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Aviva Life Term Insurance Plans

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Aviva Life Insurance Company is a renowned name in the life insurance segment. Founded in the year 2002, the insurer is a joint venture between the Dabur Invest Group, which is one of the oldest conglomerates of India, and the Aviva Group, which is a United Kingdom-based Insurance Company.  The insurer, which takes pride of insuring 33 million customers globally and over 2 million pan India, can be a good choice for those seeking life insurance solutions. And among its life insurance products, Aviva Term Plan is one of the most sought-after products.  

A term insurance plan or simply a Term Plan is a basic form of life insurance. This plan provides high coverage at the minimum premium rate. Also, being the most basic form of an insurance plan, it is one of the cheapest types of policies to provide whole life coverage.

What is Aviva Term Plan?

Aviva Term Insurance plan takes care of the financial requirements of the policyholder and that of his/her family in case of the sudden demise of the insured.

There are two types of plans under the Aviva Term Insurance, each plan has its own unique set of benefits, features, and coverage. Providing this wide range of options to choose from helps a customer to choose one in accordance with his/her needs, and that too, without any hassle.

Aviva term insurance can be availed both online and offline. These plans are offered at an economical rate. The company also offers diminished premium rates for non-smokers and for people who maintain a healthy lifestyle.

Features and Benefits of Aviva Term Plan

The key features of the Aviva Term Plan are as follows:

  • Aviva term insurance offers return of premiums at maturity under its LifeShield variant.
  • All the policies provide adequate coverage, dealing with all of the financial elements and aspects of the policyholder

  • Incase of the sudden demise of the life assured during the policy tenure, all of the benefits and the appropriate Fund Value of the plan are given or reimbursed to the entitled nominee or the beneficiary.

  • All of the plans are flexible when it comes to the period of payment of the premiums. Also, there is a rebate on the due premiums in the event of securing the maximum Assured Sum on some of the policies.

  • Benefits like coverage for accidents (Accidental Benefit Cover), coverage for in-built terminal illness, the return of regular monthly income as well as premium, etc. are available at an nominal cost

  • Most of the plans mentioned under the Aviva Term Plan also offer benefits as well as economical premium and interest rates for non-smokers. There are also additional benefits for customers who maintain a healthy lifestyle.

  • The application process Aviva term insurance is guaranteed to be hassle-free by the company, and minimum documentation is assured.

  • Aviva India also offers a dedicated team to all policyholders for customer service to help them through the application process and clear their doubts in case they have one.

  • All of the policies under the Aviva Term Insurance plan come with Tax Exemptions and Benefits, as mentioned under the Income Tax Act, 1961.

Benefits of Aviva Term Insurance Plan

  • Death Benefit

    All of the policies provide several Death Benefits. Some of the variations of the same are Monthly Income, Lump Sum, Double Sum Assured, etc. If the life assured by the policy does not survive till the date of maturity of the policy, then the benefits are given to the nominee or the beneficiary.

  • Total Permanent Disability Benefit

    Some of the plans offer benefits on Total Permanent Disability due to an accident. Also, riders like Disability Rider or Critical Illness Rider can be added or purchased separately to the original Term Plan.

  • Terminal Illness Benefit and Critical Illness Benefit

    Some of the policies under the Aviva Term Plan provide riders such as the Critical Illness Rider or additional benefits like the Terminal Illness Benefit. The Riders can be purchased and added separately in place of an extra premium. Also, other benefits for Terminal Illness have various protect variations, such as the In-built Terminal Illness Benefit

  • Accidental Death Benefit

    Some of the plans also offer Accidental Death Benefit under the plan variation of Protect Plus. Under this, if the insured does not survive until the maturity date of the policy, then 100% of the Assured Sum is paid to the beneficiary or the entitled nominee

  • Life Stage Benefit

    Most of the plans and their variations offer the Life Stage Benefit. This benefit allows the policyholder to increase the Assured Sum amount, which can only be done once, to a maximum amount of INR 25 Lakhs. This can be done within six months of the event specified.

  • Maturity Benefit

    This benefit comes with almost all of the policies under the Aviva Term Insurance, and it entails the Assured Sum being reimbursed to the policyholder after the maturity of the policy. It has a lot of variants, though. Under the Protect Assured variant of this benefit, the policy (Term Plan) reimburses 120% of the paid premiums after the maturity of the policy.

Aviva Term Plan: List of Plans

Aiva term insurance plans can be categorized into two types-

  • Aviva LifeShield Advantage

    Aviva LifeShield Advantage is a term insurance plan that comes with unique features and benefits. The policy is loaded with features such as:

    • Life cover with return of premiums at maturity
    • Option for coverage against disability
    • Avail tax benefits u/s 80(c), 10 10(d)
    • Affordable premium and higher life coverage

    Aviva LifeShield Advantage Plan at a Glance

    Entry age 18-55 years
    Maturity Age 28-65 years
    Policy Tenure 10-30 years
    Sum Assured Minimum: 35 lakh Maximum: Plan A: no limit Plan B: 50 lakh
    Premium Frequency Yearly, Half Yearly, Quarterly & Monthly frequency (depending on the plan type, insured can choose from these)
  • Aviva Jana Suraksha

    Aviva Jana Suraksha term insurance plan that offers extensive financial protection against eventualities and keep the family of the insured financially protected. In case of the sudden demise of the policyholder, the plan benefit is offered to the nominee or beneficiary. Moreover, the policy sum assured gets doubled in case of an accident death.

