Aviva Life Insurance Company has been formed as a joint venture between Dabur Invest Corp and Aviva Group. While Dabur Invest Corp is a reputed Indian company, Aviva Group is a UK based insurance company which sells insurance solutions in more than 16 countries in the world. Aviva Life Insurance Company offers a range of life insurance plans to customers. The company’s term and child insurance plans are the best in the industry which offers good benefits at competitive premium rates.
Why choose Aviva Life Insurance?
Aviva Life Insurance has a lot of advantageous factors which make the company an ideal choice for buying life insurance plans. Here are some of the notable achievements of the company –
- The company is present all across India through a network of more than 63 branches.
- Aviva was one of the first life insurance companies to offer unit linked policies and unitised with-profit life insurance plans.
- Aviva Life Insurance was declared to be the Most Trusted Private Life Insurance Brand for the years 2018 and 2019 by TRA, Brand Trust Report – India Study.
- The company enjoys the 8th position among 1000 Most Trusted Brands of India rankings by TRA, Brand Trust Report – India Study.
- To fulfil its Corporate Social Responsibility, the company aims to provide education to underprivileged children.
- The company also has the Best Brand 2019 Award given by Economic Times.
Life insurance plans offered by Aviva Life Insurance Company
As stated earlier, Aviva offers a range of life insurance plans for meeting the different protection needs of individuals. Let’s, therefore, have a look at the different types of plans offered by the company –
– Aviva Life Insurance Term Insurance Plans:
Term insurance is said to be the purest form of life insurance which covers only the risk of death during the policy tenure. The plan, usually, does not have any maturity benefit. Term plans are, therefore, priced very low allowing you to avail of a high coverage. The high coverage then offers financial security to the family in your absence.
The range of term insurance plans offered by Aviva Life Insurance Company is as follows –
- Aviva i-Term Smart Plan
- Aviva i-Life Total Plan
- Aviva i-Life Plan
- Aviva LifeShield Advantage Plan
- Aviva LifeShield Platinum Plan
- Aviva Jana Suraksha Plan
- Aviva CSC Bima Labh Yojana Plan
- Aviva Nayi Grameen Suraksha Plan
- Aviva Extra Cover Plan
Features of Aviva Life Insurance Company’s Term Insurance Plans
| Plan Name | Aviva i-Term Smart |
| Entry Age | 18 to 65 years |
| Policy Tenure | 5 years to 80-entry age |
| Sum Assured | INR 75 lakhs to INR 25 crores |
| Premium | Minimum – INR 3861 Maximum – no limit |
| Salient Features | – The plan has a critical illness and disability rider which provides comprehensive coverage against critical illnesses and disabilities – The sum assured can be increased at important milestones of your life – Premium discount is allowed for high sum assured levels |
| Plan Name | Aviva i-Life Total |
| Entry Age | 18 to 65 years |
| Policy Tenure | 10 to 57 years |
| Sum Assured | INR 50 lakhs onwards |
| Premium | Depends on age, sum assured and policy term |
| Salient Features | – Four coverage options to choose from – Optional critical illness and disability benefit rider – Option to increase the sum assured on marriage, child birth or other important events |
| Plan Name | Aviva i-Life Plan |
| Entry Age | 18 to 65 years |
| Policy Tenure | 10 to 35 years |
| Sum Assured | INR 25 lakhs onwards |
| Premium | Depends on age, sum assured and policy term |
| Salient Features | – Simple term plan with affordable premiums – Premiums are discounted for female lives – There is a rebate on the premium for high sum assured levels |
| Plan Name | Aviva LifeShield Advantage Plan |
| Entry Age | 18 to 55 years |
| Policy Tenure | 10 to 30 years |
| Sum Assured | INR 2 lakhs onwards |
| Premium | Minimum – Single premium – INR 12,000 – Annual premium – INR 2400 Maximum – no limit |
| Salient Features | – The premiums are refunded back on maturity if the insured is alive – Two coverage options to choose from – Disability benefit coverage is inbuilt under Plan Option B |
| Plan Name | Aviva LifeShield Platinum Plan |
| Entry Age | 18 to 60 years |
| Policy Tenure | 10 to 52 years |
| Sum Assured | INR 50 lakhs onwards |
| Premium | Minimum – INR 3200 Maximum – no limit |
