Overview:
Aviva Life Insurance is a joint venture between Aviva plc (a UK-based insurance group) and Dabur Invest Corporation. Established with a vision of helping people plan for their future, Aviva Life Insurance has become a trusted provider of life insurance products and services. The company operates on the principles of integrity, customer-centricity and innovation, keeping the needs of its policyholders at the core of its operations.
Aviva Life Insurance is a leading name in the insurance industry, renowned for its commitment to providing comprehensive and reliable life insurance solutions. With a strong presence in various countries, including India and the United Kingdom, Aviva Life Insurance has earned the trust of millions of individuals and families. This page explores the key features, benefits, and offerings of Aviva Life Insurance, highlighting how they strive to protect your future with confidence.
Aviva Life Insurance has received numerous accolades and industry recognition for excellence in service, innovation and customer satisfaction. The company's commitment to providing high-quality insurance solutions and exceptional customer experience has earned it prestigious awards and accolades from renowned institutions and industry experts. Some of the awards and recognitions won by Aviva Life Insurance are mentioned below:
- Aviva Life Insurance ranked as “India’s Most Trusted Life Insurance Brand” for the fifth time in a row.
- Aviva Life Insurance ranked 10th in the “Deam Companies to Work For” ranking by Economics Times Now & World HRD Congress in 2018.
- Aviva Life Insurance won the “BFSI Underwriting and Claims Customer Care Initiative of the Year” for providing the customer's family with a decision within 30 minutes of the receipt of the claim in the year 2018.
- Aviva Life Insurance won the “CIA 100 Award” for successfully implementing hyper-converged infrastructure to enhance our private cloud capability in 2018.
Aviva Life Insurance Company Specification
Below are the key specifications of Aviva Life Insurance Company.
| Particulars | Specifications |
|---|---|
| Claim Paid Percentage (2021-22) | 98.39 |
| Group Death Claim Paid Percentage (2021-22) | 99.85 |
| Branches in India | 93 |
| Solvency Ratio (2021-22) | 21 |
| Market Share (2021-22) | 1268.15 Crore |
*Data has been sourced from the annual report of IRDAI 2021-22
Key Features of Aviva Life Insurance
Aviva Life Insurance offers several key features that make it a reliable and trustworthy insurance provider. These features are designed to provide comprehensive coverage, flexibility and various benefits to policyholders. Some of the key features of Aviva Life Insurance are:
Comprehensive Coverage
Aviva Life Insurance policies provide comprehensive coverage to protect the financial well-being of policyholders and their families. They provide coverage against various risks, including death, critical illness, disability and accidental death.
Flexibility
Aviva Life Insurance understands that each person's insurance needs are different. To accomplish this, they offer flexible policies that can be customized to specific needs. Policyholders can choose the policy term, sum assured and premium payment options that suit their needs.
Additional Riders
Aviva Life Insurance offers a range of optional riders that can be added to the base policy for better coverage. These riders provide additional protection against specific risks, such as accidental death, disability, critical illnesses and waiver of premium.
Investment Opportunities
Aviva Unit-Linked Insurance Plans (ULIPs) allow policyholders to invest in various market-linked funds. This allows them to participate in potential market growth and maximize their returns. ULIPs provide the dual benefits of life insurance coverage and investment growth.
Customer Service
Aviva Life Insurance is committed to providing excellent customer service. They have a dedicated customer support team that resolves queries promptly, provides support and guides customers through policy-related processes. Aviva strives to ensure a seamless and hassle-free experience for its policyholders.
Claims Settlement Ratio
The Claim Settlement Ratio (CSR) of a life insurance company provides insights into its ability to settle claims. To determine the CSR of Aviva Life Insurance, you can refer to the Annual Report of the Insurance Regulatory and Development Authority of India (IRDAI). Based on the most recent IRDAI Report for the year 2021-22, Aviva Life Insurance Company has a CSR of 98.39.
