Complete details about Aviva Life insurance plans

Aviva Life Insurance

Aviva India Life Insurance Company is a joint venture between India’s Dabur group and UK’s insurance company Aviva Plc.

Dabur Group is amongst the oldest and largest healthcare and FMCG products company in India. Aviva Group is the UK’s largest insurance company and 6th largest in the world. It is one of the oldest insurance companies and is in business from 1696. With a customer base of 53 million and 46000 employees, it is a well known company in many countries.

In India, Aviva Life Insurance has a wide distribution network with 195 branches handling customers in 3000 towns. Aviva Life Insurance also has tie ups with almost 40 different banks and financial institutions and a fairly big Bancassurance channel.

Aviva Life insurance offers a wide portfolio of insurance solutions for categories like health, life, travel, home, vehicles etc., along with solutions for savings, protection, investment and retirement. Aviva Life Insurance Company offers many products such as term plans, endowment plans, pension plans. rural solutions, child policy and many more.

Life insurance is an ideal way to take care of your future needs in a disciplined manner. It is a formal contract between the life insurance company like Aviva and the insured person under which the company commits to pay the predefined sum assured to the insured in case of any emergency or policy maturity. The insured person has to pay a fixed premium to the insurer on a timely basis to continue its policy.

As one of the renowned companies in the insurance sector, Aviva insurance offers a wide portfolio of insurance products to fulfil the needs of different individuals. You can expect quality insurance services when you visit an Aviva branch or get the best insurance advice from one of its financial planning advisors. Read more to know about various Aviva life insurance policy details.

Documentation needed to apply for an Aviva Life Insurance

When you buy insurance from Aviva Life Insurance company, you will need to submit certain documents. These documents will be verified by the company before the policy can be issued. There are various modes to submit the documents. You can either upload it onto their official site while applying, courier them at the designated address or email it to their customer service id. All the documents need to be self-attested by the applicant. Mentioned below is a list of documents required for buying any policy of Aviva Life Insurance

1) Identity Proof: Government validated documents like PAN Card, Passport, Aadhar Card, Voter Id card are accepted as identity proof.

2) Age Proof: Any valid document having your date of birth will work as the age proof. The age proof documents include PAN Card, Aadhar card, Passport, Voter ID, Ration card, Marriage certificate, School leaving certificate.

3) Address Proof: Aviva Life insurance would need to know your address details also. The documents which are acceptable are Passport copy, Driving license, Utility bill, Aadhar card, Voter ID

4) Income documents: In order to assess your premium paying capacity and amount of cover that should be provided to you, income proof documents are required. They include last 3 months salary slips, latest Form 16, Last 6 months bank statement, Income tax return details.

Benefits of Aviva Life Insurance

Life cover: The insurance plans offer life cover benefit.

High claim settlement ratio: Aviva life insurance is known to maintain a very good claim settlement ratio. Their claim process is simple, fast and hassle-free.

Wealth creation: ULIP plans of Aviva life insurance offer a very good return by investing a part of your premium payments in the capital market. It provides both investment return and protection.

Tax benefits: Under the income tax act, Section 80C and 10(10D) provides tax benefits for premiums paid regularly.

Cost: Aviva term insurance plans are pocket friendly compared to other players. It makes it a popular insurance company.

Customer Service: This company has international standards of operation and has a trained team of customer service representatives that provide excellent pre-sales as well as post-sales services

Types of Life Insurance Policies Provided by Aviva

A life insurance policy is a contract with an insurance company that helps you to provide a sufficient level of security for your family in case something unforeseen happens to you. Some categories of insurance policies generate wealth for you as well. Here are the various Aviva life insurance policy details and types.

1) Term Insurance: It is the simplest and economical form of Aviva policy that offers financial coverage to the family of policyholder for a certain period of time. If an unfortunate event happens during the policy term, beneficiary of the policy holder gets a lump sum amount.

2) Endowment Plans: It differs from term plans and come with a fixed maturity benefit, as decided by the company. In this policy type, if the policyholder survives the term of the policy, the agreed maturity benefits will be paid to him.

3) Whole Life Policy: These type of policies give lifelong protection to the policyholder. The policyholder pays regular premiums till his/her demise, after which the corpus is paid out to his family or beneficiary.

4) Unit Linked Insurance Plans: ULIP plans are a combination of insurance and investment. They offer risk cover to the policyholder along with investment options. A set portion of the premium goes towards providing the life cover, and the remaining portion is invested in debt or equity. The claim amount will depend on the Aviva life insurance policy fund value.

The Aviva policy payment can be done online but be assured of the various terms and Aviva life insurance policy details before investing.

Aviva Saving Plans

Aviva life insurance product bouquet has seven different products under the savings plans category. The products are designed considering various segment of customers and provide good benefits.

Aviva Dhan Nirman: It is a total savings plan that provides guaranteed annuity once the tenure of premium payments over. Benefits include death benefits, maturity benefits, and survival benefits in addition to the annual gratuity. The gratuity amount is fixed as 150% of annual premium.

