Benefits of Aviva Term Life Insurance Plans

Here are the ways in which buying Aviva life term insurance can benefit you:

• Financial Security for Family: Aviva Term Life Insurance Plans provide a guaranteed lump-sum payout to your nominee in the event of your untimely demise, helping your family maintain their lifestyle and meet financial obligations.

• Affordable Premiums: These plans offer high coverage at competitive premiums, making it easier for individuals to secure their family’s financial future without straining their budget.

• Flexible Coverage Options: Policyholders can choose between level or increasing sum assured options, allowing them to align coverage with their current and future financial needs.

• Customizable with Riders: The plans can be enhanced with optional riders such as accidental death benefit, critical illness cover, or waiver of premium, providing additional protection against unforeseen risks.

• Tax Benefits: Premiums paid for these plans are eligible for deductions under Section 80C, and the death benefit received by the nominee is generally exempt from tax under Section 10(10D), offering additional financial advantages.

Features of Aviva Term Insurance Plans

Following are the key features of an Aviva term life insurance plans:

• Pure Protection: These plans are focused on providing life cover and do not mix in savings or investment components, ensuring that your family is financially protected.

• Flexible Policy Terms: Policyholders can select coverage durations that suit their specific financial goals, whether they need short-term or long-term protection.

• High Sum Assured: The plans allow policyholders to choose a sum assured that is sufficient to cover their family’s present and future financial obligations.

• Riders for Added Protection: Optional term insurance riders are available to cover additional risks such as accidental death, critical illnesses, or waiver of premium, enhancing the overall protection.

• Renewal and Conversion Options: Some plans offer the ability to renew or convert the policy to a longer-term or whole life policy without requiring a new medical examination, providing flexibility as financial needs evolve.

Aviva Life Term Insurance Plans Offered by the Company

Aviva Term Life Insurance Company offers the following types of term plans, which have attractive features and benefits.

Aviva Signature 3D Term Plan - Platinum

It is a comprehensive protection plan that provides financial security to your family with flexible coverage options. The plan allows you to choose between flat or reducing sum assured and offers multiple riders for enhanced protection.

• Two plan variants to suit different coverage needs

• Option to select between flat and reducing sum assured

• Riders available for Accidental Casualty, Critical Illness, and Cancer Cardio

• Life cover available up to 80 years of age

Entry Age: 18 years

Maturity Age: 80 years

Aviva Signature 3D Term Plan

It is a flexible term insurance plan that offers both financial protection and wealth creation benefits. The plan provides coverage for death, critical illness, and terminal illness, along with options for premium waiver and return of premiums.

• Waiver of premiums on diagnosis of critical or terminal illness

• Up to ₹1 crore life cover upon diagnosis of terminal illness

• Option to receive payout on first diagnosis of critical illness

• Return of Premium option available on survival till maturity

Entry Age: 18 years

Maturity Age: 80 years

Aviva Saral Jeevan Bima Plan

It is a straightforward and affordable term insurance plan designed to provide essential life coverage to your loved ones. The plan allows flexible choices for sum assured, policy term, and premium payment options.

• Choose sum assured between ₹5 lakhs and ₹25 lakhs

• Policy term options ranging from 5 to 40 years

• Flexible premium payment options: Single, Limited (5 or 10 years), or Regular pay

• Premium payment frequency can be Monthly, Half-Yearly, or Yearly

Entry Age: 18 years

Maturity Age: 70 years

How to Select the Right Duration for Your Aviva Term Insurance?

Choosing the right policy duration is essential to ensure your Aviva Term Life Insurance Plan provides protection throughout your key financial years. The duration should align with your life goals, family responsibilities, and financial milestones. Here are some factors to consider:

• Cover Your Financial Responsibilities: Select Aviva term insurance that lasts until your major financial obligations are fulfilled, such as your child’s education, marriage, home loan, or any long-term debt. This ensures your family can meet these commitments even in your absence.

• Until Your Children Are Independent: If you have young children, it’s wise to keep your policy active until they become financially independent, usually between ages 22 and 25. For instance, if your youngest child is 3, opting for a 20- or 25-year term plan can be a practical choice.

• Until Retirement Age: Many individuals prefer coverage until retirement, typically up to age 60 or 65, when they expect to have built sufficient savings or assets to support their family.

• If You’re Young and Just Starting Out: Buying a long-term plan (20–30 years) early in life allows you to lock in low premiums while you are young and healthy, ensuring affordable long-term protection.