Solvency Ratio
Assessing the insurance company's financial stability is crucial before purchasing a life insurance policy. Customers should examine the solvency ratio to check the company's capacity to fulfil its long-term debt commitments. According to the Insurance Regulatory and Development Authority of India (IRDAI), all life insurance companies in India must maintain a minimum solvency ratio of 1.5. Currently, the solvency ratio of Aviva Life Insurance is 2.1.
Annual Premium
The yearly premium of an insurance company provides valuable information to prospective policyholders about the company's business volume and customer preference. According to the report by the Insurance Regulatory and Development Authority of India (IRDAI), the annual premium of Aviva Life Insurance Company amounts to 1,268.15 Crores.
Digital Initiatives
Aviva Life Insurance leverages technology to enhance customer experience and convenience. They provide user-friendly online platforms and mobile applications that enable policyholders to manage their policies easily, track investments, make premium payments, and access policy-related information.
Industry Recognition
Aviva Life Insurance has received numerous awards and accolades for excellence in service, innovation and customer satisfaction. These recognitions highlight the company's commitment to providing high-quality insurance solutions and exceptional customer experiences.
Benefits of Aviva Life Insurance
Aviva Life Insurance is a well-known insurance provider that offers a range of insurance products designed to meet the different needs of individuals. Here are some of the key benefits of choosing Aviva Life Insurance:
Financial Security for Your Loved Ones
One of the primary benefits of Aviva Life Insurance is its financial protection for your loved ones. In the event of your unfortunate demise, the sum assured is paid to your beneficiaries, ensuring that they are financially secure and can maintain their standard of living. This coverage provides peace of mind, knowing that your family will be taken care of financially.
Flexibility and Customization
Aviva Life Insurance plans offer flexibility and customization options to meet your specific needs. You can choose the policy term, premium payment frequency and coverage amount based on your financial goals and preferences. Aviva understands that everyone's needs differ, and their flexible plans allow you to customize your insurance coverage accordingly.
Tax Benefits
Aviva Life Insurance plans come with attractive tax benefits. The premiums paid towards these plans are eligible for tax deductions under Section 80C of the Income Tax Act 1961. This helps reduce your overall tax liability while providing the necessary insurance coverage for you and your family.
Bonus and Rewards
Aviva Life Insurance offers various bonuses and rewards to policyholders. You may be eligible for bonuses like loyalty additions or maturity benefits, depending on your plan type. These additional benefits increase the value of your insurance coverage and provide you with additional financial protection.
Optional Riders for Enhanced Coverage
Aviva Life Insurance allows you to further customize your policy by adding optional riders to your base plan. These riders provide additional coverage against specific risks such as critical illness, sudden death or disability. By opting for riders, you can increase your coverage and protect yourself from unexpected events.
Hassle-Free Claims Process
Aviva Life Insurance prides itself on its efficient and hassle-free claims process. They strive to settle claims quickly and provide a seamless experience to their policyholders. With their dedicated customer support team, you can expect timely assistance and guidance during the claims process.
Strong Reputation and Financial Stability
Aviva Life Insurance has a strong reputation and is known for its financial stability. They are committed to providing reliable insurance solutions and have a proven track record of meeting the needs of policyholders. This gives you confidence that your insurance provider is trustworthy and will be there for you when you need it most.
