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Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group. Aviva Life Insurance offers a comprehensive range of life insurance plans that provide a protective shield for your loved ones, ensuring their future is secure and safeguarded against life's uncertainties. In this article, let’s learn more about Aviva Life Insurance, its benefits and plans.
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Aviva Life Insurance is one of the leading insurance companies in the Indian Private Sector. It offers various insurance products such as life, savings, wealth, protection, and retirement to help individuals and families protect their financial future in the event of life's uncertainties. You can easily check the premium rates of Aviva Life Insurance plans online. With a Claim Settlement Ratio (CSR) of 98.75% in the financial year 2022-23, Aviva Life Insurance is one of the country's top and most trustworthy insurance companies.
Term Plans
You should buy Aviva Life Insurance plan because of the following reasons:
Financial Security for Your Loved Ones: Aviva Life Insurance plans are specially designed to provide financial protection and peace of mind to your loved ones in case of an unfortunate event. The payout from the life insurance plans can help your family maintain their lifestyle, cover essential expenses, and even achieve long-term financial goals like education and retirement.
Comprehensive Coverage Options: Aviva Life Insurance offers a wide range of insurance products tailored to suit various life stages and needs. Whether you're looking for pure protection with term insurance, wealth creation through investment-linked plans, or comprehensive coverage with a whole-life policy, Aviva has you covered. Their diverse portfolio ensures you can find a plan that aligns perfectly with your financial goals and requirements.
Guaranteed Returns: Aviva Life Insurance, notably Savings and retirement plans, ensures you receive guaranteed returns when your plan matures. As you pay your premiums over time, your savings grow. Upon maturity, you can choose to receive this accumulated amount either as a one-time lump sum or as a regular income.
Affordable Premiums: Aviva Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums, so that you can financially secure your loved ones without any hassle.
Tax Benefits: Opting for Aviva Life Insurance plans can also provide you with tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This means you can secure your financial future and enjoy tax advantages while doing so, making Aviva a smart choice for your insurance needs.
4-Hour Express Claim Settlement: With ‘Express Claims’, Aviva provides claim settlement to the nominees of the deceased policyholders within 4 hours of claim intimation.
The various life insurance policies in multiple segments offered by Aviva Life Insurance are as follows:
Term Insurance Plans
Savings Plans
ULIP Plans
Retirement Plans
Child Plans
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| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Aviva Signature 3D Term Plan | 18 to 65 years | 99 years | Rs. 5 Lakhs to No Limit | |
| Aviva Protection Plus Plan | 20 to 65 years | 80 years | Rs. 20 Lakhs to No Limit | |
| Aviva Jana Suraksha Plan | 18 to 45 years | 55 years | Rs. 25 Thousand to No Limit | |
| Aviva Saral Jeevan Bima Plan | 18 to 65 years | 70 years | Rs. 5 Lakhs to Rs. 25 Lakhs |
Let’s learn more about Aviva Term Plans in detail:
Here are the key features of this plan:
Comprehensive financial protection for your family.
Waiver of Premiums in case of Critical/Terminal Illness (applicable with Aviva New Critical Illness Rider and 3D-Accelerated option).
Additional Sum Assured on Accidental Death (choose Aviva Accidental Casualty Rider for this option).
Option to buy the policy under MWP Act to prevent wrongful claims of Life Insurance monies.
Receive up to Rs. 1 Crore of life coverage upon diagnosis of any terminal illness (if the 3D-Accelerated option is chosen).
Choose from 4 plan options:
3D Pure Term
3D Family Plus
3D Accelerated
3D Trop
Receive a payout upon the first diagnosis of any covered critical illness (with Aviva New Critical Illness Rider or Aviva Cancer Cardio Rider options).
Special premium rates for females and non-tobacco users (for Sum Assured more than Rs. 50.50 Lacs).
Get back all premiums paid on survival till maturity with the Return of Premium option.
Here are the key features of this plan:
Enriched Protection Option:
Provides enhanced life insurance coverage.
Offers flexibility to receive, on maturity, the maturity sum assured equal to the Total Premiums Paid# for Basic Death Sum Assured if the insured survives till maturity.
