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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.
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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.
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:
It is a pure Aviva term plan which is available online. The plan has the following characteristics:
| 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 iLife total Protect Assure Plan is a term policy that comes with unique features such as in-built terminal illness, maturity benefit, critical illness rider etc. This policy is tailor-made to protect the financial future of your family in case of your sudden demise. The key features of this plan include:
| Entry age |
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| Maximum Maturity Age |
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| Premium |
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| Policy Term |
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| Sum Assured |
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| Premium Frequency |
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A term plan with return of premium on maturity. The features of the plan are as follows:
| 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 | |
A unique term plan from Aviva offering three types of benefits along with attractive features which are as follows:
| 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 | |
A simple term plan which boasts of the following features:
|
|
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 | |
A term plan which promises return of premiums paid on maturity. The features of the Aviva Term plan are as follows:
| 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 |
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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 | |
A combination of term plan offered under i-Life and a health plan under Aviva Health Secure with the following features:
|
|
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 | |
A pure term plan with annual payouts. The features of the plan are as follows:
|
|
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 | |
To buy any of the above Aviva Term Insurance plans, the following documents are required to be submitted:
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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.
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.
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.
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
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
†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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