Aviva Life Insurance Company is a 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 market by offering 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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyAnnuity plans are those plans which provide a steady stream of pension payments after retirement so that the policyholder can plan for his retirement needs.
Some of the common features of pension plan are discussed underneath:
Aviva Life Insurance Company is offering two types of retirement plans to its customers. Let us look at the types of plans available.
Is a traditional deferred annuity plan which aims to build a guaranteed corpus for retirement. The features and benefits are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
42 years |
60 years |
Maturity Age |
55 years |
78 years |
Policy Term |
13, 16 or 18 years |
|
Premium Paying Term |
Single Pay or 5 or 10 years |
|
Annual Premium amount |
Limited Pay - Rs.50, 000 Single Pay – Rs.1.5 lakhs |
Rs.5 crores |
Premium Paying Frequency |
Yearly, half-yearly or monthly or Single Pay |
It’s a traditional immediate annuity plan where annuity payments start immediately after the single premium. The features and benefits of the plan are:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
80 years |
Annual Annuity amount |
Rs.500 |
No limit |
Purchase Price |
Rs.25, 000 |
No limit |
Annuity Payout Frequency |
Yearly, half-yearly, quarterly or monthly |
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
An annuity plan is actually the exact opposite of a life insurance plan. In the case of a life insurance policy, the payments commence once the policyholder dies. But in an annuity plan, the payments stop after the death of the policyholder. Also, in a life insurance plan, the risk lies on the insurance company as they cover the life of the policyholder. However, in an annuity plan, the risk lies with the policyholder as he or she pays the purchase price without knowing whether or not they will survive till the time the annuity period begins.
The amount of annuity you need depends on a number of factors like your financial liabilities, goals, daily expenses, lifestyle, savings etc. You need to evaluate what your spending would be after you retire and then you will know how much annuity insurance to opt for.
My children are married and I have my own house and car. How much annuity do I need?
If the major financial liabilities, like your children’s marriages are already taken care of, you need not opt for a very large annuity. This is because you just need the financial assistance to pay your day to day bills, not to pay for a major event or an investment. If on the other hand, a person has a financial liability left, he may need a higher annuity.
Read Also: What is Annuity | Types of Annuity
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
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
You may also like to read National Pension Scheme Details
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