| Salient Features | – The sum assured can be chosen to be received in lump sum or in monthly incomes – The sum assured can also be taken to cover a loan where the coverage would reduce every year – Premium discounts for non-smokers |
| Plan Name | Aviva Jana Suraksha Plan |
| Entry Age | 18 to 45 years |
| Policy Tenure | 5 or 10 years |
| Sum Assured | INR 20,000 to INR 50,000 |
| Premium | Minimum: – Regular premium – INR 175 – Single premium – INR 650 Maximum – – Regular premium – INR 225 – Single premium – INR 1600 |
| Salient Features | – This is an extremely affordable term plan – Premiums can be paid regularly or at once – This is a micro term plan |
| Plan Name | Aviva CSC Bima Labh Yojana Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 5 or 10 years |
| Sum Assured | INR 22,500 to INR 200,000 |
| Premium | Minimum – INR 300 Maximum – INR 2650 |
| Salient Features | – The policy can be easily bought from Common Service Centres – Sum assured is paid in lump sum on death – Premiums are extremely low and affordable |
| Plan Name | Aviva Nayi Grameen Suraksha Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 5 or 10 years |
| Sum Assured | INR 10,000 to INR 50,000 |
| Premium | Minimum – INR 500 Maximum – INR 5000 |
| Salient Features | – It is a micro insurance plan for the rural population of India – Premium is payable only once when buying the policy – The premium is very low |
| Plan Name | Aviva Extra Cover Plan |
| Entry Age | 18 to 55 years |
| Policy Tenure | For term cover – 10-35 years For critical illness cover – 10 to 30 years |
| Sum Assured | Minimum – For term cover – INR 25 lakhs For critical illness cover – INR 5 lakhs Maximum – For term cover – no limit For critical illness cover – INR 50 lakhs |
| Premium | Minimum – – Regular premium – INR 175 – Single premium – INR 650 Maximum – – Regular premium – INR 225 – Single premium – INR 1600 |
| Salient Features | – This is a combination of term insurance and critical illness insurance – The plan covers 12 critical illnesses – Lump sum coverage amount is paid on death or diagnosis of critical illness |
– Aviva Life Insurance Traditional Savings Plans
Savings plans are those life insurance plans which are designed to create a saving corpus for the policyholder. The plan, therefore, not only covers premature death, it also creates a saving for future needs. Traditional savings plans offer guaranteed savings to policyholders and are suitable for risk-averse individuals.
The traditional savings plans offered by Aviva Life Insurance Company are as follows –
- Aviva Dhan Nirman Plan
- Aviva Dhan Samruddhi Plan
- Aviva New Family Income Builder Plan
- Aviva Wealth Builder Plan
- Aviva Dhan Vriddhi Plus Plan
- Aviva Income Suraksha Plan
- Aviva Sampoorn Suraksha Plan
- POS Aviva Dhan Suraksha Plan
Features of Aviva Life Insurance Company Traditional Savings Plans:
| Plan Name | Aviva Dhan Nirman Plan |
| Entry Age | 4 to 50 years |
| Policy Tenure | 18, 21, 25, 30 years |
| Sum Assured | INR 2 lakhs to INR 1 crore |
| Premium | Minimum – INR 14,486 Maximum – INR 998,000 |
| Salient Features | – It is a limited premium policy which pays annual incomes after the premium payment term – Bonus declarations help in increasing the corpus – Premium discount is available for high levels of sum assured |
| Plan Name | Aviva Dhan Samruddhi Plan |
| Entry Age | 13 to 55 years |
| Policy Tenure | 10, 15 or 20 years |
| Sum Assured | Minimum – INR 1 lakh Maximum – INR 5 crores |
| Premium | Minimum – INR 6464 Maximum – INR 47.53 lakhs |
| Salient Features | – 7% to 9% of the annual premium is added every year as guaranteed returns – 125% of the premium is paid at the end of every 5 years – Premium rebate is allowed if sum assured is INR 5 lakhs |
| Plan Name | Aviva New Family Income Builder Plan |
| Entry Age | 6 to 50 years |
| Policy Tenure | 12 years |
| Sum Assured | 24 times the annual premium |
| Premium | Minimum – INR 40,000 Maximum – INR 1 crore |
| Salient Features | – Annual incomes are paid for 12 years after the plan matures – A lump sum benefit is also paid after the end of the annual income pay-outs |
| Plan Name | Aviva Wealth Builder Plan |
| Entry Age | 5 to 50 years |
| Policy Tenure | 13,15 or 17 years |
| Sum Assured | 2 to 20 times the annual premium |
| Premium | Minimum: – Limited premium – INR 50,000 – Single premium – INR 1.5 lakhs Maximum – INR 1 crore |
