Established in the year 2002, ‘Aviva India Life Insurance Company’ has become one of the most prominent names in the insurance industry of India. The company has been co-founded by one of the oldest companies in India, Dabur India, and the UK-originated insurance giant, Aviva Group. Within a decade, the company has earned its reputation and reliability through its outstanding customer service and a great range of insurance products.
The company is popular for its varied ranges of insurance products such as life insurance, life insurance plans for children’s golden future, money-saving insurance plans, annuity insurance care plans, and so on. The insurance products have been designed keeping in mind the various requirements of its customers.
Why Choose Aviva Life Insurance Company?
The company has shown its rapid development over the last decade. It has now about 107 branches all over India.’ Aviva Life Insurance Company is the first insurance company that has introduced the modern concept of unit-linked policies which also act as an insurance instrument. Such policies are not only meant for life protection cover but also allow the policy owner to make a profit with the help of investment funds. The company has more than thirteen thousand financial advisors which safeguard the interest of customers.
Benefits of Best Aviva Life Insurance Plans
The company aims at customer convenience and satisfaction. The company designs its products to provide maximum benefit to the customers. Here are some best Aviva life insurance plan benefits.
- Aviva life insurance provides all-round and comprehensive coverage to the life insured.
- It is said that an insurance company’s reliability can be judged by considering its ‘claim settlement ratio’ (CST). The higher the percentage of CST, the lower the chances of claim rejection. Aviva Life Insurance Company shows 90.60 percent CST when last recorded.
- The Unit-linked plans offered by Aviva India allow the policy owners to build up a corpus for their future by investing in the capital market while enjoying complete life cover protection.
- The company provides various best term insurance plans at an affordable price which can be afforded by people belonging to different strata of society.
- The company ensures the fastest and most convenient customer care service for the benefit of customers. Customer care professionals are always there to listen to your queries, complaints, and requests and to act accordingly.
5 Best Aviva Life Insurance Plans in India 2024
The success of Aviva India’s life insurance products is just unparalleled. The company offers a whole range of different life insurance products. Be it a traditional term insurance policy, savings plan, an insurance instrument that also helps to shape the future needs of your child, or annuity insurance for your retirement days, all sorts of life insurance products are provided by Aviva Life Insurance Company. Check out 5 best Aviva life insurance plans in India:
1. Aviva Life Insurance Term Plans
The Company provides both online and offline term plans for the convenience of policy seekers. You can either buy your desired Aviva Life online term plan from the comfort of your home or buy it conventionally via your insurance agent or directly from your nearest branch of Aviva Life Insurance Company. Below are some of the most popular protection plans:
I-Shield Aviva Protection Plan:
- Maturity benefits are paid to the policy owner. If the insured person survives the tenure of the policy, 110 percent of the entire policy premiums paid by the insurance owner is returned on maturity.
- The policy provides a definite death benefit to the insurance owner. If the death of the insurance holder occurs within 10yrs of policy tenure then 100 percent of the assured sum is paid to the beneficiary, if death occurs between 11th-20th yr of policy tenure then 110 percent of the assured sum is paid to the beneficiary whereas, if the death occurs between 20th-25th yr of policy tenure then 120 percent of the assured sum is paid to the beneficiary.
Life Shield Platinum Aviva Term Plan:
- The policy offers death benefits in three forms, and the choice is yours. The insurance owner may choose for life protection option in which if the death occurs during the policy term; the assured sum is paid to the beneficiary. You may also choose the income replacement option in which if the death occurs income is paid to the beneficiary in regular installments. In the loan protection option, the assured sum on the date of demise is paid to the beneficiary. Assured sum decreases every policy year.
- Offers a discount for non-smokers and on the high assured sum.
2. Aviva Life Insurance Savings Plans
Aviva Life Insurance Company offers various savings options along with live coverage. These types of insurance plans provide insurance coverage to the policy owner and at the same time allow you to build corpus by staying invested. Both online and offline savings insurance are available:
Life Bondage Cover Aviva Savings Insurance:
- Being a unit-linked policy, it allows you to build up a corpus through investing in funds while enjoying life protection security.
- There are seven fund investment options; you can choose according to your investment and risk-handling capacity. The policy also enables you to switch between funds.
- The policy allows you to invest a lump sum amount in a single
- It allows liquidity of money after the completion of the 5th year of policy tenure.
I-Growth Aviva Savings Insurance:
- This online savings insurance plan of Aviva Life Insurance Company allows you to grow your savings and build up wealth for your future by providing the dual benefit of life cover and investment opportunity. This is a unit-linked savings instrument.
- It presents three choices in fund investments and policy tenure.
Aviva Smart Savings Plan:
- As the name of the policy suggests, it is another unit-linked savings insurance plan that helps you save for your future while protecting your present.
- The policy allows you to choose your own desired policy term.
