Aviva Life Insurance

4 / 5 based on 96 User Reviews
Claim Settlement Ratio - 84.01%*
*Data according to IRDA Annual Report (2014-15)

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.

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.

Aviva Plc snaps up additional stake in Aviva Life Insurance

Aviva Plc has purchased extra 23% stake in its joint venture Aviva Life Insurance. The shares were purchased from its JV partner Dabur Invest Corp. Aviva has paid Rs. 940 Crore to Dabur for the transaction. This deal was an FDI (Foreign Direct Investment) proposal accepted by the Indian government on 7th March, 2016. Post this acquisition, the stake of Aviva Plc has risen to 49% in the JV. Also, the transaction has valued Aviva Life Insurance Company at an approximate value of Rs. 4,087 Crore.

The Amendment Act passed in the year 2015 has now allowed FDIs or Foreign Direct Investment ranging up to 49% in insurance sector of India. This rate, before 2015, was fixed at only 26% in the Indian insurance companies. This contract is anticipated to create neutral impact on the Aviva Life Insurance Company’s IFRS Net Assets. According to a press release from Aviva Life, in the year 2015, Aviva contributed over $52.96 million (36 million pounds) towards the company’s IFRS net assets and over 4 million pounds towards Aviva's profits.

Aviva Life Insurance announces the appointment of its new Chief Operations Officer for IT, C Shankar

Aviva Life Insurance Company on 10th May, 2016 appointed C Shankar as Chief Operations Officer for IT and Customer Services Department. Mr. C Shankar will be working from the head office of Aviva Life Insurance based out of Gurgaon.

On the occasion of appointment, the MD and CEO of Aviva India, Mr. Trevor Bull said that the company is happy and excited to Shankar appointed with them. He also said that Shankar’s experience and understanding about the operations in multinational companies, in addition to his capability to head varied team structures might prove to be of a great value to the company. He also expressed his belief in Shankar and that he would significantly contribute towards the continuous endeavors of Aviva India for creating positive customer results and also play a chief role in strengthening the company’s future while in the process.

Shankar on his appointment expressed his delight on being a part of Aviva India and the insurance industry post devoting 23 years of his career to the banking sector. He stated that he would like to utilize his learning from banking sector to take the customer’s experience to another level.

Reviews for Aviva Life Insurance

TOTAL REVIEWS (96)
Yamini
Deoli
July 15, 2016

ULIP Plan

The ulip plan which i buy from aviva life insurance is fantastic and it has low investment. Service is on time and well behaviour of the staff is very nice. Policy coverage is good and claims are easy to sanctioned. Hassle free documentations and easy renewals of the policy through online portals.

Poonam
Meerut
July 15, 2016

Coverage Is Good

The term insurance plan which i purchase from aviva life insurance is fantastic. Policy coverage is maximum and claims are easy to get because of quick service provided by team members of the company. Premium is low, hassle free documentation because of online portal service.

Rajesh
Howrah
July 15, 2016

Pension Plan

I have pension plan which i purchase from aviva life insurance. Policy premium is less but the returns are high. Policy coverage is good and investments are less. Service is fabulous facilitate by the executives and the staff members of the company.

Arun
Bhagalpur
July 15, 2016

High Coverage

The aviva life insurance provides me child insurance plan which has less premiums and the claims are easy to get because of service provided by the staff of the company is quick. Policy coverage is high. Easy accessible online portal and it gives the information regarding the policy.

Bindu
Garu
July 04, 2016

Manageable Plan

Ulip insurance plan i have which is manageable insurance policy. Premium is less and the coverage is normal. Service is good facilitate by the executives and staff members of the company. Web service is easy to use and all can operate it easily.

Nirbhaye
Nagpur
July 04, 2016

Term Insurance Plan

My term insurance plan is fantastic with good returns. Premium is low and paybacks are high. Policy coverage is 87% and claims are easily cleared by the service given by staff members. Updates are mailed on my email address and web service service is simple to access.

Aman
Kanpur
July 04, 2016

Perfect

The insurance plan i have is pension plan which is very beneficial. Premium is less but the paybacks are high. Claims are easy to sanctioned because of quick service of staff members of your company. Future security is here in low investment which has full security.

Suadhinta
Jalgaon
July 04, 2016

Child Plan

I have a child insurance plan. Policy coverage is good, claiming is easy and very simple to sanctioned the amount. Hassle free documentations and updates are mailed through internet service. This plan is giving me full satisfaction for my child's future.