| Salient Features | – The maturity benefit is guaranteed. It is double the total premiums paid during the term – In case of death, the chosen sum assured is paid – Premiums are payable either in one lump sum or for a limited tenure |
| Plan Name | Aviva Dhan Vriddhi Plus Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 20 years |
| Sum Assured | INR 3 lakhs to INR 5 crores |
| Premium | Minimum – INR 21,258 Maximum – INR 48,68,500 |
| Salient Features | The plan participates in bonus declarations The premiums paid are refunded on maturity Premiums are payable only for a limited period |
| Plan Name | Aviva Income Suraksha Plan |
| Entry Age | 18 to 48 years |
| Policy Tenure | 10 to 17 years |
| Sum Assured | INR 684,000 onwards |
| Premium | Minimum- INR 36,000 Maximum – no limit |
| Salient Features | Guaranteed monthly incomes are paid after the term of the plan ends Incomes can be deferred to be received 3 or 5 years after maturity Monthly incomes are paid for 10 or 12 years |
| Plan Name | Aviva Sampoorn Suraksha Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 8, 9, 10 or 15 years |
| Sum Assured | 110% to 130% of the premium paid |
| Premium | Minimum: – Single premium – INR 2500 – Limited premium – INR 750 Maximum – Single premium – INR 60,000 – Limited premium – INR 30,000 |
| Salient Features | The plan pays a guaranteed maturity benefit Premiums can be paid either as single premium or limited premium The premiums are low and the plan creates guaranteed savings |
| Plan Name | POS Aviva Dhan Suraksha Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 11 years |
| Sum Assured | INR 145,000 to INR 993,250 |
| Premium | Minimum – INR 10,000 Maximum – INR 68,500 |
| Salient Features | On maturity, five annual pay-outs are paid which are 150% of the annual premium. A guaranteed terminal benefit is also paid after the pay-outs expire Premiums are payable only for 10 years |
– Aviva Life Insurance Child Insurance Plans:
Child plans are special insurance plans which are designed keeping in mind the financial security of the child if the parent is not around. These plans aim to create a financial corpus for the child’s future. This corpus is protected even if the parent dies during the policy tenure. The plan continues and the premiums are waived off. The maturity benefit, as promised, is then paid when the plan tenure comes to an end.
Aviva Life Insurance offers two types of child insurance plans which are as follows –
- Aviva Young Scholar Advantage Plan
- Aviva Young Scholar SecurePlan
Features of Aviva Life Insurance Company’s Child Insurance Plans:
| Plan Name | Aviva Young Scholar Advantage Plan |
| Entry Age | Parent – 21 to 45 years Child – 0 to 17 years |
| Policy Tenure | 10 to 25 years |
| Sum Assured | Higher of 0.5termannual premium or 10 times the annual premium |
| Premium | Minimum – INR 50,000 Maximum – no limit |
| Salient Features | Unit linked child plan which provides market-linked returns on the investments Loyalty additions get added to the fund value at regular intervals There are seven investment funds for investing the premium |
| Plan Name | Aviva Young Scholar Secure Plan |
| Entry Age | Parent – 21 to 50 years Child – 0 to 12 years |
| Policy Tenure | 21 – child’s entry age |
| Sum Assured | Depends on age, term and plan option selected |
| Premium | Minimum – INR 25,000 Maximum– no limit |
| Salient Features | There are four plan options that are available Premiums are payable only for a limited period The plan continues till the child attains 21 years of age Guaranteed annual incomes are paid after the premium payment term till the child attains 17 years. These pay-outs are called Tuition Fee Support A lump sum benefit, called College Fee Support, is paid when the child attains 18 years Another lump sum benefit, called Higher Education Reserve, is paid when the child attains 21 years |
– Aviva Life Insurance Unit Linked Insurance Plans:
Unit linked insurance plans(ULIPs) are life insurance plans which give you the benefit of market linked returns. These plans work like mutual funds wherein the premium is invested in market oriented funds. Thereafter, the investment grows as the market performs. Since returns are linked to the market, they are not guaranteed. ULIPs also promise an insurance cover in case of premature death. There are flexible options under ULIPs which make these plans popular. You can withdraw partially from the fund value after five years. You can also switch between the available funds to manage your investments.