Life Insurance Plans Offered by Aviva Life Insurance
Aviva Life Insurance offers a range of plans such as term insurance, ULIP plans, child plans, etc. These plans are designed to cater to various insurance and investment needs. Here are some of the plans offered by Aviva Life Insurance, along with their eligibility criteria and coverage benefits:
Aviva Term Plans
 |
Aviva Jana Suraksha |
Coverage Benefits
- Coverage Starting from INR 25K
- Choice of Pay Option
- 2X Cover in Case of Accidental Death
Eligibility Criteria
Entry Age: 18 Years to 45 Years
|
Aviva Saral Jeevan Bima Plan |
Coverage Benefits
- Tax Benefits
- Death Benefit
- Revival of Lapsed Policy
Eligibility Criteria
Entry Age: 18 Years to 65 Years
|
Aviva Protection Plus |
Coverage Benefits
- Multiple Premium Payment Option
- Affordable Premiums
- Surrender Value
Eligibility Criteria
Entry Age: 20 Years to 65 Years
|
Aviva Signature 3D Term Plan |
Coverage Benefits
- Waiver of Premium
- Multiple Plan Option
- Tax benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Aviva Guaranteed Savings Plans
|
Aviva Signature Guaranteed Income Plan |
Coverage Benefits
- Multiple Payment Options
- Loyalty Additions
- Tax Benefits
Eligibility Criteria
Entry Age: 8 Years to 60 Years
|
Aviva Nivesh Bima |
Coverage Benefits
- Tax Benefits
- Accidental Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 13 Years to 60 Years
|
Aviva New Wealth Builder |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 6 Years to 60 Years
|
Aviva New Family Income Builder |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Guaranteed Terminal Benefit
Eligibility Criteria
Entry Age: 6 Years to 50 Years
|
Aviva Dhan Suraksha |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
Aviva Income Suraksha |
Coverage Benefits
- Guaranteed Monthly Income
- Tax Benefit
- Terminal Benefit
Eligibility Criteria
Entry Age: 18 Years to 48 Years
Aviva Ulip Plans
|
Aviva Affluence |
Coverage Benefits
- 7 Funds Option
- Pay Premium as Per Your Convenience
- Additional Amount in Case of Accidental Death
Eligibility Criteria
Entry Age: 2 Years to 50 Years
|
Aviva i-Growth |
Coverage Benefits
- Tax Benefits
- Death Benefit
- 3 Funds Option
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
Aviva Signature Investment Plan |
Coverage Benefits
- Partial Withdrawal
- Maturity Benefit
- Death benefit
Eligibility Criteria
Entry Age: 91 Days to 65 Years
|
Aviva Fortune Plus Plan |
Coverage Benefits
- Tax benefit
- 7 Funds Option
- Partial Withdrawal
Eligibility Criteria
Entry Age: 2 Years to 60 Years
Aviva Child Plans
|
Aviva Young Scholar Secure |
Coverage Benefits
- Tuition Fee Support
- Higher Education Reserve
- College Admission Fund
Eligibility Criteria
Entry Age: 21 Years to 50 Years
Aviva Retirement Plans
|
Aviva New Innings Pension Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefits
Eligibility Criteria
Entry Age: 35 Years to 64 Years
|
Aviva Annuity Plus Plan |
Coverage Benefits
- Tax Benefits
- Policy Loan Availability
- 7 Option Available
Eligibility Criteria
Entry Age: 18 Years to 80 Years
|
Aviva Saral Pension Plan |
Coverage Benefits
- Tax Benefits
- Joint Life Option
- Death Benefit
Eligibility Criteria
Entry Age: 40 Years to 80 Years
Aviva Saving Plans
|
Aviva Signature Investment Plan |
Coverage Benefits
- Death Benefit GenX
- Death Benefit Millenial
- Tax Benefits
Eligibility Criteria
Entry Age: 91 Days to 65 Years
|
Aviva Signature Guaranteed Income Plan |
Coverage Benefits
- Multiple Payout Option
- Tax Benefit
- Loyalty Additions
Eligibility Criteria
Entry Age: 8 Years to 60 Years
|
Aviva Affluence |
Coverage Benefits
- 7 Funds Option
- Pay Premium as Per Your Convenience
- Additional Amount in Case of Accidental Death
Eligibility Criteria
Entry Age: 2 Years to 50 Years
|
Aviva i-Growth |
Coverage Benefits
- Tax Benefits
- Death Benefit
- 3 Funds Option
