Aviva Life Traditional Plans

Aviva Life Insurance Company is a joint venture 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 insurance 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.

What are Traditional / Investment Plans?

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

Aviva Life Traditional / Investment Plans

Aviva Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Aviva Life and the features and benefits of each of them in details.

• Aviva DhanNirman –a traditional savings plan which participates in the company’s profits by way of earning bonuses. The features and benefits of the plan are as follows:
  • Survival benefits are paid post the completion of the premium paying term till the end of the tenure except on maturity equal to 150% of the annual premium
  • On maturity, the maturity Sum Assured is paid which is 5 to 8 times the annual premium depending on the plan tenure along with vested simple bonuses and any Terminal Bonus
  • In case of death of the insured during the tenure of the plan, the Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid or 105% of total premiums paid till the date of death or the maturity Sum Assured along with vested simple bonuses and any Terminal Bonus
  • Discounts are allowed if higher levels of Sum Assured is availed of Rs.5 lakhs and above
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Aviva DhanSamruddhi –a traditional money-back plan which provides guaranteed cash flows. The features and benefits of the plan are as follows:
  • Guaranteed additions as a percentage of the annualized premium are paid every year till maturity or death. The rate of addition is 7% - 9% depending on the plan tenure
  • 125% of the annual premium is paid as money back benefit after every 5 years except on maturity
  • On maturity, the Sum Assured including the guaranteed additions accrued less the money back benefits already paid are paid to the policyholder
  •  In case of death of the insured during the tenure of the plan, the Death Benefit is paid which is higher of the Sum Assured including guaranteed additions or 10 times the annual premium paid or 105% of total premiums paid till the date of death
  • Discounts are allowed if higher levels of Sum Assured is availed of Rs.5 lakhs and above
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Aviva Wealth Builder Plan –a traditional savings plan which doubles the aggregate premiums pain on maturity. The features and benefits of the plan are as follows:
  • On maturity, twice the aggregate premiums paid are returned
  • In case of death of the insured during the tenure of the plan, the Sum Assured is paid to the nominee
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Aviva Family New Income Builder Plan –a traditional savings plan that doubles the money. The features and benefits of the plan are as follows:
  • The premium payment tenure is fixed at 12 years and so is the plan term
  • Annual payouts which are 1.5 times the annual premium paid are paid every year after the end of the term till 12 years
  • After the completion of the payouts, 6 times the annual premium is paid as lump sum on the 24^th year as the last instalment
  • In case of death of the insured during the tenure of the plan, the Death Benefit is paid which is higher of the Sum Assured or 10 times the annual premium paid or 105% of total premiums paid till the date of death or the maturity Sum Assured
  • The death benefit will be paid over 12 years as 1.5 times the annual premium and on the 12^th year 6 times the annual premium will be paid
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Aviva DhanVriddhi + Plan –a traditional insurance plan where premiums are paid for a limited tenure and the plan participates in bonuses. The features and benefits of the plan are as follows:
  • On maturity of the plan, 100% of the premiums paid are returned along with accrued bonuses and any Terminal Bonus
  • In case of death of the insured during the tenure of the plan, the Death Sum Assured is paid which is higher of the Sum Assured or 10 times the annual premium paid or 105% of total premiums paid till the date of death or the maturity Sum Assured along with the vested reversionary bonuses and any Terminal Bonus
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Aviva Young Scholar Secure Plan – a traditional child insurance plan to protect the child’s future even in the absence of the parent. The plan has four variants depending on the amount of premium paid and the benefits payable depend on the plan variant chosen. For instance, for a premium of Rs.25, 000 the applicable variant is Silver, for Rs.50, 000 it is Gold, for Rs.1 lakh is Diamond and for levels above this the variant is Platinum.Various payouts are paid under the plan to take care of the child’s expenses. A Guaranteed Annual Payout called the Tuition Fee Support depending on the premium variant is paid out every year after the completion of the premium paying tenure and till the child reaches 17 years of age.A lump sum amount is given as College Admission Fund when the child reaches 18 years of age.
  
  Another lump sum amount called the Higher Education Reserve is paid when the child attains 21 years of age. In case of death of the insured during the tenure, the death Sum Assured will be paid which will be higher of 10 times the annual premium or maturity Sum Assured or 105% of all premiums paid till the date of death. Furthermore, the above mentioned benefits will accrue as and when they fall due.

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Aviva Life Term Insurance Plans- 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 for Aviva Life traditional plans?

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 for Aviva Life traditional plans?

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 Life traditional plans?

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

5. What is the policy cancellation process for Aviva Life traditional plans?

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.