Aviva offers three types of unit linked plans which are as follows –
- Aviva Affluence Plan
- Aviva I -Growth Plan
- Aviva Life Bond Advantage Plan
Features of ULIPs offered by Aviva Life Insurance:
| Plan Name | Aviva Affluence Plan |
| Entry Age | 2 to 50 years |
| Policy Tenure | 15 to 30 years |
| Sum Assured | Higher of 0.5termannual premium or 10 times the annual premium |
| Premium | Minimum – INR 1 lakh Maximum – no limit |
| Salient Features | Systematic partial withdrawals can be done for creating a regular source of income There are seven investment funds under the plan Milestone boosters and maturity boosters help in boosting the fund value Inbuilt accidental benefit rider with additional amount of sum assured in case of accidental death |
| Plan Name | Aviva i-Growth Plan |
| Entry Age | 18 to 50 years |
| Policy Tenure | 10,15 or 20 years |
| Sum Assured | Minimum – INR 3.5 lakhs Maximum – INR 50 lakhs |
| Premium | Minimum – INR 35,000 Maximum – INR 5 lakhs |
| Salient Features | Inbuilt accidental benefit rider with additional amount of sum assured in case of accidental death Loyalty additions get added to the fund value at specified intervals Top-up premiums can be paid for increasing investment |
| Plan Name | Aviva Life Bond Advantage Plan |
| Entry Age | 2 to 65 years |
| Policy Tenure | 10 to 73 years |
| Sum Assured | 1.25 times the single premium paid |
| Premium | Minimum – INR 50,000 Maximum – no limit |
| Salient Features | Loyalty additions get added every year from the 10th policy year Inbuilt accidental benefit pays a higher death benefit on accidental death Seven investment funds are available for investment Only a single premium is payable for the plan |
– Aviva Life Insurance Health Insurance Plans:
Health insurance plans are those plans which cover specific illnesses and pay a lump sum benefit in case of the covered illnesses. Health insurance plans, therefore, help individuals face the high cost of treatments associated with illnesses.
Aviva offers two types of health insurance plans which are as follows –
- Aviva Health Secure Plan
- Aviva Heart Care Plan
Features and Benefits of Health Insurance Plans offered by Aviva Life Insurance:
| Plan Name | Aviva Health Secure Plan |
| Entry Age | 18 to 55 years |
| Policy Tenure | 10 to 30 years |
| Sum Assured | Minimum – INR 5 lakhs Maximum – INR 50 lakhs |
| Premium | Minimum – INR 2000 Maximum – depends on sum insured, age and term |
| Salient Features | This is a critical illness plan which covers 12 major illnesses The sum insured is paid in lump sum if the insured suffers from any of the covered critical illnesses Premium rebates are allowed at high sum insured levels |
| Plan Name | Aviva Heart Care Plan |
| Entry Age | 28 to 65 years |
| Policy Tenure | 10 to 25 years |
| Sum Assured | Minimum – INR 10 lakhs Maximum – INR 50 lakhs |
| Premium | Depends on the sum insured, age, term and plan option selected |
| Salient Features | There are four coverage options to choose from The plan covers 19 cardiac related ailments Spouse can also be covered under the same plan on a joint basis 25% to 100% of the sum insured is paid in lump sum depending on the severity of the ailment |
– Aviva Life Insurance Retirement Plans:
Retirement plans are those insurance plans which aim to create a regular source of income after the policyholder retires. Retirement plans are also called pension plans and they pay guaranteed annuities after retirement. Annuity pay-outs continue till the policyholder’s lifetime ensuring that there is a steady source of funds for meeting the individual’s expenses post retirement.
