Aviva Life Term Insurance Plans

4.1 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

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 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.

Aviva Term Plans

The company has a vast profile of plans in the category of Aviva Term Insurance so that any customer looking for a term plan to suit his requirement may find it easily. The plans are presented below in details:

Aviva Term Insurance - iLife

It is a pure Aviva term plan which is available online. The plan has the following characteristics:

  • It is an online plan which you can buy by clicking a button of your mouse from anywhere
  • If the insured expires when the plan is running, Sum Assured is given to the nominee.
  • There is a rebate in premium for choosing higher ranges of Sum Assured
  • Premium for women is 5% less than the tabular premium charged for men
  • The premiums and claim are free from tax

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

70 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly or half-yearly

 

Aviva Term Insurance - i-Shield

An online term insurance plan with return of premium option on maturity. The plan has the following characteristics:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • Under the plan, 110% of the premiums paid are returned to the policyholder on maturity of the policy
  • In case of death of life insured the payout depends on the length of the term when the insured died. If death occurs during the 1st – 10th policy year, 100% of Sum Assured is paid, if it occurs during the 11th – 20th policy year 110% of the Sum Assured is paid and for death between the 21st – 25th policy year 120% of the Sum Assured is paid to the nominee
  • For high Sum Assured range of Rs.20 lakhs and above, a rebate is allowed in the premium paid
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

65 years

Policy Term

10 years

25 years

Sum Assured

Rs.15 lakhs

Rs.5 crores

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly or monthly

Aviva Term Insurance - Life Shield Advantage Plan

A term plan with return of premium on maturity. The features of the plan are as follows:

  • There are two death benefit options under the plan. Under this Aviva term insurance first option the Sum Assured is paid on death of the insured during the tenure of the plan. Under the second option, the Sum Assured and the aggregate premiums paid are returned either on death of the insured or if the insured suffers a Total and Permanent Disability due to an accident, whichever is earlier
  • In case of maturity, the total premiums paid by the policyholder are returned
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

28 years

65 years

Policy Term

10 years

30 years

Sum Assured

Rs.2 lakhs

Option A – no limit

Option B – Rs.50 lakhs

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly or Single Pay only for Option A

 

Aviva Term Insurance - Life Shield Platinum

A unique term plan from Aviva offering three types of benefits along with attractive features which are as follows:

  • The Aviva term insurance plan gives three types of protection options. Under Option A which is Life Protection, the nominee gets the Sum Assured in case of pre-mature death of the insured during the term of the plan. Under Option B which is Income Replacement, the nominee receives regular monthly payouts which increase @5% every year compounded annually. Under Option C which is Loan Protection, the Sum Assured reduces every year and on death of the insured during the term, the applicable Sum Assured as on the date of death is paid to the nominee
  • The premium payment term under Options B and C is limited to 2/3rd of the policy tenure
  • There is a rebate in premium for choosing higher ranges of Sum Assured
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
  • Premium rates vary for smokers, non-smokers and healthy non-smokers

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

28 years

65 years

Policy Term

10 years

52 years

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Option A - Equal to the policy term

Option B – 2/3rd of the policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Aviva Term Insurance - Life Shield Plus

A simple term plan which boasts of the following features:

  • The nominee will get the Sum Assured chosen at the time of availing the plan in case of death of the life insured
  • Premiums can be paid regularly for the entire term of the plan or in lump sum through Single Pay option.
  • Tax benefit is available on the premium paid and the claim received.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

28 years

65 years

Policy Term

10 years

30 years

Sum Assured

Rs.10 lakhs

No limit

Premium Payment Term

Equal to the policy term or Single Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly or Single Pay

 

 Aviva Term Insurance - Sampoorna Suraksha Plan

A term plan which promises return of premiums paid on maturity. The features of the Aviva Term plan are as follows:

  • The nominee will get the Sum Assured chosen at the time of availing the plan in case of death of the life insured
  • On maturity of the policy, if the insured is still alive, the premiums paid will be returned based on the tenure chosen. The table below shows the % of total premiums paid in case of maturity:

Policy Tenure

Premium Paying Tenure

Entry age <=30 years

Entry age 31 – 40 years

Entry age 41 – 45 years

Entry age 46 – 50 years

8

Single Pay

125% of the Single premium paid

120% of the Single premium paid

115% of the Single premium paid

110% of the Single premium paid

9

5

130% of the total premiums paid

125% of the total premiums paid

120% of the total premiums paid

115% of the total premiums paid

10

7

135% of the total premiums paid

130% of the total premiums paid

125% of the total premiums paid

120% of the total premiums paid

15

10

155% of the total premiums paid

150% of the total premiums paid

145% of the total premiums paid

140% of the total premiums paid

  • Premium can be paid in a lump sum through Single Pay or for a limited term
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