Aviva Wealth Builder: It is an ideal investment option for individuals who wish to double their investment over a period of time. Death and tax benefits are also given as per policy documents.

Aviva Live Smart Plan: It is an investment focussed plan that provides you with seven different fund choices to invest in. The life cover combines both the fund value and sums assured and provides a comprehensive coverage to policyholders.

Aviva Dhan Samruddhi: It is a traditional plan which gives a guaranteed payment after every 5th policy year. Customers also get annual additions ranging between 7% to 9%, depending on the tenure.

Aviva LifeBond Advantage: This is ULIP plan in which premium is paid as a lump sum. Customers can choose to invest in seven unit linked plans. This policy comes with Accidental Death Benefit, apart from death benefits given out as usual.

Aviva New Family Income Builder: It is a savings plus protection plan and gives you regular payouts for 12 years as benefits. If the policyholder dies during policy tenure, the benefits are given to family members.

Aviva i Growth: This is a ULIP plan in which policyholder can choose to invest in three funds. Maturity benefits is the sum of fund value and loyalty additions accrued during last 3 policy years. Death benefits are paid out to only chosen nominees.

Aviva Retirement/Pension Plans

Aviva’s retirement and pension plans are a good option for people looking to secure their life post retirement. With a wide network of branches and a professional customer service team, it is easy to avail Aviva pension plans. Mentioned below are various plans on offer.

Aviva Next Innings Pension Plan: This plan guarantees 210% of premiums as corpus on plan maturity. Death benefit to the surviving dependants is given as well.

Aviva Annuity Plus: It is a non-participating, non-linked, instant annuity plan that aims to make your time after retirement financially secure. Customers get the option to get a higher annuity instalment by increasing the purchase price at the start.

Aviva New Family Income Builder: This saving plus protection plan enables you to provide your dependants a comfortable lifestyle, in the event of your untimely death. Upon maturity, regular returns are guaranteed in the form of twelve annual payments. Death benefit is equal to ten times the annual premium or 105% of total premiums or Maturity Sum Assured.

Aviva Protection plans

The aim of Aviva Protection plans or term plans is to give financial security to your family members in your absence. The Aviva term plans are inexpensive life insurance products that do not provide any maturity benefits. They provide the sum assured to the nominee if the policyholder dies before the end of policy term. These plans can be easily bought online without much hassle. Here is the list of top protection plans of Aviva life insurance.

Aviva i-Life: It is a basic term insurance plan with no maturity benefits. Customer can avail income tax benefits on the premium paid under section 80C. Women get an additional 5% discount on the premium.

Aviva i-Life Secure:  It is an Aviva life insurance term plan that provides a guaranteed income to the family for 15 years after the death of the policyholder. 10% of the sum assured is paid to the nominee at the time of death and 6% of the sum assured is paid at every death anniversary for 15 years

Aviva i-Shield: It is a term insurance policy with an additional feature of return of premium. If the insured person survives the policy terms, 110% of the premiums paid are returned. There is a rebate on premium if chosen sum assured is Rs. 20 lakhs and above

Aviva LifeShield Advantage: This Aviva term plan has an additional feature of coverage against permanent disability. Also, when the policy matures, total premiums paid are returned to the insured if he survives the term of the plan

Aviva LifeShield Platinum: This Aviva term plan offers three types of protection cover:

a)Life Protection: A lump sum payment will be given to your family in your absence.

  1. b) Income Replacement: Your family will get regular income in your absence for a pre-decided period.
  2. c) Loan replacement: This takes care of your liabilities and responsibilities and the life cover evenly evenly during the policy term

Aviva Sampoorna Suraksha: At the death of the insured within the term of policy, a lumpsum amount will be paid to the nominee. There policies are available with annual premium as low as Rs. 750 only

Aviva Extra Cover: It combines the features of two products, Aviva i-Life and Aviva Health Secure

Aviva Life Insurance Group Plans

Besides life insurance plans for individuals, Aviva life insurance company also offers life insurance plans for groups. These are provided in categories of term plans, gratuity/ leave encashment plans and rural / credit protection plans.  Group Insurance plans are offered for life cover, health cover, aand other types of personal insurance.

Aviva’s group Insurance covers a group of people, for example employees of an organization, members of a professional society or association.

Group insurance has many advantages, most important being the life cover are made available to members regardless of their age, gender, socio economic background or profession. As long as they are part of the group that is applying for insurance, they will be covered.

Aviva life insurance group plans has multiple objectives, they include the following basic functions:

1)Term insurance: The sum assured is paid out to nominees/family members of the deceased during the employment tenure with the company.

2) Annuity: Group insurance policies having superannuation schemes provide for retirement plans at existing NAV of group insurance as pension.

3) Gratuity: After completing five years of service in a company, an employee becomes eligible for gratuity. Group insurance offers investment options to companies to create a corpus for gratuity.

4) Savings: It aims to meet long-term financial goals of members like child’s education or marriage.

5) Covering liability: It can cover for outstanding dues or loans of participating members on death or disability.