Total Premiums Paid includes all premiums received, excluding extra premium, rider premium, and taxes. Extra Premium refers to the additional amount charged for extra mortality risk.
Savings Booster Option:
Provides life insurance coverage throughout the policy tenure.
Offers a higher proportion of total premiums payable upon maturity (110%, 120%, or 125%, excluding any extra premium and taxes) based on the option chosen by the policyholder.
Rebate for High Sum Assured:
Enjoy a premium rebate for opting for higher levels of Sum Assured.
Here are the key features of this plan:
Affordable Premiums: Low-cost life insurance plan with lump sum payout on death.
Payment Options: Choose between regular or single premium payments; no further premium for single payment.
Eligibility: Available for individuals aged 18 to 45 with policy terms of 5 or 10 years.
Coverage Amount: Minimum sum insured of ₹30,000 (Regular Premium) or ₹25,000 (Single Premium) to a maximum of ₹50,000.
Death Benefit: Sum insured paid to nominee; accidental death results in double the sum insured.
No Medical Tests: Not required for policy issuance.
Tax Rebate: Premium payments eligible for tax rebate under section 80C of the Income Tax Act, 1961.
Here are the key features of this plan:
Death Benefit: Nominee receives the highest payout in case of policyholder's demise during the term.
For regular or limited premium policies: Death sum assured or 105% of Total Premiums Paid.
For single premium policies: Death sum assured or 125% of Total Premiums Paid.
Tax Benefits:
Premiums paid for Aviva Saral Jeevan Bima qualify for tax benefits under section 80C and 10(10)D.
Tax benefits are subject to existing laws and may change.
Revival of Lapsed Policies:
Lapsed policies can be revived within five years from the date of the first unpaid instalment of regular/limited premium.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Aviva Signature Guaranteed Income Plan | 8 to 60 years | 60 years | — | |
| Aviva Nivesh Bima Plan | 13 to 60 years | 55 years | Max Death SA: Rs. 11 Crores Max Maturity SA: Rs. 24.4 Crores |
|
| Aviva New Wealth Builder Plan | 6 to 60 years | 80 years | Max Death SA: Rs. 11 Crores Max Maturity SA: Rs. 22.4 Crores |
|
| Aviva New Family Income Builder Plan | 6 to 50 years | 62 years | Rs. 24 Crores (maximum annual premium of Rs. 1 Crore X 24) | |
| POS Aviva Dhan Suraksha Plan | 18 to 50 years | 61 years | Rs. 1.45 Lakhs to Rs. 9.93 Lakhs |
Let’s learn more about Aviva Savings Plans in detail:
Here are the key features of this plan:
Guaranteed Returns: Assured returns through interim and lump sum payouts.
Multiple Payout Options: Choose from Early Income, Deferred Income, or Lump Sum options.
Payment Options: Flexible payment choices tailored to your preferences.
Guaranteed Additions: Enjoy guaranteed additions throughout the policy term.
Loyalty Additions: Loyalty additions enhance policy benefits over time.
Tax Benefits: Avail tax benefits under applicable regulations.
Comprehensive Benefits: Provide both death and maturity benefits.
Here are the key features of this plan:
Guaranteed Lump Sum Payouts: Receive 10% of Maturity Sum Assured at regular intervals.
Milestone Lump-Sum Benefit: Obtain lump-sum benefits to achieve important milestones.
Guaranteed Benefits till Maturity: Benefits remain secure regardless of interest rate fluctuations.
Flexible Policy Terms: Choose from policy term options of 10, 15, or 20 years.
Accidental Death Coverage: Opt for additional coverage against accidental death with an extra amount and the accidental death benefit option.
Here are the key features of this plan:
Payout on Death: Protect your family with a sum assured payout on the unfortunate death of the insured, given all due premiums are paid until death.
Payout at Maturity on Survival: Eliminate uncertainty; know the exact payout upon surviving till the end of the policy term.
Higher Maturity Payout: Experience an increased maturity payout on survival for premiums exceeding ₹2,50,000.