Aviva offers two types of retirement plans which are as follows –
- Aviva Next Innings Pension Plan
- Aviva Annuity Plus Plan
Features and Benefits of Aviva Life Insurance Company Retirement Plans:
| Plan Name | Aviva Next Innings Pension Plan |
| Entry Age | 42 to 60 years |
| Policy Tenure | 13,16 or 18 years |
| Sum Assured | Depends on premium paid |
| Premium | Minimum – – Single premium – INR 1.5 lakhs – Limited premium – INR 50,000 Maximum – INR 5 crores |
| Salient Features | This is a deferred pension plan which helps individuals create a retirement corpus The maturity amount is guaranteed at 210% of the premiums paid Premiums can be paid at once or for a limited period |
| Plan Name | Aviva Annuity Plus Plan |
| Entry Age | 0 to 80 years |
| Policy Tenure | NA |
| Sum Assured | NA |
| Premium | Minimum – INR 25,000 Maximum – no limit |
| Salient Features | This is an immediate annuity plan where payments start immediately after the plan is bought Seven annuity options are available Top-up is allowed during the annuity phase |
– Aviva Life Insurance Company Group Insurance Plans:
Group plans are those which are issued to cover a group of individuals. The individuals should be a part of the group and the plan is issued in the name of the group. A single policy is issued where all members are covered and in case any members faces a claim, the claim is paid but the policy continues for the other members undisturbed.
Aviva offers a range of group insurance plans which are as follows –
- Aviva Group Term Life Plan
- Aviva Group Credit Life Plan
- Aviva Corporate Life Plus Plan
- Aviva Corporate Shield Plus Plan
- Aviva Credit Assure Plan
- Aviva Group Gratuity Advantage Plan
- Aviva New Group Leave Encashment Plan
- Aviva New Traditional Employee Benefit Plan
- Aviva Credit Suraksha Plan
- Aviva Group Life Protect Plan
Exclusions in Aviva Life Insurance Company’s plans
Aviva’s life insurance plans provide a comprehensive coverage against death. However, there are two instances when the promised death benefit is not paid. These are called exclusions.
The exclusions under Aviva’s plans include the following –
- If the insured commits suicide within one year of buying the policy, such a death would be excluded from coverage. In that case, the premiums paid would be refunded.
- If the insured commits suicide within one year of reviving a lapsed plan, the death would be excluded. In that case, higher of 80% of the premiums paid or the surrender value available under the plan would be paid.
How to buy Aviva’s life insurance plans?
The company has made buying its plans easy and quick. You can buy Aviva’s life insurance plans either offline or online. Let’s understand the available buying modes –
- Offline mode –
Under the offline mode, you can buy the plans either by visiting any nearest branch of the company or by scheduling an appointment with the company’s agent. You would have to fill up a proposal form, attach the relevant documents and pay the premium in advance. Thereafter, if the proposal is accepted by the company, the policy would be issued. - Online mode –
An alternative and easier way to buy Aviva’s life insurance plans is the online mode. Aviva offers many online plans which can either be bought directly from the website of the company or from the website of any insurance aggregator. You would have to fill up an online form, submit your documents and pay the premiums online. Your proposal would then be underwritten by the company and the policy would be issued.
When choosing the online mode, you can opt for Turtlemint which is an online platform offering various plans of Aviva. Turtlemint helps you find out your coverage requirements and then buy the policy directly from its website. You can also get personalised assistance from Turtlemint in case you face any queries when buying any plan.
The process to buy through Turtlemint is as follows –
- Visit www.turtlemint.com and choose ‘Life’
- On the next page, choose the type of life insurance plan that you want to buy – term insurance, child plans, tax planning or investment plans, retirement plans, etc.
- Once you select the type of life insurance plan that you want, you would have to provide your personal details like your gender, age, income, smoking history, investment tenure and amount, etc.
- These details help Turtlemint to list the best plans as per your needs
- Once all the details are provided, you can see the list of plans available
- You can compare the available plans and choose the best policy which suits your requirements.
