Life Insurance
Aviva Life Insurance
Aviva Life Insurance Company India Limited is a private life insurer in India. The company started operations in 2002 as a joint venture between Aviva plc (74%) and the Dabur Group (26%). Aviva plc is a UK-based insurance group that has been around for over 325 years, bringing strong global insurance experience. The insurer offers term insurance, ULIPs, savings plans, retirement solutions, child plans, and group insurance products.
| Annual Business | ₹325 crore |
| Claims Settled | 99.08% (avg. of last 3 years) |
| Claims settled within 30 days | 96.93% |
Term Insurance offered by Aviva Life Insurance
Signature 3D Plan
It is a non-linked, non-participating term insurance plan, designed to offer protection against the 3Ds: death, disability, and disease. In simple terms, it is a term plan that provides life cover, optional illness-related benefits, and, depending on the chosen plan, a return of premium option.
Inbuilt Benefits Under the Policy:
- 3D Pure Term Option::
This works like a regular term plan. If the life insured passes away during the policy term, the base sum assured is paid to the nominee, and the policy ends. If the life insured survives till maturity, no payout is made.
- 3D Family Plus Option::
This option pays the base sum assured as a lump sum if the life insured passes away during the policy term. It also pays a regular monthly payout for 10 years, starting from the monthly anniversary after the death of the life insured.
- 3D Accelerated Option::
This option pays 50% of the base sum assured or ₹1 crore, whichever is lower, if the life insured is diagnosed with a terminal illness. The remaining base sum assured is payable on death during the policy term, and future premiums are waived after the terminal illness claim is paid.
- 3D TROP Option::
This is the Term Return of Premium (TROP) option. If the life insured passes away during the policy term, the base sum assured is paid to the nominee. If the life insured survives to maturity, the total premiums paid (excluding any extra premiums, taxes, and rider premiums) are returned to the policyholder.
Add-ons You Can Select With This Plan:
- Aviva Accidental Casualty Rider::
This provides an additional sum assured if the life insured dies due to an accident, provided the rider is chosen at policy inception.
- Aviva New Critical Illness Rider::
This rider can provide a payout upon the first diagnosis of a covered critical illness, subject to the policy terms. Covers 49 illnesses with a waiting period of 90 days and a survival period of 30 days.
- Aviva Cancer Cardio Rider::
This rider provides illness-related protection for covered cancer and cardiac conditions, subject to the policy terms.
- Preventive Wellness Package::
This is a one-time wellness benefit available if you choose the Critical Illness or Cancer Cardio rider. Depending on the base plan sum assured, the package may include wellness tools such as a smartwatch, AI-powered nutrition support, a BP monitor, a smart scale, nutritionist consultations, or genetic testing.
Signature 3D Plan Platinum
It is a non-linked, non-participating pure term insurance plan. It offers two plan options: Life Protect and Credit Protect.
Inbuilt Benefits Under the Policy:
- Life Protect Option::
This works like a regular term plan. If the life insured passes away during the policy term, the base sum assured is paid to the nominee, and the policy ends. If the life insured survives till maturity, no payout is made.
- Credit Protect Option::
It is a decreasing term insurance option. This option helps cover loan repayment needs if the life insured passes away during the policy term. The death benefit reduces each year according to a pre-determined sum-at-risk schedule.
- Premium Holiday Benefit::
This benefit is available only under the Life Protect option. It allows the policyholder to defer or delay premium payments for 12 months, provided the policy has been in place for at least 5 years. Once the holiday period ends, the policyholder must pay the unpaid premiums along with the premium due at that time.
- Smart Exit Value::
This benefit is also available only under the Life Protect option. It allows the policyholder to exit the policy early and receive the Smart Exit Value, which equals the total premiums paid, excluding extra, rider, and add-on premiums. However, this benefit is not available in the last 5 policy years.
Riders You Can Select With This Plan:
- Aviva Accidental Casualty Rider::
This provides an additional sum assured if the life insured dies due to an accident, provided the rider is chosen at policy inception.
- Aviva New Critical Illness Rider::
This rider can provide a payout upon the first diagnosis of a covered critical illness, subject to the policy terms. Covers 49 illnesses with a waiting period of 90 days and a survival period of 30 days.
- Aviva Cancer Cardio Rider::
This rider can provide illness-related protection for covered cancer and cardiac conditions, depending on the policy terms.
Aviva Life Insurance Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Signature 3D Plan | 18 to 65 years | ₹5 lakh to no limit (subject to underwriting and depending on plan option) | Yearly, half-yearly, quarterly, or monthly |
Signature 3D Plan Platinum | 18 to 65 years | ₹25 lakh to ₹5 crore (subject to underwriting) | Yearly, half-yearly, quarterly, or monthly |
ULIP Plans
Unit Linked Insurance Plans (ULIPs) combine life insurance with market-linked investments. A portion of your premium goes toward life cover, while the rest is invested in funds such as equity, debt, balanced, or other ULIP fund options. Broadly, ULIPs may also be positioned as wealth creation plans, child plans, retirement plans, or goal-based savings plans.
Let’s understand this with an example. Say you buy a ULIP with a ₹10 lakh life cover and keep paying premiums for 20 years. In many ULIPs, the nominee receives the higher of the sum assured or the fund value, subject to the policy terms. So, if your fund value is ₹13 lakh, your nominee gets ₹13 lakh. If your fund value is only ₹8 lakh, your nominee still gets ₹10 lakh. Some ULIPs, however, pay both the sum assured plus the fund value to the nominee. If you survive the policy term, you usually get the fund value at maturity, whatever it is then.
But ULIPs are not as simple as pure term insurance. They come with market risk, fund choices, 5-year lock-in rules, and charges for premium allocation, policy administration, fund management, and mortality. So, if your main goal is high life cover at a low cost, a pure term plan usually works better. If your goal is investment, consider products such as low-cost mutual funds, National Pension Scheme (NPS), or Fixed Deposits (FDs), which may offer greater flexibility, transparency, and cost efficiency.
ULIP Plans offered by Aviva Life Insurance
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Aviva Signature Investment Plan | GenX: 91 days to 65 years
Signature Millennial: 18 to 42 years
| Total: 8
Equity-Oriented: 5
Debt/Income: 1
Asset Allocator/Hybrid: 2
|
| Aviva Signature Investment Plan Platinum | 91 days to 65 years, depending on the sum assured multiple | Total: 8
Equity-Oriented: 5
Debt/Income: 1
Asset Allocator/Hybrid: 2
|
| Aviva Affluence | 2 years to 50 years | Total: 8
Equity-Oriented: 5
Debt/Income: 1
Asset Allocator/Hybrid: 2
|
| Aviva Fortune Plus | 2 years to 60 years | Total: 8
Equity-Oriented: 5
Debt/Income: 1
Asset Allocator/Hybrid: 2
|