Here are the features of this plan:
Guaranteed Income for Self:
Pay annual premiums for 12 years and receive double the premiums paid over the next 12 years.
Annual payouts of 1.5 times the premium from the 13th to the 24th year.
Additional benefit of 6 times the annual premium with the last payout at the end of the 24th year.
Guaranteed Terminal Benefit based on age at entry after the premium payment term.
Guaranteed Income for Family in Case of Death:
In case of death during the policy term, the nominee receives 12 annual installments of 1.5 times the annual premium.
The first installment is paid at claim settlement, followed by 11 annual installments on each death anniversary.
An additional benefit of 6 times the annual premium is payable with the last installment on the 11th death anniversary.
The nominee also receives the Guaranteed Terminal Benefit along with the first payout.
Here are the features of this plan:
Death Benefit: Non-Accidental Death During Waiting Period: 100% of Total Premiums paid. Accidental or Post-Waiting Period Death: Death Sum Assured provided all due premiums are paid.
5 annual instalments of 1.5 times the annual premium, starting at death and continuing on each subsequent death anniversary.
Lump sum of 7 times the annual premium with the 5th instalment.
Age-related Guaranteed Terminal Benefit with the last payout.
Maturity Benefit: Survival till Policy Term End: Maturity Sum Assured provided all due premiums are paid.
5 annual payouts of 1.5 times the annual premium during a 5-year Payout Period, starting from the maturity date.
Lump sum of 7 times the annual premium with the 5th instalment.
Age-related Guaranteed Terminal Benefit with the last payout.
Tax Benefit: Policy offers tax benefits under the Income Tax Act, 1961, subject to prevailing laws and potential changes.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Aviva Affluence Plan | 2 to 50 years | 70 years | Max: 10 times the Annualized Premium | |
| Aviva Signature Investment Plan | 91 days to 60 years | 80 years | Single Premium : 10 times, 5 times or 1.25 times (chosen at inception) of Single premium Regular Premium : 7 times or 10 times of Annualized premium |
|
| Aviva Signature Investment - Limited Pay Plan | 91 days to 70 days | 90 years | Max: 7 or 10 of the Annualized premium | |
| Aviva i-Growth Plan | 18 to 50 years | 60 years | Rs. 4.8 Lakhs to Rs. 50 Lakhs | |
| Aviva Fortune Plus Plan | 2 to 60 years | 75 years | Top-up Sum Assured: 1.25 x Top-up Premium Minimum Top-up Sum Assured: Rs. 12,500 Maximum Top-up Sum Assured: No Limit |
Let’s learn more about Aviva ULIP Plans in detail:
Here are the key features of this plan:
Fulfill Financial Goals:
Child’s Education
Saving & Wealth Building
Retirement Planning
Creating Asset for Wife
Investment Preferences:
Opportunity for High Returns
Willingness to Take Risks
Commitment Horizon:
Short to Medium Term
Desired Features:
Differentiated Treatment & Exclusivity
Here are the key features of this plan:
Zero Allocation Charges
Periodic Milestone Boosters starting end of 6th policy year
Two plan options: Signature Millennial and Signature GenX
Up to 100% coverage of Mortality & Policy Administration charges at Maturity
In case of unfortunate death of Life Insured during the Policy Term, all due Premiums paid by the company
7 fund options to choose from to match the risk profile
Easy access to your money during unexpected needs through partial withdrawals and systematic partial withdrawals
Two Savings Strategies to move your funds into equity or debt fund as per your choice and life stage
Here are the key features of this plan:
Milestone Boosters:
Awarded every 3rd policy anniversary, starting from the end of the 6th policy year.
Death Benefit:
Select the higher of the base sum assured or fund value (Limited Premium or 105% of total premiums received).
Select the higher of top-up sum assured or fund value for top-up premiums (Limited Premium or 105% of top-up premiums received).
Contract terminates after paying the death benefit.
Maturity Benefit (If all due premiums are paid):
Receive maturity benefit comprising:
Fund value of units for Limited premium.
Fund value for Top-up premiums (if any).