65 years

Policy Term

8 / 9 / 10 or 15 years

Sum Assured

Rs.7500

Rs.3 lakhs

Premium

Single Pay – Rs.2500

Limited Pay - Rs.750

Rs.60, 000

Premium Payment Term

Single Pay or 5 / 7 / 10 years

Premium Payment Frequency

Yearly, half-yearly or Single Pay

 

Aviva Term Insurance - Extra Cover

A combination of term plan offered under i-Life and a health plan under Aviva Health Secure with the following features:

  • A combination of Aviva i-Life and Aviva Health secure offering term insurance and Critical Illness cover under the same plan
  • In case of death of the insured the Sum Assured is paid to the nominee
  • In case the insured is diagnosed with a Critical Illness covered under the scope of the plan, the Sum Assured will be paid to the policyholder if the life insured survives for 30 days post the diagnosis
  • 12 major critical illnesses are covered under the plan for which premium is not charged for the first 5 years of the plan and thereafter a review is done by the company based on which the premium is altered from the 6th policy year
  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • There is a rebate in premium for choosing higher ranges of Sum Assured
  • Premium rates are lower for non-smokers
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

70 years for term insurance

65 years for critical illness cover

Policy Term

10 years

35 years for term insurance

30 years for critical illness cover

Sum Assured

Rs.5 lakhs for critical illness cover

Rs.25 lakhs for term insurance

Rs.50 lakhs for critical illness cover

No limit for term insurance

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly

 

Aviva Term Insurance - i-Life Secure

A pure term plan with annual payouts. The features of the plan are as follows:

  • On death of life insured, 6% of the Sum Assured is paid immediately to the nominee. The rest of the amount is paid @6% of the Sum Assured every year for 15 years following the year of death.
  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • Rebate is offered in premium for choosing high Sum Assured ranges from Rs.1 crore and above
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

70 years

Policy Term

10 years

25 years

Sum Assured

Rs.50 lakhs

Rs.10 crores

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly

 

Documentation

To buy any of the above Aviva Term Insurance plans, the following documents are required to be submitted:

  • Photo Identity Proof which includes either PAN Card, Passport or Driving License
  • Income Proof which includes either last 3 months’ salary slip, copy of latest ITR or Form 16

Applying for a Aviva Term Insurance Plan from the company:

Online

The company offers specific life insurance 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.

 What are the different Types of Term Plans?

Term plans provide pure cover at a lower price. It is a wonderful life insurance tool that everyone must have. There are however different types of term plans that cater to different needs. The types of term plans include pure term plans, return of premiums term plans, decreasing term plans, increasing term plans and convertible term plans.

What is a pure term plan?

A pure term plan is nothing but an insurance policy that covers your life for a fixed period of time and promises to pay a fixed sum assured to your family in the case of your death. A pure term plan is the easiest and least expensive type of term plans. The premium you pay for a pure term plan depends on your age, the term for which you buy the plan and the sum assured you opt for. The premium remains intact throughout the policy and you also get a discount if you purchase the plan online. If you outlive the policy, you don’t get anything in return.

What is a return of premium term plan?

A term plan usually doesn’t have a return component. This means that the policyholder pays the premium only for life cover and if he lives, he doesn’t receive any benefit at the end of the term. However, if you opt for a return of premium term plan, the premium will be returned if you outlive the policy period. This type of a term plan is however more expensive that a pure term plan.

What is a decreasing term plan?

This is a kind of term plan where the sum assured keeps decreasing throughout the policy period. The premium usually remains constant but the sum assured is lowered either annually or semi annually. This kind of term plan is popular with mortgage holders who buy the plan for the period over which they repay the loan. As the loan amount decreases, the sum assured of the term plan decreases as well and the plan usually terminates when the loan is repaid.

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 term 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 Aviva Term Insurance 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 term insurance?

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


3. What is the policy renewal process for Aviva term insurance?

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 term insurance?

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 term insurance?

The Aviva Term 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 Term Insurance Plans Reviews

TOTAL REVIEWS (24)
Kapil
Raigarh
August 04, 2016

Best Insurance

Best term insurance plan in very low investment. The policy coverage is high ~90% and claims are even higher. Service is superb and fast given by the company team and members. Updates of the policy is also send time to time to the email address.

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.

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.

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.

Nirmal
Ghaziabad
March 17, 2016

Great Policy

Aviva life insurance term policy plan i buy in low premiums and the policy coverage is 95% with good claims. The service is great provided by the executives and the 5% less on premiums for women. I like the policy plan. Behaviour also really nice from the staff members.

