Aviva Term Insurance
Aviva Term Insurance: Brief Overview
When you have the responsibility to look after your family, you want to get them the best, even after you are gone. With the unpredictabilities of life, having a term insurance plan is like having a backup financial arrangement to support your family.
The most basic form of insurance, term insurance covers a high coverage amount at a reasonable price. It is the cheapest kind of life insurance. Aviva Term Insurance gives you the confidence that even in your absence, your family will be covered for their financial needs. With Aviva Term Insurance you can cast a safety blanket over your loved ones.
Most Popular Aviva Term Insurance Plans
- Aviva Lifeshield Advantage
Aviva Lifeshield Advantage is an individual non-linked non-participating insurance plan. This is a term insurance plan that offers a comprehensive cover for your family. And if you survive the policy tenure, you will receive all the money that you have paid as premium. You can choose any of the two of the protection categories
- Option A - Life Protection
- Option B - Life-cum-disability protection along with Return of premium
Highlighting Features of the Plan:
- Maturity benefit is available in both options
- The plan offers cover for life with return of premiums at the time of maturity
- Also covers disability
- Avail tax benefits under Section 80C and 10(10D)
|Entry Age||18 years to 55 years|
|Maximum Maturity Age||28 years to 65 years|
|Base Sum Assured|
Minimum: INR 35 lakhs
- Aviva Jana Suraksha
Aviva Jana Suraksha is an individual non-linked non-participating insurance plan. A pure risk insurance plan, it provides a lump sum death benefit to the appointed nominee in case of death of the insured member.
Highlighting Features of the Plan:
- The policy term can be either 5 years or 10 years
- The plan offers two times the cover in case of an accidental death
- No pre-policy medical screening required
- There is a choice to select a single or regular pay options
|Entry Age||18 years to 45 years|
|Maximum Maturity Age|
50 years for a 5-year term
55 years for a 10-year term
Maximum: INR 50,000 (Subject to Policy)
Benefits of Buying Aviva Term Insurance Plans
- Affordable Plans
With Aviva term insurance, you get the widest of coverage at the most economic prices.
- High Claim Settlement Ratio
Aviva Insurance makes every claim a priority, their latest CSR was 97.53%.
- Convenient Procedures
Aviva Insurance has a customer-friendly online portal that helps a policyholder buy a policy, pay the premium and raise a claim online, very easily.
- Wide Options
Both plans offer a lot of options, you can select the variant that you find the most suitable for your needs.
- Tax Benefits
The premiums that you pay towards your term plan would allow you to avail tax benefits under Section 80C and 10 (10(D)) of Income Tax Act, 1961.
What is Covered in Aviva Term Insurance?
- Death Benefit
The payout that the appointed nominee receives, in case the policyholder expires is called the death benefit. This lump sum amount can be very helpful for your family as they would be able to avoid a financial crisis that your death may otherwise cause. Depending on the plan you buy, you have the choice to select a single or regular payment option.
- Maturity Benefit
When you survive the term policy under Aviva Lifeshield Advantage you will receive the maturity benefit.
What is Not Covered in Aviva Term Insurance?
There are certain situations that are not covered under term insurance. The major exclusions are listed below:
- A death that is caused because of any pre-medical condition that is not mentioned in the policy
- A death that is caused while participating in any illegal/anti-social activity
- If the policyholder commits suicide within the first year of the policy term, the death is not covered
How to Apply For Aviva Term Insurance Plans?
After you finalise the plan that you wish to purchase you can proceed in any of the following ways:
- Online Method
Buying term insurance by Aviva is a very easy and simple process that doesn't take more than a few minutes. You need to visit the company website to buy online plans. You can also purchase the plan through an insurance aggregator website. You would have to fill the form online and attach the required documents. You can make the payment through the available electronic modes. Once the company verifies your details, you would receive the policy online.
- Offline Method
If you want to you can visit a branch office and purchase the policy. To locate a branch nearby, visit the company website and click “Locate Us”. To purchase a plan, you can also get in touch with a company insurance agent. After filling the form and attaching the required documents you have to pay the required premium. Once your application is accepted by the company, the policy would be issued to you.
Aviva Term Insurance Riders
Riders are optional benefits that can be opted for with a term insurance plan. By paying a nominal amount you can include extra benefits to your base policy. Keep in mind that a rider is an addition that can be made to your term plan, it cannot be purchased in isolation. The inclusion of a particular rider also depends on the kind of plan that you select:
- Critical Illness Rider
16 critical illnesses are covered under this rider. In case the policyholder is diagnosed with any of the listed diseases, a lump sum amount will be paid.
- Accident Death Benefit Rider
In case of accidental death of the policyholder, the nominee will receive a lump sum amount over and above the sum assured.
- Waiver of Premium Rider
Under this rider, if you are diagnosed with any of the listed critical illnesses or suffer a permanent disability due to an accident, all the upcoming premiums will be waived off.
Aviva Term Insurance Claim Process
Term insurance claims can be of the following types:
- Death Claim
This claim arises when the policyholder passes away. The appointed nominee has to raise a claim with the company at the earliest. This can be done by calling the customer care/ writing them an email/ by physically visiting a branch office/registering the claim online through the website.
One the claim is raised, a company executive will guide the nominee about the procedure to be followed. This generally involves filling of the claim form and submitting the required documents, which are listed below:
- Death Certificate
- Policy papers
- Employer Questionnaire, if applicable
- All medical reports in case of death due to illness
- In case of accidental death: Certificate by a Medical Practitioner to certify the cause of death, Post Mortem Report, (FIR) First Information Report, Inquest Report and the Final Investigation Report of the Police
- Maturity Claim
If you have opted for Aviva Lifeshield Advantage and if you survive the policy tenure, you will receive the maturity benefit. You need to fill out the Maturity Payout Form that can be downloaded from the company website. You then need to submit this form at a branch either physically or via mail.
Aviva Term Insurance Customer Care Details
|Telephone Number||1800 103 7766|
|Fax Number||0124- 2571205|
|Corporate Office Address|
Aviva Tower, Sector Road,
Opposite Golf Course, DLF Phase - V, Sector-43, Gurugram - 122003.
Aviva Term Insurance Review
When you choose Aviva Life, you get the advantage of being associated with the management experience of Dabur Invest Corp and Aviva International Holdings Limited. By paying a nominal premium you can give your family financial protection so that in case of your untimely demise, your loved ones will not be in a financial crisis. The insurance plans also offer you the choice to opt for enhanced protection by opting for riders. Maintaining an excellent Claim Settlement Ratio, the company has insured over 2 million people in the country.