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
Aviva New Family Income Builder |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Guaranteed Terminal Benefit
Eligibility Criteria
Entry Age: 6 Years to 50 Years
|
Aviva Dhan Suraksha |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
Aviva Income Suraksha |
Coverage Benefits
- Guaranteed Monthly Income
- Tax Benefit
- Terminal Benefit
Eligibility Criteria
Entry Age: 18 Years to 48 Years
|
Aviva New Wealth Builder |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 6 Years to 60 Years
|
Aviva Nivesh Bima |
Coverage Benefits
- Accidental Benefit
- Tax Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 13 Years to 60 Years
|
Aviva Fortune Plus Plan |
Coverage Benefits
- 7 Funds Option
- Tax Benefit
- Partial Withdrawal
Eligibility Criteria
Entry Age: 2 Years to 60 Years
Aviva Group Plans
|
Aviva New Group Term Life |
Coverage Benefits
- Death Benefit
- Affordable Premium
- OYRGTA Plan
Eligibility Criteria
Entry Age: 18 Years to 79 Years
|
Aviva Group Credit Life |
Coverage Benefits
- Joint Life Cover
- Single Life Cover
- Death Benefit
Eligibility Criteria
Entry Age: 15 Years to 70 Years
|
Aviva Group Gratuity Advantage |
Coverage Benefits
- Tax Benefits
- 7 Funds Options
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 74 Years
|
Aviva Group Life Protect |
Coverage Benefits
- Tax Benefits
- Death Benefit
- Loan Option
Eligibility Criteria
Entry Age: 18 Years to 69 Years
|
Aviva Corporate Life Plus |
Coverage Benefits
- Death benefit
- Tax Benefit
- Multiple Premium Payment Option
Eligibility Criteria
Entry Age: 18 Years to 69 Years
|
Aviva Credit Assure |
Coverage Benefits
- Death benefit
- Spouse Cover
- Multiple Premium Payment Option
Eligibility Criteria
Entry Age: 18 Years to 69 Years
|
Aviva Credit Suraksha |
Coverage Benefits
- Death benefit
- Optional Spouse Cover
- Multiple Premium Payment Option
Eligibility Criteria
Entry Age: 18 Years to 64 Years
|
Aviva New Group Leave Encashment Plan |
Coverage Benefits
- Death benefit
- Tax Benefit
- 7 Funds Option
Eligibility Criteria
Entry Age: 18 Years to 70 Years
|
Aviva New Traditional Employee Benefit Plan |
Coverage Benefits
- Tax Benefits
- Death Benefit
- Encashment of Resignation
Eligibility Criteria
Entry Age: 18 Years to 74 Years
|
Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna |
Coverage Benefits
- Life Cover
- Low Premium Amount
- Easy Enrollment
Eligibility Criteria
Entry Age: 18 Years to 50 Years
|
Aviva Pravasi Bhartiya Jeevan Bima Yojana |
Coverage Benefits
- No Medical Examination Required
- Affordable Premium
- Single Premium Payment Term
Eligibility Criteria
Entry Age: 18 Years to 50 Years
Aviva Life Insurance Tax Benefits
The tax benefits of Aviva Life Insurance provide financial security and peace of mind and help individuals optimize their tax planning by minimizing their tax liabilities and maximizing their savings. Aviva Life Insurance offers several tax benefits to help individuals save money and optimize their tax planning strategies. Here are some of the major tax benefits provided by Aviva Life Insurance:
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Tax Deduction on Premiums
Premiums paid for Aviva Life Insurance policies are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. The maximum deduction allowed is up to INR 1.5 lakh per year. This deduction can significantly reduce your taxable income, reducing tax liabilities.
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Tax-Free Death Benefit
The death benefit received by the nominee/beneficiary on the unfortunate death of the insured is tax-free under Section 10(10D) of the Income Tax Act. This means that the entire sum assured is paid to the nominee without any tax implications. This tax exemption ensures that the financial support provided by a life insurance policy remains intact for the family during difficult times.
