Aviva Life Insurance
Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group. Dabur Invest Corp is one of Indias 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 Life Term Insurance 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, the return of premiums term plans, decreasing term plans, increasing term plans and convertible term plans.
What is a return of premium term plan?
A term plan usually doesnt have a return component. This means that the policyholder pays the premium only for life cover and if he lives, he doesnt 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.
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 companys 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 policy holders 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 bbe calculatedat the current market rates, if documents are submitted before 3:00 PM, else the next days market rates will be used to calculate unit price. HDFC Standard And Birla Life Bidding For Aviva Life
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 The premium for women is 5% less than the tabular premium charged for men The premiums and claim are free from tax Eligibility Details 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 the maturity of the policy In case of death of the 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 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 Aviva Term Insurance – the 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 premature 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 Aviva Term Insurance – the 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 Aviva Term Insurance – Sampoorna Suraksha Plan A term plan which promises the 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: Premium can be paid in a lump sum through Single Pay or for a limited term The 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 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 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 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, a 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 companys 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.