Thus, by letting you compare and buy, Turtlemint ensures that you get to buy the best plan. You can also seek help from the company’s executive if you have any queries and understand the complete details of the plan that you are buying.
How to renew Aviva’s life insurance plans?
Life insurance plans have a long tenure and they are to be renewed by paying the renewal premium. You can pay the renewal premium through any of the following means –
- By cash
- By cheque
- By demand draft
- By online payment modes
Renewal of Aviva’s life insurance plans can also be done online through Turtlemint’s website. You can enter your policy number and pay the renewal premium and the plan would be renewed instantly.
How to make a claim in Aviva’s life insurance plans?
When it comes to claims, there are three instances when a claim arises. These are as follows –
- Maturity claim – this claim arises when the term of the plan comes to an end
- Death claim – this claim arises when the insured dies during the term of the plan
- Health claim – this claim arises when the insured suffers from a covered medical contingency during the term of the plan
The process of initiating each of these claims is as follows –
- Maturity Insurance Claim
In case of a maturity claim, the insurance company usually starts the proceedings to pay the claim when the plan matures. This is because of the fact that the company knows about the approaching maturity date and gets ready to pay the claim. The company, therefore, sends the policyholder an advance intimation of maturity and the Maturity Payout Form. The form can also be downloaded from the company’s website. This form should be filled and submitted by the policyholder at any of the nearest branch of the company. Alternatively, the form can also be mailed to the company’s head office in Gurgaon. Once the company receives the Maturity Payout Form, the company settles the maturity benefit by crediting the bank account of the policyholder or by issuing a cheque in the name of the policyholder.
- Death Insurance Claim
To avail a death claim, the process is more detailed. It is as follows –- The nominee should intimate the company about the death claim. Intimation can be done online, by sending an email to the company, by calling the toll-free helpline of the company which is 1800 103 7766, by visiting the nearest branch of the company or by writing a letter to the company’s office at Gurgaon.
- Once the company is intimated of the death of the insured, the company assigns a Claim Personal Manager. The details of the manager are sent to the nominee through SMS, letter or phone call.
- The manager would then guide the nominee about the claim process which should be followed for getting the settlement of the claim.
- A list of documents would be required to be submitted for the processing of death claim. These documents include the following –
- Death claim Handout
- Employer questionnaire if the insured was salaried
- Death certificate
- Policy document, in original
- Identity proof and address proof of the nominee or claimant
- Copy of the cancelled cheque of the claimant so that the death claim can be credited to the claimant’s account
- In case of death due to any illness, medical attendant’s report, Discharge summary of death summary from the hospital and any other medical reports would have to be submitted
- In case of death due to accident, police FIR, police investigation report, post mortem report, any available newspaper cutting and any other documents as required by the company would have to be submitted
- Health Insurance Claim
In case of a health claim, the company would have to be informed about the claim. The claim form should be filled and submitted by the policyholder. The medical reports of the insured as well as any investigative reports would also have to be submitted. Once the company gets all the relevant documents, the claim would be verified and then settled.
You can follow the above-mentioned steps to get the relevant claims settled through the company. Alternatively, you can also get your claims settled through Turtlemint. Turtlemint’s team of experts help you get the settlement of your claims easily and quickly. You just have to inform Turtlemint online by sending a mail to at claims@turtlemint.com or through a phone call at 1800 266 0101 and the company’s claim department would get in touch with you. They would, therefore, coordinate with the insurance company and help you get the settlement of your claim.
Claim settlement Turn Around Time (TAT)
Aviva endeavours to settle your life insurance claims at the earliest. Here is the maximum turn-around-time taken by the company to settle your health insurance claims –
| Claim instance | Turn-around-time |
| If all the claim related documents have been received and there is no requirement of investigation | Within 7 days from the time the claim is intimated |
| If all the claim related documents are not received and there is no requirement of investigation | Within 7 days from the time the complete set of documents are received |
| If an investigation into the claim is required | Within 120 or 45 days from the date of intimation of claim |
Claim settlement ratio of Aviva Life Insurance Company:
The number of claims that the company settles against the total claims made upon it represents the company’s Claim Settlement Ratio (CSR). The higher the ratio the better it depicts the company’s claim settlement practices. A high ratio indicates that the company settles most of the claims presented upon it. Aviva Life Insurance Company also aims to settle maximum of its claims and that is why, for the financial year 2018-18, the company’s claim settlement ratio stood at 94.5%.