Aviva Life Group Term Insurance Plans

Every employer and affinity group member wants to secure the future of his/her employees and their families. Aviva Group Term Life is an annual renewable group insurance plan designed to offer life cover to Employer-Employee and affinity groups. Term life insurance schemes have become a basic constituent in benefit packages given to employees by employers.

Aviva Corporate life plus is one of the most popular schemes among employers. Minimum sum provided under this scheme is 1,00,00,000 and there should be atleast 50 employees enrolled in it. Policy term has to be renewed every year.

Aviva Gratuity/Leave Encashment Plans

The objective of Aviva Gratuity and Leave Encashment plan is to provide financial security to employees after retirement along with life cover. Lets have a look at popular gratuity/leave encashment plans.

Aviva New Traditional Employee Benefit Plan: It is a group employer-employee benefit plan ideal for employers to make the employee benefit payments related to Gratuity and Leave Encashment on death, retirement or resignation of their employees. The leave encashment benefit includes the encashment of leaves by the group members while in employment. It also provides tax benefits to the employer.

Aviva Group Gratuity Advantage: It is a group Unit-Linked product designed for the corporates. In this plan the investment risk in the investment portfolio is taken by the Policyholder. It can also be customized as per individual requirements to provide benefits more than the constituted obligations. The minimum group size is ten members.

Aviva New Group Leave Encashment Plan: It is a Unit Linked plan, which allows employers to fund their leave encashment liability in an effective manner. There is an option to switch between 7 funds without any charges.

Aviva Rural/Credit Protection Plans

With an intention to give the rural population a secure future, Aviva life insurance has come up with rural insurance plans that offer high sum assured amounts at low-premiums. These plans are specific for rural population and may not be availed by city residents. Currently Aviva India provides two different rural plans:

Aviva Jana Suraksha: It is an economical life insurance policy in which coverage of up to Rs.50000 can be purchased small premium amounts. It is available for people between the age of 18 to 55 years. In case of accidental death of the insured, twice the sum assured will be paid out to the nominee. Premium payment frequency can be monthly, quarterly, half-yearly, and annually as per the convenience of the policyholder. There is an option of single pay as well.

Aviva Sampoorna Suraksha: This life insurance plan provides life coverage for as low as Rs.750 per year payments. Applicants must be between 18-50 years at the time of buying the policy. Payment id premium is allowed only on half yearly and yearly basis.. The death and maturity sum assured are calculated as a certain percentage of the annual premium.

How to File An Insurance Claim With Aviva Life

Claim settlement is an extremely important aspect of any insurance policy. Aviva has a system of very efficient claim settlement which is convenient and hassle free for the customers. Policyholders can inform the company about the claim either through the Aviva website or by visiting any Aviva branch office. The following steps are involved in registering a claim:

1) Fill the claim form correctly depending on which claim has to be made.

2) As per the claim that you are raising, you should gather the necessary documents. They must be submitted either as originals or photocopies which have to be duly attested by a Gazetted officer.

3) If you are making a hospitalization /Surgery benefit claim, you need to provide all medical reports and bills which have been issued by the doctor treating your illness. The doctor must be qualified to issue such a report.

4) Finally, you have to submit the claim form along with all the required documents at your nearest Aviva branch office.

How To Check Your Aviva Life Insurance Policy Status

It is very easy to check the status of your Aviva Life Insurance policy online by visiting their official website. To check your Aviva policy status, you will need to provide your policy number and your date of birth. Once you fill that correctly and submit it, you will be able to view the Aviva policy status

FAQs

  1. How can I initiate a claim for my Aviva Life Insurance?
  2. You can easily initiate the claim process online. In case there is a case of hospitalization, critical illness, disability, or death, the claim process should be started by contacting the company and informing them about the type of event within a stipulated period of time.
  3. How can I find my claim status with Aviva Life Insurance?
  4. The company proactively keeps the customer updated about the status of their claims through phone letters, calls and SMS. You can easily check your claim status online.
  5. Am I allowed to pay my premiums through Direct Debit?
  6. Yes, the direct debit facility is there for most of the banks. In order to activate the direct debit system, you have to fill up and submit the direct debit mandate. The form can be downloaded from the Aviva website, or taken in person at any Aviva Life Insurance branch.
  7. Can I pay my premiums over the phone?
  8. Yes, the Interactive Voice Response payment facility of the company allows premium payments of up to Rs.15 lakh using credit cards.
  9. Can premium payment be done through setting up standing instructions on my credit card?
  10. Standing instructions can be placed on your credit cards and on the premium due date, the premium amount will be deducted from the account. To use this facility, you need to fill and submit a Credit Card Authorization Form at any of the Aviva Branch Office.
  11. Is Electronic Clearance System (ECS) facility available for premium payment?
  12. Renewal premium amounts can be deducted from your selected bank account, on a specified date by setting up ECS. This facility is available only for “in-force” policies and not on which there is no outstanding premium.
  13. Can I renew my Insurance policy online?
  14. Yes, you can easily renew your Aviva Life Insurance policy online through the website.