Aviva Life ULIP Plans

4.3 / 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 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 ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

Aviva ULIP Plans

Aviva Life Insurance Company offers various types of unit linked insurance plans to its customers to meet their requirements of savings and market linked growth while at the same time providing insurance coverage. Let us take a detailed look at the various types of ULIP plans offered by the company and the features and benefits of each of them.

Aviva Life Bond Advantage Plan – a unit linked insurance plan that gives market linked returns and also provides life insurance coverage. The features and benefits of the plan are as follows:

  • Premium under the plan is paid one time only at the commencement of the plan under the Single Pay option of premium payment.
    • The premium net of applicable charges can be invested by the policyholder in a choice of seven funds for investment. The funds are Balanced Fund II, Bond Fund II, Enhancer Fund II, Growth Fund II, Infrastructure Fund, Protector Fund II, and PSU Fund.
    • Loyalty Additions accrue at the end of the 10th policy year @4% and thereafter @2% after every 10 years and are expressed as a percentage of the available fund value
    • On maturity, the Fund Value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature
    • On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or the Fund Value including any top-up fund value 105% of all premiums paid till the date of death is paid to the nominee.
    • There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs
    • 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000
    • 12 free switches are allowed annually to change between funds
  • 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

 

Minimum

Maximum

Entry Age

2 years

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

73 years

Premium amount

Rs.50, 000

No limit

Sum Assured

1.25 times the single premium paid

Premium Payment Term

Single Pay

 

Aviva Live Smart Plan– another unit linked insurance plan which promises attractive returns. The features and benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
    • The premium net of applicable charges can be invested by the policyholder in a choice of seven funds for investment. The funds are Balanced Fund II, Bond Fund II, Enhancer Fund II, Growth Fund II, Infrastructure Fund, Protector Fund II, and PSU Fund.
    • Loyalty Additions accrue at the end of the plan tenure on maturity@1% of the fund value and is added to the fund value at maturity
    • On maturity, the Fund Value including any top-up fund value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature
    • On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or 105% of all premiums paid till the date of death and the Fund Value including any top-up fund value is paid to the nominee.
    • There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs
    • The Sum Assured can be reduced by the policyholder as per his choice subject to certain terms and conditions
    • 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000
    • There is also an option of Systematic Partial Withdrawal after the completion of 5 policy years. Under this feature, 0.25% - 1% of the fund value every month multiplied by the premium paying frequency is automatically paid to the policyholder.
    • 12 free switches are allowed annually to change between funds and premium redirection facility is available to redirect future premiums into another fund.
  • 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

 

Minimum

Maximum

Entry Age

2 years

65 years

Maturity Age

18 years

80 years

Policy Term

15, 20, 25 or 30 years

Premium amount

Rs.50, 000

No limit

Sum Assured

10, 12.5 or 15 times the annual premium depending on age and policy term

22.5, 30, 37.5 or 45 times the annual premium depending on age and policy term

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly

 

Aviva i-Growth Plan –a unit linked insurance plan for capital appreciation and life insurance coverage. The features and benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • The premium net of applicable charges can be invested by the policyholder in a choice of three funds for investment. The funds are Balanced Fund II, Bond Fund II and Enhancer Fund II.
  • The plan can be bought without undergoing any medical examinations by filling up a self-declaration of good health.
  • Loyalty Additions are added in the last 3 policy years and the rate of additions depend on the policy tenure chosen.
    • On maturity, the Fund Value including any top-up fund value is payable which can either be availed in lumps um or in instalments over a period of 5 years post maturity under the Settlement Option feature
    • On death of the insured during the tenure of the plan, higher of the basic Sum Assured including any top-up Sum Assured net of partial withdrawals or 105% of all premiums paid till the date of death or the Fund Value including any top-up fund value is paid to the nominee.
    • There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs
    • The Sum Assured can be reduced by the policyholder as per his choice subject to certain terms and conditions
    • 4 free partial withdrawals are allowed every year with a minimum amount of Rs.5000.
    • 12 free switches are allowed annually to change between funds and premium redirection facility is available to redirect future premiums into another fund.
  • 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