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Tax-Free Maturity Benefit
Maturity benefits received under Aviva Life Insurance policies are also tax-free under Section 10(10D) of the Income Tax Act. When the policy matures and the insured survives the policy term, the maturity amount received, including the sum assured and any accumulated bonuses, is tax-free. This allows policyholders to enjoy the maturity proceeds without any tax deduction.
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Additional Tax Savings through Riders
Aviva Life Insurance offers riders or optional benefits that policyholders can add to their basic policies for better coverage. Premiums paid for specific riders, such as critical illness riders or disability riders, may also be eligible for tax benefits under section 80D of the Income Tax Act, subject to certain conditions. These riders not only provide additional protection but also provide potential tax savings.
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Tax Benefits on Pension Plans
Aviva Life Insurance pension or retirement plans offer tax benefits. Contributions made to these schemes are eligible for tax deduction under Section 80CCC and other eligible deductions under Section 80C of the Income Tax Act. The income received from maturity or withdrawal from these pension plans also offers tax benefits, as only a part of the amount received is taxable under the prevailing tax rules.
How to Choose the Right Aviva Life Insurance Plan?
Choosing the right Aviva Life Insurance plan requires careful consideration of your needs and financial goals. Here are some steps to help you make an informed decision:
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Assess Your Insurance Needs
Start by evaluating your insurance needs. Consider factors like your age, marital status, dependents, financial obligations and long-term goals. Determine whether you need life insurance coverage, health insurance, retirement planning, savings or a combination.
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Determine Coverage Amount
Calculate the coverage amount required based on your financial obligations and the needs of dependents. This may include outstanding loans, mortgage, education expenses, daily living expenses and future financial goals. Aviva offers a variety of coverage options, so choose a plan that suits your coverage needs.
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Understand Plan Features
Get an in-depth review of the features and benefits of each Aviva life insurance plan. Pay attention to the policy terms, premium payment options, riders (additional coverage options), maturity benefits and exclusions. Ensure the plan offers the flexibility and features to meet your needs.
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Consider Affordability
Evaluate the premium payments associated with each plan. Evaluate whether the premium amount fits your budget and financial capabilities. Remember to balance affordability and the coverage benefits offered. Aviva offers a range of plans at different prices, so you can choose the one that suits your budget.
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Read Policy Documents
Read the policy documents carefully, including terms and conditions, exclusions and claim settlement process. Understand the inclusions and limitations of the policy to avoid any surprises in the future. If you have any questions or need clarification, contact Aviva's customer support team for assistance.
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Seek Professional Advice
If you are still determining which Aviva Life Insurance plan suits you, consider consulting with our RenewBuy’s POSP advisor. They can provide personalized guidance based on your financial situation and goals. RenewBuy’s POSP Advisor can help you understand the nuances of different plans and assist you in making an informed decision.
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Compare Plans
Compare different Aviva Life Insurance plans' features, benefits and premiums. Consider factors such as coverage, flexibility, policy terms, premium payment options and additional riders. This comparison will help you narrow down your options and choose the best plan that meets your needs.
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Check Claim Settlement Ratio
Review the Claim Settlement Ratio (CSR) of Aviva Life Insurance to find out their track record of settling claims. A higher CSR indicates a higher probability of hassle-free claim settlement. CSR information is usually available on the Insurance Regulatory and Development Authority of India (IRDAI) website or in the annual reports published by Aviva Life Insurance.
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Read Customer Reviews
View customer reviews and testimonials about Aviva Life Insurance plans. This can give you information about the experiences of existing policyholders and their satisfaction with the company's services and claim settlement process.
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Seek Transparency
Choose an insurance plan from a company that promotes transparency and provides clear information about its products, terms and conditions. Aviva Life Insurance is known for its transparent approach towards customer communication.
Aviva Life Insurance Buying Process
Aviva Life Insurance offers a simple and hassle-free buying process. You can buy Aviva Life Insurance in two ways, i.e., from Aviva Life Insurance's official website and RenewBuy.com. Read below to check the buying process of Aviva Life Insurance in detail.
