Compare Aviva Life Insurance Products

Aviva Life Insurance Company

Aviva Life Insurance Company

Aviva Life Insurance Company in 2002 is a conglomerate of the Indian Dabur Investment Corporation and the British Aviva Plc. With approximately 121 offices in the country, 3000 employees, and 9000 financial consultants Aviva India is one of the trusted insurance companies in the nation.

Dabur Investment Corporation is one of the most respected and a trusted name in the healthcare sector is time-honored.

Aviva focus is towards bringing prosperity and peace of mind to their clients. Aviva Life Insurance Company’s investment philosophy of preserving the capital and returns-oriented policies that are designed to secure the future of the policyholders have enabled them to gain more customers than any other insurance company in the recent years.

Aviva achieves this by following a well-laid out disciplined approach with the backing of stringent research. The fund management procedures in Aviva are purely based on fundamentals by following a very conservative yet consistent ideal for long-term investment and selection of security-based policies.

Aviva achieves this by following a well-laid out disciplined approach with the backing of stringent research. The fund management procedures in Aviva are purely based on fundamentals by following a very conservative yet consistent ideal for long-term investment and selection of security-based policies.

Aviva Group, on the other hand, has a reputation of serving about 31 million consumers worldwide. Aviva Life Insurance Corporation ranks high among the competitors by being one the first insurance companies to bring in unit-linked and with-profit policy plans. Aviva Life Insurance Corporation also has the highest beneficiaries in child and protection plans.

Company Performance

  • Aviva Life Insurance Corporation boasts an intelligent distribution of services via direct sales, assurance and several online plans that cater to customers from different walks of life
  • Claim Settlement Ratio of 82% between 2015 and 2016
  • 100% Settlement of grievances between 2015 and 2016
  • Aviva Plc is spread over 16 countries with 31 million customers

Bank-assurance facility available with several private sector, co-operative, and rural banks in every region has made Aviva Life Insurance very popular. The company also employs about 9000 financial consultants who guide you through every step of the way. This kind of distribution and partnership setups, the company has been reaching their customers in about 1000 cities and towns across India.

Aviva i-Life, Aviva Health Secure and Aviva i-Shield are some of the widely used online products due to their simplified formats and procedures. Features like listing frequently asked questions with answers, resolving of queries via email and chat have greatly improved client relations that make insurance purchasing an enjoyable task for customers.

Key Advantages and Features

1. Aviva Life Insurance Company’s portfolio of products is suited for all individuals with independent needs
2. Aviva Life Insurance serves 31 million customers in 16 nations
3. In India, Aviva Life Insurance has 121 branches in 1000 cities and towns and has 9000 consultants to support every customer during the policy term
4. One can assure the best quality service that is available in the country as Aviva strives to make each customer special
5. Among the several uniquely designed policy plans, Aviva Life Insurance offers
both individual and group plans:

  • Child Policy plans
  • Saving plans
  • Retirement Policy plans
  • Protection plans
  • Rural Policy plans

Types of Products

Minimum and maximum age ranges from 18 years to 55 years which is applicable throughout the products.

Individual Insurance Plans

Aviva Life Insurance has a range of products where the insurer can insure themselves and their family against financial contingencies as listed below:

1. Health Insurance Policies

  • Protect yourself and your family against all sorts of financial contingency due to emergencies related to medical illnesses:
  • Aviva Health Secure: An online plan that earns you a lump sum amount at the end that covers 12 critical illnesses with the initial premium of Rs. 2000 only.

2. Savings Plan

  • Dhan Nirman: Assured income throughout the policy with payable bonuses
  • Dhan Samriddhi: Small-term and long-term cash benefits and 9% bonus cash back
  • iGrowth: Triple fund option in especially useful in emergencies
  • LifeBond Advantage: Receive lump sum amounts that can be used in investment options
  • Live Smart: Unit-linked insurance plan with variety of investment options, 7-fund option, and free of cost partial
  • Family New Income Builder: Pay for the initial 12 years and get twice the entire amount in the following 12 years
  • Wealth Builder: Avail lump sum amounts with additional tax benefits
  • Dhan Vriddhi plus: Perfect policy plan to save systematically

3. Retirement Plan

  • Pension Plans: Guaranteed income from the money assured up until the policyholder retires.
  • Next Innings Pension Plans: Receive up to 210% on the premium paid as lump sum with income facilities
  • Annuity Plus: Guarantee of monthly income for the policyholder after his retirement
  • New Family Income Builder: Pay for the first 12 years and get double of the entire amount in the following 12 years

4. Child Plan

  • Young Scholar Advantage
  • Young Scholar Secure
  • New Family Income Builder

5. Rural Plan

  • CSC Bima Laabh Yojana
  • Jana Suraksha
  • Nayi Grameen Suraksha
  • Sampoorna Suraksha

6. Protection Plans
Aviva Life Insurance offers protection plans that protect the insurer against emergencies of any manner:

  • Extra Cover
  • LifeShield Plus
  • LifeShield Advantage
  • LifeShield Platinum
  • i-Life
  • i-Shield

Group Insurance Plans

Special insurance plans such as group Insurance plans cover a large group of insurers like all the employees working under a company or members of associations.