X% of mortality charges and policy administration charges deducted during the policy term for Limited premium.
X% varies based on annualized premium amount:
Less than ₹5,00,000: 50.00%
₹5,00,000 to < ₹10,00,000: 75.00%
Greater than or equal to ₹10,00,000: 100.00%.
Here are the key features of this plan:
Hassle-free Purchase:
Purchase the plan with ease through a self-declaration of good health, eliminating the need for medical examinations.
Fund Options:
Choose from 3 unit-linked funds (Bond Fund-II, Balanced Fund–II, and Enhancer Fund-II) based on your risk appetite.
Loyalty Additions:
Enjoy loyalty additions in the last 3 policy years by paying regular premiums.
Here are the key features of this plan:
Return of Charges: Receive at least 100% of deducted charges (Premium Allocation; Mortality & Policy Administration Charges) at maturity.
Additional Protection Options: Opt for Accidental Death Benefit and Waiver of Premium (on payment of additional risk charges).
Extend Life Cover: Extend policy term by 5 or 10 years.
Multiple Fund Options: Choose from 7 unit-linked funds based on your risk appetite.
Top-up Premium Option: Enhance your coverage by 'topping up' your premium with an additional payment.
Easy Withdrawal Options: Customize withdrawals with Partial Withdrawal & Systematic Partial Withdrawal options.
Hassle-free Process: Hassle-free online purchase available on the insurer's website.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Aviva New Innings Pension Plan | 42 to 60 years | 78 years | — | |
| Aviva AnnuityPlus Plan | 18 to 80 years | — | — | |
| Aviva Saral Pension Plan | 40 to 55 years | 80 years | Rs. 1 Thousand to No Limit |
Let’s learn more about Aviva Retirement Plans in detail:
Here are the key features of this plan:
Guaranteed Retirement Corpus: Assurance of a secured corpus for your retirement.
Secure Family Life: Ensures a secure life for your family.
Limited Premium Payment Term: Offers a limited premium payment term for convenience.
Tax Benefits: Eligible for tax benefits as per applicable tax laws.
Policy Term Flexibility: Choose a policy term that suits your needs.
Family Protection Assurance: Ensures protection for your family.
Single/Limited Premium Payment: Opt for a single or limited premium paying term.
Premium Frequency Alteration: Allows alteration for premium frequency according to your preferences.
Here are the key features of this plan:
Option to choose from 7 plan options based on your life goals and situations.
Flexibility to enhance purchase price in the beginning for higher annuity installment.
Annuity amount payable is guaranteed for the rest of the life of the policy.
If you choose to purchase an Annuity from the Vesting/Maturity Value of your pension plan, you can boost the purchase price by adding a lump sum from your existing savings. This increase in the Purchase Price will result in a higher annuity amount payable.
Here are the key features of this plan:
Guaranteed Lifetime Income: Pay only once and receive guaranteed regular income for the entire life, starting as soon as the next month.
Loan Availability: Access loans against the policy after the first six months to meet unexpected financial needs.
Tax Benefits: Enjoy tax benefits on premiums paid according to prevailing Income tax laws, with Goods and Service Tax (GST) applicable on premiums as per prevailing tax laws.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Aviva Young Scholar Secure Plan | 42 to 60 years | 78 years | — |
Let’s learn more about Aviva Retirement Plans in detail:
Here are the key features of this plan:
Tuition Fee Support (TFS): Annual payout from age 13 to 17 for coaching class fees or extracurricular activities.
College Admission Fund (CAF): Lump sum amount at age 18 for your child's college education, providing financial freedom without stress.
Higher Education Reserve (HER): Support for post-graduation expenses abroad when your child turns 21, ensuring continued financial assistance for their dreams.
Here are the steps to buy Aviva Life Insurance from Policybazaar:
Step 1: Visit the official Policybazaar website and go to the Term Insurance section.
Step 2: Provide your name, contact details, gender, and date of birth.
Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose Aviva term plan from the list of term insurance plans that appears.
Step 5: Pay using your preferred mode to complete the process.
Here are the exclusions in the Aviva Life Insurance:
Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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