Buy from RenewBuy.com
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life Insurance Companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "Aviva life insurance" tab.
- Select the desired Aviva Life Insurance plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of Aviva Life Insurance
- Visit the Aviva Insurance official website.
- Click on the desired type of Insurance tab.
- The new page will show you all the "Aviva life insurance Plans."
- Fill in the required details.
- Click on the "Buy Now" button.
- Pay, and your life insurance policy document will be sent to your registered e-mail address.
Aviva Life Insurance Claim Process
Aviva Life Insurance offers a simple and hassle-free claim process. The claim process for Aviva Life Insurance typically involves the following steps:
Intimation
The first step is to intimate Aviva Life Insurance about the claim. This can be done by contacting their customer service helpline or visiting their website. You will be required to provide details such as the policy number, date of death (in case of a death claim), and other relevant information.
Documentation
Aviva Life Insurance will provide a list of documents required to process the claim. The documentation may include some common documents such as:
- Claim form
- Policy documents
- ID and address proof
- PAN Card
- Contact details of the claimant
- Saving bank account number
Submission
Once you have gathered all the required documents, submit them along with the claim form to Aviva Life Insurance. Ensure that you keep copies of all the documents for your records.
Claim Evaluation
Aviva Life Insurance will review the submitted documents and assess the claim based on the policy terms and conditions. They may contact you for additional information or clarification during the evaluation process.
Claim Settlement
Aviva Life Insurance will proceed with the claim settlement after successful evaluation and verification of the claim. The settlement can be in the form of a lump-sum payment or annuity, depending on the policy terms and the nature of the claim.
Claim Disbursement
Aviva Life Insurance will disburse the claim amount to the nominee or beneficiary mentioned in the policy. The payment will be made electronically or by issuing a cheque.
Documents Required for Claim Process
Below are the documents that you need to submit while raising a claim:
In Case of a Death Claim
- Duly filled claim form
- Nominee ID proof
- Medical records
- Saving bank account number
- Last medical assistance
- Post-mortem report (in case of post-mortem done)
- Address proof of the nominee
- Copy of the death certificate
- Original Policy Document
- Contact number of the claimant
- FIR/police report
- PAN card of the payee
- Newspaper cutting
- Panchanama in case of police report
In Case of Survival Benefit
- Duly filled claim form
- PAN card of the payee
- Contact number of claimant
- Newspaper cutting
- Contact number of the claimant
- Saving bank account number
In Case of Critical Illness / Hospital Cash Benefit Claim
- Duly filled claim form
- Nominee ID proof
- Medical records
- Original Policy Document
- Contact number of the claimant
- Saving bank account number
- FIR/police report
- PAN card of the payee
- Panchanama in case of police report
In Case of Disability Claim
- Duly filled claim form
- Nominee ID proof
- PAN card of the payee
- Medical records
- Last medical assistance
- Address proof of the nominee
- Original Policy Document
- Contact number of the claimant
- Saving bank account number
- FIR/police report
- Newspaper cutting
- Panchanama in case of police report
In Case of the Maturity Benefit
- Duly filled claim form
- Nominee ID proof
- Saving bank account number
- Original Policy Document
- PAN card of the payee
- Contact number of the claimant
- Panchanama in case of police report
In the Case of the Annuity Benefit
- Saving bank account number
- Contact number of claimant
- Existence certificate
- PAN card of the payee
Aviva Life Insurance Contact Details
You can find the contact details for Aviva Life Insurance by visiting their official website. Here are some general contact details that you can explore:
| Address: | Registered Office: 2nd floor, Prakashdeep Building, 7 Tolstoy Marg, New Delhi - 110001, Delhi, India Corporate Office: 401-A, 4th Floor, Block A, DLF Cyber Park, Sector-20, NH-8, Gurugram, Haryana - 122016, India |
| Email us at: | Customerservies@avivaindia.com |
| Toll-free no: | 1800 103 7766 |
| Telephone Number: | 0124 - 2709000/46 |
