopies attested by a Gazetted officer or Magistrate.

Step 3: Arrange for medical reports for medical related claims

In case of hospitalization or surgery; produce the relevant medical reports and bills, issued by the attending physician, who is qualified to issue such a report.

Upon completion of the above-stated documentation, submit them to your nearest AVIVA branch office. Alternatively, you can send the documents to us by post:

Our Address:

Claims Department

Aviva Life Insurance Company India Limited

Aviva Towers, Sector 43,

Opposite DLF Golf Course,

Sector 43,

Gurgaon 122003

For more information, please call Customer Services Helpline at 1800-103-7766.


5. What is the policy cancellation process?

The Aviva Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their units will be calculates at the current market rates, if documents are submitted before 3:00 PM, else the next day’s market rates will be used to calculate unit price.

Aviva Life Insurance - Latest News

Aviva launches a ULIP for HNIs named Aviva Affluence

Aviva Life Insurance Company has launched a new Unit-Linked Insurance Plan for HNIs. The plan has been named as Aviva Affluence. The product has been introduced keeping the high net-worth individuals in mind. The plan allows the customers to select their premium payment terms from various options ranging between 5 years to 30 years. The policy can be used for building a corpus or planning systematic withdrawals as per their financial needs. The customers can also stay invested in order to accomplish long-term goals, like maintaining funds for child’s marriage and education, building wealth, planning for retirement or maintaining funds for spouse under MWPA.

Trevor Bull, MD and CEO of Aviva India stated that Aviva India as a company aims at building strong and long-term relations with its customers by providing insurance solutions designed according to their financial goals and lifestyle. He also stated that Aviva Affluence is a total customer proposition designed for a particular set of audience aiming at multiplying their wealth.

Prashant Sharma to be the new Chief Investment Officer of Aviva India

Aviva Life Insurance Company declared the selection of Prashant Sharma as the new CIO of the company on the 16th March, 2016. The new Chief Investment Officer, Prashant Sharma has an experience of more than 15 years in the field of fund management. Sharma also holds in-depth knowledge about the insurance industry and the market.

Before being appointed by Aviva Life Insurance Company, Prashant was playing a dual role of Head of Equity and Chief Investment Officer at Max Life Insurance Company since last few years. He joined Max Life Insurance Company as a part of the team of founder members in the year 2001.

MD & CEO of Aviva India, Mr. Trevor Bull, on Sharma’s appointment said expressed his delight to have Prashant working with Aviva. He also expressed that Prashant’s cosmic experience in the industry of insurance and fund management will be of great benefit to the company.

Aviva Life Insurance Reveals Results of “Early Starters” Initiative Survey

Aviva Life Insurance, a leading private player in the Indian Insurance landscape, has revealed the results of a survey it carried out as part of the company’s “Early Starters” initiative. As part of the study, over 11,300 parents from key Indian cities of Chennia, Hyderabad, New Delhi, Kolkata, Bangalore, Pune and Mumbai were surveyed. The key finding was that, on an average only 24% of the respondents claimed that they were financially preparing to support their children’s career aspirations with Hyderabad leading the pack at 38%. This is indicative of the fact that, a vast majority of the Indian populace dream big but is as of yet unprepared to make some dreams a reality. Another key finding from this study made by Aviva Life Insurance points to the fact that corporate sector employees showed greater inclination towards financially planning for their children’s future followed by Government employees and self employed.

FIDP Rejected Aviva India (insurance) FDI Proposal

January 19 ,2016 : Foreign Investment Promotion Board of India has deferred foreign direct investment proposal of Aviva life insurance Co India (insurance). Earlier on December 29, 2015 FIPB has decided to take up nine foreign investment proposals, including those of the Aviva Life insurance company and HDFC life insurance. However, FIPB has called a meeting of the cabinet to take decision on a 1705 crore investment proposal in which transfer of HDFC shares to UK-based joint venture partner standard life will occur. If FDI give green signal to HDFC then foreign shareholding in HDFC life insurance will increase from 26 to 45 percent. Foreign Investment Promotion Board of India has also rejected FDI Proposal for three more companies named Quantum Simulators (defence), Sharekhan Limited (NBFC) and Tata Sikorsky Aerospace (defence). In 2015, the foreign direct investment proposal of Aviva Life insurance was deferred due to lack of information.

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