Navgeet
Faridabad
March 17, 2016

Less Claims

My term policy plan is good but the claims are very less. The premiums is ~9.2 K twice per year. And returns are around Rs. 21 L. Aviva life insurance is basically good policy company like they give 5% extra less for women on premiums.

Gaurav
Lucknow
March 17, 2016

Fair Term Plan

The policy provide benefits according to premiums, so th term policy plan which i buy from aviva life insurance is fair deal. Policy coverage is 70% and the claims are little bit low as the premiums are low. Around 23 L is the returns and the online portal is good and respond well.

Nakul
Jalpaiguri
March 17, 2016

Nice term plan

I buy term insurance policy plan which i took from aviva life insurance. The policy plan is good and the services you provide is the best as comparing to others. The premiums are low approx. 25 K per year and for women 5% extra less on premiums. The payback returns is ~30 L. The policy age is minimum 15 years and maximum is 65 yrs.

Karan
Ambala
March 17, 2016

High Returns In Low Premium

My term policy plan is with aviva life insurance. It has low premiums and the returns are high. Policy coverage is 90% and the claims are sanctioned easily form the insurance department. The taxes are not for premiums and claims. Even the 5% extra benefits for women on premiums.

Prashant
Amritsar
March 17, 2016

Fine

Aviva life insurance is equally good as other insurers for term insurance policy plan. The policy has low premiums and 5% extra less for women. The policy coverage is high with high claims and the claiming part is easy and no paper work so no waiting. Nice job guys.

Ishwar
Gautam_buddha_nagar
March 17, 2016

Wonderful

Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are are good and the payback amount is around Rs.23 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions.

Kishore
Bilaspur
March 17, 2016

superb plan

Aviva life insurance is one of the best insurer for term insurance policy plan. The policy coverage is 90% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women 5% less extra benefits.

Lalit
Tirupur
March 17, 2016

Low policy coverage

Policy coverage is less around 50% and the premiums are low around 12 K twice a year. Service are good and always on time till now, rest see in future. The claims are cleared easily due to quick response from the executives and staff members. Please improve your coverage.

Harish
Godavari
March 17, 2016

slow service issue

The term plan policy which i bought from aviva life insurance has slow service issue. Policy coverage and claims are high with low investments. The executives and staff members are behave good with the customers and providing nice outputs. The daily updates are mailed and texted to me. Good policy plan.

Jiten
Raipur
March 17, 2016

Satisfactory

I buy term insurance policy plan from aviva life insurance. The policy coverage is 80% and the premiums are low ~25 K per year. The claims are easily sanctioned because the services are fast from the executives side and from online web page also. The policy premiums are 5% less for women.

Lokesh
Kurukshetra
March 17, 2016

Not That Good

The term policy plan i have is not as i expected. The policy coverage is 60% and the claims are less. THe premiums are 9 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site.

Omesh
Bikaner
March 17, 2016

Good Service

The term policy plan i have from aviva life insurance. The service is fast and on time provided by the executives and the staff members when ever needed. Policy coverage is 80% and the claims are good. Premiums are low and payed twice in a year. The policy is for 15 years.

Yajan
Bareilly
March 17, 2016

Perfect Policy Plan

Aviva life insurance is one of the perfect insurance providers, i took term insurance policy plan. The policy is good in service and it can be buy online. The web service is awesome and 5% less premiums are there for women. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased.

Ishant
Delhi
March 17, 2016

Fantastic plan

My term insurance policy plan is with aviva life insurance. The policy coverage is high and the claims are approx. 21 L. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.

Kamal
Mumbai
March 17, 2016

Average Policy

I purchase aviva term life insurance policy plan. The policy plan is an average one but the premiums are low with good policy coverage. This is an online policy plan, easy to buy. The plan has 5% less for women. Premiums and claims are free from taxes.

Lalit
Ahmedabad
March 17, 2016

Good

I have term insurance policy plan from aviva life insurance. Policy coverage is good and the premiums are low approx. 21 L. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Nice work.

Vijay
Gurgaon
March 05, 2016

Average.

I own term plan which i buy from aviva life insurance. Policy coverage is 60% and the claims is around rs.21 L. Services are real fast and the behaviour of the executives are nice. I like the policy plan.
Plan Name: i-Life
Agent Code: BPW01888

Amandeep
Delhi
February 05, 2016

"Good"

I got health plans from aviva life. The policy is good and the benefits is also nice. The policy coverage the 70-89% of cases and the claims are easy to get with Rs.20 lakh. Te service is nice with free ambulance facility.
Plan Name: i shield
Agent Code: BBE06765

Vishal
Delhi
February 05, 2016

"Average"

I have policy with aviva insurance. The is an average one with slow services. Policy coverage is 79%. Claims easily access and get in few days. The premium is low but the payback is also less. Okay hai...
Plan Name:
Agent Code: BBE06765