1. Term Insurance Plans

  • Corporate Life Plus
  • Corporate Shield Plus
  • Also known as Term Plans or Pure Risk plans
  • Lower premiums
  • Insurance covers against financial contingencies to the family of the deceased person
  • Lump sum settlement to the nominee of the insurer

2. Gratuity/Leave Encashment Plans

  • Group Gratuity Advantage
  • New Group Leave Encashment Plan
  • Death-benefit option with several investment options
  • Market-linked policy plan with leave encashment for employees

3. Rural or Plans for Credit Protection

  • Credit Suraksha
  • CreditPlus
  • Group Life Protect
  • Protection on the credit obtained by insurers from the rural areas

Product Plans Details

Policy Plan Sum Assured Policy Tenure
Dhan Nirman Rs. 2,00,000-Rs. 1 Crore 18, 21, 25, 30 Years
Dhan Samruddhi Rs. 1,00,000-Rs. 5 Crore 10, 15, 20 Years
LifeBond Advantage 1.25 Times single premium paid 10-73 Years
Life Smart Multiple of the annual 15-30 Years
premium between maximum and minimum limits
Wealth Builder Twice the single premium 5 Years earns 10 times annual premium 10 Years earns 20 times annual premium 13, 15, 17 Years
Young Scholar Advantage 0.5 The policy term multiplied by annual premium to 10 times the annual premium 10-25 years
Young Scholar Secure Sum assured for death: up to 105% of premiums paid 21 years
iGrowth 10 or 20 Times annual premium; Rs. 3,50,000-50,00,000 10, 15, 20 Years
Family New Income Builder 24 Times annual premium: Rs. 9,60,000-Rs. 24,00,00,000 12 Years
Dhan Vriddhi Plus Rs. 5 Lakhs- Rs.5 Crore (5-year premium paid) 20 Years
Affluence Multiple of annual premium paid 15-30 Years
2. Aviva Saving Plans
Policy Plan Sum Assured Policy Tenure
Dhan Nirman Rs. 2,00,000-Rs. 1 Crore 18, 21, 25, 30 Years
Dhan Samruddhi Rs. 1,00,000-Rs. 5 Crore 10, 15, 20 Years
iGrowth 10-20 Times annual premium: Rs. 3,50,000-50,00,000 10, 15, 20 Years
LifeBond Advantage 1.25 Times single premium paid 10-73 Years
Life Smart Multiple of annual premium paid between maximum and minimum limits 15-30 Years
Family New Income Builder 24 Times annual premium: Rs. 9,60,000-Rs. 24,00,00,000 12 Years
Wealth Builder Twice the single premium 5 Years earns 10 times annual premium 10 Years earns 20 times 13, 15, 17 Years
Twice the single premium 5 Years earns 10 times annual premium 10 Years earns 20 times annual premium
Dhan Vriddhi Plus Rs. 5 lakhs-Rs. 5 Crore (5-year premium paid) 20 Years
Affluence Multiple of annual premium paid depending on the age and policy term 15-30 Years
Policy Plan Sum Assured Policy Tenure
Annuity Plus Rs.1000-No limits 50-80 Years
Dhan Samruddhi Rs. 1,00,000-Rs. 5 Crore 10, 15, 20 Years
Life Smart Multiple of annual premium paid between maximum and minimum limits 15-30 Years
Family New Income Builder 24 Times annual premium: Rs. 9,60,000-Rs. 24,00,00,000 12 Years
Next Innings Rs. 50,000-Rs. 5,00,00,000 13, 16, 18 Years
Wealth Builder Twice the single premium 5 Years earns 10 times annual premium 10 Years earns 20 times annual premium 13, 15, 17 Years
LifeBond Advantage 1.25 Times single premium paid 10-73 Years
Dhan Vriddhi Plus Rs. 5 lakhs-Rs. 5 Crore (5-year premium paid) 20 Years
Affluence Multiple of annual premium paid depending on age and policy term 15-30 Years
4. Aviva Protection Plans
Policy Plan Sum Assured Policy Tenure
i-Life Rs. 25 lakhs-No limits 10-35 Years
i-Shield Rs. 15 lakhs-Rs.5 Crore (multiples of Rs.25,000) 10-25 Years
Life Shield Advantage Rs. 2 lakhs minimum assured 10-30 Years
Life Shield Platinum Rs. 50,00,000-No limits 10-52 Years
Life Shield Plus Rs. 10 lakhs minimum assured 10-30 Years
Sampoorna Suraksha Assured sum depends on the purchased term of the policy 8-10, or 15 Years
Extra Cover Term Insurance: Rs. 25 lakhs-No limits Critical Illness Cover: Rs. 5,00,000-Rs. 50,00,000 Term Insurance: 10-15 Years Critical Illness Cover: 10-30 Years
5. Aviva Rural Plans
Policy Plan Sum Assured Policy Tenure
Jan Suraksha Single premium/equal to policy tenure 5-10 Years with maturity age between 50 and 55 Years
Nayi Grameen Suraksha 10-95 Times the single premium paid 5-10 Years
6. Aviva Life Group Term Insurance Plans
Policy Plan Sum Assured Policy Tenure
Corporate Life Plus Rs. 1,00,00,000-No limits 1 Year (renewable annually)
Corporate Shield Plus Rs. 3,60,000-Rs. 5,00,000 1 Year (renewable annually)
7. Aviva Gratuity or Leave Encashment Plans
Policy Plan Sum Assured per Employee Policy Tenure
New Traditional Employee Benefit Rs. 1,000-Rs. 1 Crore 1 Year (renewable annually)
Group Gratuity Advantage Rs. 1,000-Rs. 1 Crore 1 Year (renewable annually)
New Group Leave Encashment Plan Rs. 1,000-Rs. 1 Crore 1 Year (renewable annually)
8. Aviva Rural or Plans for Credit Protection
Policy Plan Sum Assured per Policy Tenure
Member
Credit Plus Rs. 50,000 1 Year (renewable annually)
Credit Suraksha Rs. 1,00,000-Rs. 20 lakhs 1 Year (renewable annually)
Group Life Protect Rs. 1,000-No limits 1-30 Years
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