Life is unpredictable, and it’s crucial to prepare for the worst. Aviva Life Insurance offers a range of insurance products to help you safeguard your future and protect your loved ones from unforeseen financial burdens. In this guide, we’ll take a closer look at Aviva Life Insurance and everything you need to know about their policies, features, and benefits.
What is Aviva Life Insurance?
Aviva Life Insurance is a leading provider of insurance products and services in India. Founded in 2002, the company offers a range of insurance products, including term plans, ULIPs, savings plans, child plans, retirement plans, and more. With a wide range of policies to choose from, Aviva Life Insurance caters to the diverse needs of its customers.
Aviva Life Insurance is a joint venture between Aviva plc, a British multinational insurance company, and Dabur Invest Corp, an Indian company that is part of the Dabur Group. The company has a strong presence in India, with more than 3,500 employees and 121 branches across the country.
Types of Policies Offered by Aviva Life Insurance
Aviva Life Insurance offers a range of insurance products to cater to the diverse needs of its customers. Here’s a closer look at some of the policies offered by the company:
Policy Type |
Description |
Term Plans |
Term plans provide pure life cover and offer a lump sum payout to the nominee in the event of the policyholder’s death during the policy term. |
ULIPs |
Unit-linked insurance plans (ULIPs) provide life cover and investment opportunities. A portion of the premium is allocated towards life cover, while the remaining amount is invested in a portfolio of funds. |
Savings Plans |
Savings plans offer a combination of savings and life cover. These plans allow policyholders to accumulate savings over a period of time and provide a lump sum payout on maturity or in the event of the policyholder’s death. |
Child Plans |
Child plans are designed to provide financial security for children’s future needs, such as education, marriage, and more. These plans provide a lump sum payout on maturity or in the event of the policyholder’s death. |
Retirement Plans |
Retirement plans are designed to help individuals plan for their life after retirement. These plans provide a regular income stream to policyholders after retirement and ensure financial security during their golden years. |
Features and Benefits of Aviva Life Insurance Policies
Here are some of the key features and benefits of Aviva Life Insurance policies:
- Flexible premium payment options
- Comprehensive life cover with optional riders
- Customizable policy terms and coverage amounts
- Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
- Option to enhance cover with critical illness, accidental death, and disability riders
- Optional add-ons such as waiver of premium, income benefit, and joint-life cover
- Online purchase and renewal options
- 24/7 customer support and claims assistance
How to Buy Aviva Life Insurance?
Buying Aviva Life Insurance is simple and hassle-free. Here’s how you can buy a policy:
- Visit the Aviva Life Insurance website and browse through the different policies.
- Select the policy that best suits your needs and budget.
- Fill in your personal and contact details, and provide the necessary documents.
- Pay the premium online using a debit card, credit card, or net banking.
- Receive the policy document in your email inbox.
You can also purchase Aviva Life Insurance policies through their customer support team, agents, or brokers.
FAQs
Q. What is the minimum and maximum entry age for Aviva Life Insurance policies?
A. The minimum entry age for Aviva Life Insurance policies is 18 years, and the maximum entry age varies depending on the policy type.
Q. Do Aviva Life Insurance policies cover death due to natural causes?
A. Yes, Aviva Life Insurance policies cover death due to natural causes, as well as accidental death.
Q. Can I avail of tax benefits under Aviva Life Insurance policies?
A. Yes, Aviva Life Insurance policies offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Q. Can I buy Aviva Life Insurance policies online?
A. Yes, Aviva Life Insurance policies can be purchased online through their website.
Q. What is the claim settlement ratio of Aviva Life Insurance?
A. The claim settlement ratio of Aviva Life Insurance is 96.06% for the financial year 2019-20, which indicates a high level of reliability and customer trust.
Q. Can I surrender my Aviva Life Insurance policy?
A. Yes, you can surrender your Aviva Life Insurance policy after the completion of the lock-in period. However, surrendering the policy before maturity may result in a lower payout than the premiums paid.
Conclusion
Aviva Life Insurance is a reliable and trustworthy provider of insurance products in India. With a wide range of policies to choose from and flexible features and benefits, Aviva Life Insurance policies cater to the diverse needs of individuals and families. Whether you’re looking for pure life cover, investment opportunities, savings plans, child plans, retirement plans, or more, Aviva Life Insurance has a policy that’s right for you.
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