    Some of the salient features of this this plan include:

    • Life cover starting as low as Rs 25,000
    • In case of accidental death, the sum assured amount doubles
    • Tax benefit to be earned as per the Income Tax Act 1961
    • Choice of single or regular pay options

    Aviva Jana Suraksha Plan at a Glance

    Entry age 18-45 years
    Maturity Age 50-55 years
    Policy Tenure 5/10 years
    Sum Assured Minimum: 25,000 Maximum: 50,000
    Premium Frequency Yearly, Half Yearly, Quarterly & Monthly frequency (depending on the plan type, insured can choose from these)

What is not Covered by Aviva Term Plan?

The policies under the Aviva Term Plan have some policy exclusions, regarding the coverage of the policy. All of the policy exclusions are mentioned below:

  • Suicide

    This exclusion is common for all the policies and all the variations listed under the Aviva Term Insurance. If the life insured by the policy commits suicide within the first year of the commencement of the policy, then only 80% of the paid premium to date will be reimbursed to the beneficiary or the entitled nominee of the policy.

  • Exclusion for in-built Terminal Illness Benefit

    Under the Protect Option, the life insured will not receive any benefit if the death of the insured is caused directly or indirectly due to the following:

    • HIV (Human Immunodeficiency Virus)
    • If the terminal illness is the direct or indirect result of attempted suicide within one year or during the Revival Period
  • Exclusion for in-built Accidental Death Benefit

    Under the Protect Plus Option, the entitled nominee will not be given the accidental death benefit if the death of the life insured is due to the following

    • War
    • Service in the Armed Forces
    • Drug Abuse
    • Adventurous Sports
    • Suicide

Claim Process for Aviva Term Plan

The Claim Process for any of the policies under the Aviva Term Insurance involves four parts. All of these parts have been guaranteed to be hassle-free and straightforward by the company. Here you go:

  • Intimation

    The policyholder (in case of Maturity Claim or Surrender Claim) or the nominee (in case of Terminal Illness Claim, Critical Illness Claim, Accidental Disability Claim, Accidental Death Claim, or Death claim) is required to intimate the appropriate claim to the insurer.

  • Furnishing of applicable documents and scrutiny

    All the necessary documents supporting the claim have to be submitted without fail.

  • Settlement Payouts or Payment of the Sum Assured

    When the insurer receives the documents required for the claim, the policy sum assured is paid to the policyholder or the nominee of the policy.

Aviva Term Plan: Tax Benefits

All of the policies under the Aviva Term Insurance offer Tax Exemptions and Benefits. These benefits are as mentioned under Section 80C and Section 10D under the Income Tax Act, 1961. These provide tax benefits and exemptions on premiums that are paid regularly and on time.

How to Buy Aviva Term Insurance Plan?

  • Online mode – Aviva India offers some of the policies listed under the Aviva Term Plan that can be checked out and bought online. Interested individuals can go to the official website of the company, which is www.avivaindia.com, to check the details on the policies available and their variations and to purchase
  • Offline mode – Individuals who want to purchase the offline policies can visit their nearest branch of Aviva India to check out the details or purchase a policy.

  • Intermediaries – Individuals can also get the help of various agents or brokers (intermediaries) to purchase a policy.

How to Renew Aviva Term Insurance Plan?

The renewal process is different for different policies. As not all of the policies are available to buy online, the policies that are available through the offline mode have a different renewal process.

  • Online – The policyholder is required to log-in to the online portal or the e-portal using the Client Id and Password first and then select the policy that he/she wants to renew. After the payment of the renewal fee and the due premium, the policy will be renewed.
  • Offline (pen-and-paper) – The policyholder can visit the nearest Aviva India branch to duly fill-in the renewal form for a particular policy and then pay the renewal fee as well as the due premium to renew the policy.

Aviva Term Plan: Required Documents

To apply for any of the plans, an individual is required to submit the following documents, along with the corresponding application form:

  • Identity Proof – KYC documents such Aadhar Card; PAN Card; Driving License; Passport; Employee or student ID card; etc

  • Address Proof – KYC documents such Aadhar Card; PAN Card; Driving License; Passport; etc.

  • Income Proof – Last three months' Salary Slip issued by the organization where the policyholder works, photocopy of the latest ITR form, or Form 16, as mentioned under the documents required in the application form.

Note – If the policyholder is the below the age of 20 years or has not been employed yet, then there is no need to submit the Income Proof and the client can discuss the matter with one of the Customer Relations Officer (CRO) at the branch.

All these documents to be submitted need to be attested by the policyholder as well as a Gazetted Officer.

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Written By: Paisawiki - Updated: 20 October 2020