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

60 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.35, 000

Ages 18-40 years – Rs.5 lakhs

Ages 41-50 years – Rs.3 lakhs

Sum Assured

Rs.3.5 lakhs

Ages 18-40 years – Rs.50 lakhs

Ages 41-50 years – Rs.30 lakhs

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Aviva Young Scholar Advantage Plan – a unit linked child plan with multiple investment options and enhanced benefits. Loyalty Additions increase the fund value. On maturity the fund value is paid which can also be availed in instalments under the Settlement Option. On death of the insured, higher of the basic Sum Assured including any top-up Sum Assured or 105% of all premiums paid till the date of death is paid immediately to the nominee. Moreover, all future premiums are waived off and the total of such premiums is credited to the Fund Value which grows for the remaining tenure. On maturity, the applicable fund value is paid to the nominee. There is an inbuilt Accidental Death Benefit feature under which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs.50 lakhs. Other features like switching and partial withdrawal are also available under the plan.

Applying for a Unit Linked 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 ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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.

This will take you to the insurer’s website. You will have to 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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.

Aviva Life ULIP Plans Reviews

TOTAL REVIEWS (24)
Rijool
Ulhas_nagar
August 04, 2016

Nice Policy

My aviva life ulip insurance policy is good policy and it has good service executives for 24X7 to customers service. Coverage is fabulous and claims are high which are easily sanctioned due to fast service. The online renewal is possible through online portal which is simple to operate and anybody can access it easily.

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.

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.

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.

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.

Kunal
Indore
March 22, 2016

ULIP Policy

Aviva life ulip policy plan is good and the policy coverage is 82% with low premiums. The policy claims are easily sanctioned with good interest. Services provided by executives and the staff members are good. There is an inbuilt Accidental Death Benefit feature.

Gyanesh
Bengaluru
March 22, 2016

Best Plan

My ulip policy plan is from aviva life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick.

Jeetu
Jiyanpur
March 22, 2016

Full Satisfactory

The policy coverage is 98%, The claims are high and the claiming is easy because of the executives and the staff members. The services provided by you guys 'aviva life ulip plans' is very fast and on time. The premiums are less ~55 K and the returns are ~Rs.80 L.

Dharmendra
Nainital
March 22, 2016

Poor Policy Plan

I had ulip policy plan which i buy from aviva life insurance. The policy coverage is low 25% and the claims are less. The premiums are high as the returns are not. Poor policy plan which has slow service too. No response from the staff members. Not satisfied.

Jiten
Mohali
March 22, 2016

Fantastic plan

Aviva life ulip plans are the fantastic policies. They provides low premiums, the policy coverage is high and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature.

Kabir
Laksar
March 22, 2016

Superb Policy Plan

I purchase ulip policy plan from aviva life insurance. The policy coverage is high around 97% and the claims are huge. The policy premiums are low ~45 K and the recovery returning amount is 90 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.

Rohit
Gautam_buddha_nagar
March 22, 2016

Awesome

My ulip policy plan is with aviva life insurance. The policy coverage is high 91% and the claims are good. Premiums are less ~40 K per year and the returns are around 60 L. Services are really fast and the response through executives and staff members are nice. Good job.

Abhinav
Ambala
March 22, 2016

Nice

My aviva life ulip policy plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~80% and the claims are approx. 1.25 times the amount invested. The services are good and on time till now rest see in future. Nice policy.

Sheetal
Ahmedabad
March 22, 2016

Good

I buy aviva life ulip policy plan. The policy premium is low and the paybacks are high. The policy coverage is 60% and the claims are normal. Investment is 55 K per year and the returns are 1.25 times the sum assured. Services you provided is bit slow but manageable. This policy plan work's for me.