Aviva Signature 3D Plan: Is It Worth Buying?

Standard term plans focus primarily on death cover. The Aviva Signature 3D Plan takes a broader approach, marketed as financial cover against the 3Ds: Death, Disability, and Disease. But do these added protections genuinely make it a better term insurance choice? Let’s find out.

This guide covers Aviva life insurance policy details, the riders offered, the insurer's track record, and whether the term plan meets your family's needs.

What Is the Aviva Signature 3D Plan?

Aviva Signature 3D Term Plan (UIN: 122N148V02) by Aviva Life Insurance is a non-linked, non-participating individual pure risk life insurance plan. It offers four different options, allowing policyholders to choose a coverage structure based on their protection needs and preferred benefits.

Aviva Signature 3D Term Plan: Four Plan Options and Payout Structures

1) 3D-Pure Term

This is the most straightforward option. If the life insured dies during the policy term, the nominee receives the base sum assured as a lump sum payout. Once the death benefit is paid, the policy terminates.

2) 3D-Accelerated

This option includes an in-built terminal illness benefit. If the life insured is diagnosed with a terminal illness, 50% of the base sum assured, subject to a maximum of ₹1 crore, is paid early. Future premiums are waived after the claim is paid.

3) 3D-Family Plus

This option combines a lump sum death benefit with monthly income. The nominee receives the base sum assured upfront, followed by monthly payouts for 10 years. The first 12 monthly payouts equal 0.25% of the base sum assured and increase by 8% annually.

4) 3D-TROP

This option combines life protection with a return of premiums. If the life insured dies during the policy term, the base sum assured is paid, and the policy ends. If the policyholder survives until maturity, the base premiums paid are returned, subject to applicable conditions.

Note: Aviva also offers a separate variant called Aviva Signature 3D Term Plan-Platinum,  which includes Life Protect and Credit Protect options. Do not confuse it with the standard Aviva Signature 3D Term Plan, as they are separate product variants with different features and structures.

Life Protect offers a level life cover that keeps the base sum assured unchanged throughout the policy term. Credit Protect helps cover outstanding loan repayments if the insured person passes away during the policy term.

Note: At Ditto, we do not recommend Term Insurance with Return of Premium (TROP) plans because only base premiums are returned, excluding rider premiums. Additionally, the returned amount does not earn any interest.

Riders Available With the Aviva Signature 3D Term Plan

• Aviva Accidental Casualty Rider: If the life insured dies due to an eligible accident during the rider term, the accidental death rider sum assured is payable. The accident must occur during the rider period, with death taking place within 180 days of the accident. This rider is available across all base cover options.
• Aviva Cancer Cardio Rider: This rider focuses on major cancer and cardiovascular conditions and offers a lump sum payout. It covers specified-severity cancer and a first heart attack of specified severity, subject to the definitions, eligibility criteria, and other conditions mentioned in the rider terms.
• Aviva New Critical Illness Rider: This rider provides protection against 49 specified Critical Illnesses (CI). It is available with regular-premium policies under the 3D Pure Term, 3D Accelerated, and 3D Family Plus options, subject to the applicable rider terms and conditions. The CI-based WOP is available only when the waiver of future premiums option under the critical illness rider is selected. The rider allows you to choose a lump-sum benefit, WOP, or both. 

By comparison, CI riders in term plans like Axis Max Life Smart Term Plan Plus cover up to 64 critical illnesses, while ICICI Prudential iProtect Smart Plus and HDFC Life Click 2 Protect Supreme Plus offer CI cover for up to 60 illnesses. 

Note: At Ditto, we recommend evaluating riders like critical illness and waiver of premium, which offer real protection. Riders such as critical illness and waiver of premium can help ensure your term insurance addresses meaningful financial risks rather than adding features you may not need.

Note: The figures shown are annual premium rates for male policyholders for a 30-year policy term and ₹1 crore cover, based on the official policy brochure. Actual premiums may vary depending on underwriting, medical history, location, and other individual factors.

Premiums for the Aviva term insurance plan are higher in most profiles as compared to some comprehensive plans from insurers like Axis Max Life and ICICI Prudential. Aviva’s premiums depend on how the insurer prices mortality risk, expected claims, operating costs, and profit margins. Larger insurers may have greater scale to absorb pricing buffers, while smaller insurers may price more conservatively.

Note: The table figures represent the insurer's overall performance. The data is sourced from Aviva Life public disclosures and IRDAI annual reports. You can explore the Ditto Data Lab for more insurer metrics. 

Who Should Buy the Aviva Signature 3D Term Plan?

Who Should Opt for Aviva Signature 3D Term Plan?

Who Should Avoid Aviva Signature 3D Term Plan?

• Those Considering TROP Purely for Investment Value: Returning base premiums at maturity will not compensate for the opportunity cost of investing the premium difference elsewhere.
• Buyers Relying on Future Cover Increases: Compare plans offering contractual life-stage increases without fresh medical underwriting if you expect your protection needs to rise significantly.
• Those Primarily Seeking Disability Income Protection: Don't mistake the 3D branding for comprehensive disability-income protection. Despite its “3D” branding, the plan does not offer standalone accidental disability or disability-income protection. The accidental casualty rider covers accidental death, while certain disabling conditions, such as blindness or deafness, are covered only if they meet the critical illness rider’s definitions.

Why Choose Ditto for Term Insurance?

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Conclusion

From a product perspective, the plan has useful protection features, but it lacks some modern-day features such as premium breaks, instant partial payout on claims, and zero-cost options. That makes it less compelling if you want a more feature-rich term insurance experience.

From an insurer perspective, the insurer lags in scale and customer-service outcomes. Additionally, Aviva Life Insurance claim settlement ratio is above the industry mean. 

Aviva operates below our ₹5,000 crore annual business-volume benchmark, making it harder to compare with larger insurers. However, the biggest concern is customer experience. Its complaint levels are around 6.3 times the industry median, based on the metrics being considered. 

Therefore, if you want stronger overall insurer fundamentals, explore the best term insurance plans from established insurers like HDFC Life.