Even in the financial year 2017-18, the company’s claim settlement ratio was impressive at 94.45%. The ratio is good compared to the ratios of other insurance companies. Let’s see how –
| Name of the insurance company | Claim Settlement Ratio |
| Aditya Birla Sun Life Insurance Company | 96.38% |
| AEGON Life Insurance Company | 95.67% |
| Bajaj Allianz Life Insurance Company | 92.04% |
| Bharti AXA Life Insurance Company | 96.85% |
| Canara HSBC OBC Life Insurance Company | 95.22% |
| DHFL Pramerica Life Insurance Company | 96.62% |
| Edelweiss Tokio Life Insurance Company | 95.25% |
| Exide Life Insurance Company | 96.81% |
| Future Generali Life Insurance Company | 93.11% |
| HDFC Standard Life Insurance Company | 97.80% |
| IDBI Federal Life Insurance Company | 91.99% |
| IndiaFirst Life Insurance Company | 89.83% |
| Kotak Mahindra Life Insurance Company | 93.72% |
| LIC of India | 98.04% |
| Max Life Insurance Company | 98.26% |
| PNB MetLife Life Insurance Company | 91.12% |
| ICICI Prudential Life Insurance Company | 97.88% |
| Reliance Nippon Life Insurance Company | 95.17% |
| Sahara Life Insurance Company | 82.74% |
| Shriram Life Insurance Company | 80.23% |
| SBI Life Insurance Company | 96.76% |
| Star Union Dai-ichi Life Insurance Company | 92.26% |
| TATA AIA Life Insurance Company | 98% |
FAQ’s
After the claim is intimated, Aviva would take some time to settle claim. In the meanwhile, if you want to check the status of your claim there are multiple options. You can check the claim status online on the website of the company. You can also write an email to claims@avivaindia.com to find out the status of your claim. You can contact the customer care executive of the company too at 1800-103-77-66 or 0124-2709046.
Alternatively, if you have raised a claim through Turtlemint, you can call the customer care helpline of Turtlemint at 1800 266 0101 and find the status of your claim.
In case of loss of policy bond, you can request for a duplicate copy of the policy. For availing a duplicate copy, the following would need to be submitted at any of the branches of the company –
- Indemnity bond drawn on INR 100 stamp paper. The format of the bond is available at the company’s branches
- Photo identity proof
- Recent coloured photograph
- An endorsement form
- Bank statement which shows the proof of remittance
- Copy of the cheque leaf
An insurance fee of INR 295 would have to be paid by cheque or NEFT.
Payment of premiums can be done through cash, cheque, net banking facility, credit card, debit card or mobile wallets. If you buy the policy through Turtlemint, you can also pay the premiums online through Turtlemint’s website.
Aviva’s life insurance plans cover premature death during the term of the policy. If the insured dies during the term of the policy, the plan pays a death benefit. There is also a maturity benefit under many plans where a benefit is paid when the plan expires. Health insurance plans of the company cover specified illnesses. If the insured suffers from the covered illnesses, the promised benefit is paid.
Surrendering a life insurance policy means giving up the policy before the term is over. Surrender is possible after the first two or three policy years have completed. When the plan is surrendered, the surrender value is paid.
Yes, any changes in the personal details of the insured can be recorded in the policy. Changes can be recorded through endorsements.
The premiums paid for the plan are allowed as a tax-free deduction under Section 80C of the Income Tax Act. Deduction is allowed up to INR 1.5 lakhs. The maturity claim and the death claim received are also tax-free under Section 10(10D).
Yes, the surrender value availed under the plan is also tax-free in your hands.
Yes, there are a lot of investment funds available under ULIPs. There are equity funds too which can be chosen for investment
A lapsed policy can be revived within 2 years from the date of lapse of the policy. Revival can be done by paying the outstanding premium, the interest on the premium due and a declaration of good health.