Gautam
Agartala
June 27, 2016

Good

I purchase ulip plan in very low investment which has many benefits. The policy coverage is high and claims are easy to sanctioned because of the fast service provided by the company members. The internet service is also good and policy can be renew on it or payment and transactions done without any delay with full security.

Abhishek
Chunaar
June 27, 2016

Above Average

I have traditional plan which is very beneficial. The premium is low and the claims are even better. Service is fast and on time which provided by the company members. Updates regarding policy is mailed to me regularly on my email id. Good plan which reduces my taxes.

Tarun
Panipat
June 27, 2016

Good

I have term insurance plan which is very good. The premium is low and claims are high. Policy coverage is high and claiming part is easy due to fast service facilitate by the members of the company. Internet service is good and policy can be renewed on it. Updates are mailed to me regularly.

Gaurav
Jorhat
June 27, 2016

Good

My pension plan is good and premium is low. Good future investment which reduces taxes. Service provided by staff of the company is good. Policy coverage is high and claims is easily sanctioned due to fast and on time service. Hassle free documentations and easy renewal.

Prashant
Almora
June 27, 2016

Nice

I bought child insurance plan in low premium. The service is good and claiming get easy due to this. The policy coverage is high and investment is low. The tax is saved in premiums and returns. My child's future is secure and now I'm tension free for my child. The updates are also mailed.

Lokesh
Ahmedabad
May 12, 2016

Not bad

The aviva life traditional plan i have is below average. The premium is good and the returns are less. The services are bit slow and the waiting is compulsory. Web services are better. Good future investment which save my taxes too. Please improve the services. The update are send to me alternatively.

Nisha
Pune
March 22, 2016

I Like It

From Aviva life insurance i have taken a ulip policy plan for the tenure of 37 years in which we get lumps um amount after the maturity. Policy coverage is 80% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.

Yashu
Jhansi
March 22, 2016

Okay Policy Plan

This is a basic ulip plan with low premiums. There process was well organized and daily updates are mailed to me. The entire process took two weeks before the policy was rolled out. Apart from being competitively priced Aviva life insurance has decent claim settlement ratio. Nice work.

Astha
Chennai
March 22, 2016

Best Policy Ever

The policy i buy from aviva life insurance is ulip policy plan. The policy coverage is high 95% and the claims are good. The premiums are low ~90 K per year till policy end. The payback amount is high around 70 L after the policy ends. Service is good and the behaviour of the executives and staff members are nice.

Joyti
Greater_noida
March 22, 2016

Nice Benefits

I have the life insurance ulip policy plan with the Aviva life insurance and with them from the last three years. Premium is around 60 K Twice per year which am paying. Death coverage will be around 40 L. Services are fast and the executives and the staff members are providing fast services and always on time. Good job guys.

Bhupesh
Firozabad
March 22, 2016

slow service issue

One of the most convenient insurance policies provider is the aviva life ulip policy plan so our investments will be safe. As for as I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is not fast and never on time.

Harish
Jodhpur
March 22, 2016

Good Experience

Policy premiums are low and the claims are high. Aviva life ulip policy plan respond the people promptly and smoothly. One of my friends introduced this company for insurance. Getting reminders promptly and sum assured is double. Accidental and risk coverage is there.

Saajid
Zahirabad
March 22, 2016

Manageable And Satisfied

I have less idea about the life insurance policies of aviva life ulip policy plan because I never gone through buying insurances. Premium for my plan is 27 K thrice per year and at the time of maturity the sum assured might be 60-90 L. They have daily update so i get numbers of mails from them.

Sanjay
Dwarka
March 22, 2016

Less Returns

The aviva life ulip plan policy i have provide less returns. The policy coverage is okay 75% and the claims are normal. Services are even good but just the payback amount is not good enough as comparing to the premiums.

Sumeet
Bilaspur
March 22, 2016

Totally Safe

I have ulip policy plan which i bought from aviva life insurance. The policy is totally beneficial because of its positive outcomes like the policy coverage is high and the claims are easily cleared. Services provided by the executives are fantastic. Best policy.

Karan
Jammu
March 22, 2016

Policy coverage is good

The insurer provide me good policy coverage with low premiums. The aviva life ulip plan i have which have 98% coverage and the claims are ~50 L minimum. The investment is 90 K per year with extra benefit that is it includes the inbuilt accidental death benefit. Good Job.

Dhanush
Marigaon
March 22, 2016

"Damn Good"

My ulip policy plan is great because one thing is i bought from aviva life insurance and the other thing is premiums are low. The policy coverage is high 93% and the claims are easily sanctioned without any delay. Services given by staff members are good.