How to Choose the Right Aviva Term Insurance Plan?

Selecting the right Aviva Term Insurance Plan requires careful planning and comparison to ensure it aligns with your family’s financial goals. Here’s a step-by-step approach to help you make the right choice:

• Assess Your Needs: Start by estimating how much coverage your family would require in your absence. Consider your existing financial obligations, such as outstanding loans, future goals like your child’s education or marriage, and daily household expenses to determine the right sum assured.

• Compare Plans: Explore different Aviva term plans and compare their features, premiums, claim settlement ratios, and available add-ons. Choosing a plan with a high claim settlement ratio and flexible premium options ensures both reliability and convenience.

• Choose a Trusted Insurer: Opt for a reputed insurer known for customer-centric services, transparent claim procedures, and consistent financial performance. This builds long-term trust and security for your loved ones.

• Customize Your Plan: Tailor your policy by selecting an appropriate sum assured, policy term, and premium payment frequency. You can enhance your coverage by adding riders such as critical illness, accidental death, or waiver of premium. Always review the policy’s exclusions and conditions before finalizing.

• Fill in Accurate Details: When applying, provide complete and truthful information about your personal, health, and financial background. Insurers may also request medical tests depending on your profile. Accuracy at this stage helps avoid claim-related complications later.

• Make the Payment and Review Documents: Complete the premium payment using your preferred method, online or offline, and review your policy documents once issued. Store them securely and inform your nominee about the policy details for easy future access.

Who Should Buy Aviva Term Insurance Plans?

The following individuals should buy Aviva Term Life Insurance Plans:

• Working Professionals 

• Self-Employed Individuals and Business Owners

• Newly Married Couples

• Parents with Dependents.

• Home Loan Borrowers

Eligibility Criteria for Aviva Term Insurance Plans

The eligibility conditions for Aviva term insurance plans may vary by the selected variant. However, the general eligibility range across most plans is as follows:

How to Buy Aviva Term Life Insurance Plan from Policybazaar?

Here is how you can buy Aviva term insurance plan online from Policybazaar:

Step 1: Visit the term insurance page of Policybazaar

Step 2: Fill in your name, gender, date of birth, and other required information

Step 3: Select the right smoking habit, occupation type, educational qualifications, and annual income

Step 4: Choose the best Aviva term insurance plan from the list of available plans and proceed to pay

Documents Required to Buy Aviva Term Insurance Plans

You can buy Aviva Term Life Insurance plans with the following documents:

Factors to Keep in Mind Before Buying Aviva Term Life Insurance Plans

You need to consider the following factors before buying Aviva term life insurance plans:

• Claim Settlement Ratio: Always check the insurer’s claim settlement ratio, as a higher ratio indicates a better likelihood of smooth and timely claim processing for your nominee.

• Coverage Amount (Sum Assured): Choose a sum assured that adequately covers your family’s current and future financial needs, including daily expenses, loans, and long-term goals.

• Policy Term: Select a policy term that aligns with your financial responsibilities and the period during which your family would need support.

• Premium Affordability: Ensure that the premium fits within your budget, both at the time of purchase and for future payments, especially if you plan to continue coverage for a long term.

• Rider Options: Consider optional riders like accidental death benefit, critical illness cover, or waiver of premium, which can enhance the policy’s protection according to your requirements.

• Health and Age Factors: Insurers may require a medical examination or consider age and health status when determining eligibility and premiums, so evaluate these factors before applying.

• Renewal and Conversion Flexibility: Check if the plan allows renewal or conversion to a whole life or longer-term policy without additional medical underwriting, as this can provide valuable flexibility in the future.

How to Apply for Aviva Term Insurance Plan?

Online

The company offers specific life insurance plan 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.

Note: Check all the best term insurance plan in India.

Aviva Term Insurance Claim Process

Aviva offers a simple claim process to help nominees receive the policy benefits without unnecessary delays. Keeping the documents ready and informing the insurer on time can make the process smoother.

• Step 1: Intimate the Claim
  The nominee should inform Aviva about the claim online, through customer support, or by visiting the nearest branch.

• Step 2: Submit Required Documents
  Submit the claim form along with the policy document, death certificate, identity proof, and any additional supporting documents required.

• Step 3: Verification by the Insurer
  The insurer reviews the submitted documents and may request medical or hospital records, if applicable.

• Step 4: Claim Settlement
  Once verified, the claim amount is paid to the nominee as per the selected payout option.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

Aviva Life Term Insurance Plans- FAQs