- It offers seven fund investment choices also which range from entirely equity fund investments to absolute debt investments.
- The policy also allows liquidity of money from the 5th year onwards of the policy term.
3. Aviva Annuity Insurance Policies
Aviva Life Insurance Company also offers annuity insurance policies to secure your golden retirement days. No more worries for post-retirement years anymore. Aviva India presents various ranges of annuity plans for you. Some of the most popular annuity plans are:
Annuity plus Aviva Retirement Solution Plan:
- This annuity plan of Aviva Life Insurance assures a fixed income during your post-retirement
- The plan offers seven different types of annuity payment options for the policy owner. You can choose between the options whether the annuity amount is to be paid as long as the policy owner survives, for the first 5yrs and then to the beneficiary, for 10yrs and then to the beneficiary, for 15yrs and then to the beneficiary, the pension amount with 3 percent simple interest increase every year, till the survival of the owner and then the purchase price to the beneficiary or till one of the spouses is alive.
- The policy also allows the policy owner to enhance the amount of annuity that is to be paid on the maturity of the plan.
Next Innings Aviva Annuity Policy:
- This pension plan of Aviva Life Insurance guarantees retirement corpus which will be equivalent to 210 percent of the total premiums contributed towards the plan. This corpus is received on the survival of the policy owner until the maturity of the insurance policy. The plan also offers two annuity payment options – the insured can choose either a deferred pension option or a lifelong annuity payment.
- The death benefit is also assured by the policy which is given to the beneficiary of the insured. The benefit received by the nominee on the demise of the insurance owner would be equivalent to either 105 percent of the total premium paid or all paid premiums and 6 percent compound interest added on the amount, whichever is higher.
- This annuity policy of Aviva Life Insurance allows the policy owner to choose the tenure of the policy premium payment. Single payment of premium can be availed.
New Family Income Builder Aviva Annuity Plan:
- The policy pays back double the amount paid in the form of the premium of the policy 12 years after the end of the policy tenure.
- The policy also pays out benefits on the survival of the policy owner till the end of the policy term. The maturity benefit can be received by the insured in two ways – either in twelve yearly installments or lump sum corpus – according to the choice of the insurance holder.
- This Income Builder plan of Aviva Life Insurance also provides a death benefit to the beneficiary of the insured person. The amount received on the demise of the insured will be either ten times the annual premium or 105 percent of the assured sum, whichever is higher.
4. Aviva Life Insurance Child Plans
Aviva Life Insurance Company, not only offers insurance coverage to adults and retirees but also helps in strengthening the child’s future by securing financially. Apart from providing live coverage, it helps the parents to save money for their child’s golden future.
Young Scholar Advantage Aviva Child Plan:
- This child plan of Aviva Life Insurance is designed to finance the higher education of the child. It is a unit-linked child insurance that allows you to grow corpus to secure your child’s future.
- The plan plays a dual function of saving and life protection of the insured child. It guarantees financial support by paying regular income to the child for 12 years.
- The benefit offered by the policy returns double the amount of premiums paid towards the policy.
- The policy offers other benefits while the policy is in full force. It provides a lump sum benefit to the child in case of the demise of the parent.
- The policy allows waiver of all future premiums in case of the demise of the parent.
- The policy pays out death benefits in case of unfortunate death of the child.
Young Scholar Secure Aviva Child Plan:
- This Young Scholar policy of Aviva Life Insurance guarantees a fixed return for major landmarks in the life of the child.
- Four types of plan options are offered by the policy which can be chosen by the policy proposer as per premium payment capacity.
- The policy has been designed to provide financial support at various education milestones of the child.
- The policy provides the child survival benefit. The child can receive the survival benefit amount in two ways – either the child receives regular payouts from the policy after the maturity of the policy until the child attains the age of 17, or as a big corpus when the child attains the age of 18 to support college admission fees.
- The policy allows a definite death benefit in case of the demise of the policy proposer. The beneficiary, e., the child receives the benefit amount.
- Besides, this young scholar policy of Aviva Life Insurance also keeps a reserve amount to fund the higher education of the child. Once the child attains the age of 21, this reserve amount is paid to the policy proposer.
Also Read: Best Life Insurance Plans in India
5. Aviva Rural Life Insurance Plans
Aviva Life Insurance Company offers life insurance coverage to people belonging to every stratum of society. The company has designed separate rural insurance plans to suit the purpose of rural people or people who cannot bear higher premium amounts.
Nayi Grameen Suraksha Aviva Life Insurance Plan:
- The policy has been designed to meet the insurance needs of rural people at a minimal amount of premium. At the nominal amount of Rs. 500, the policy protects the insured.
- The policy allows the maximum assured amount to be Rs. 50 thousand, while the minimum amount that can be assured in the policy is Rs. 10 thousand which accounts for a maximum premium of Rs. 5 thousand and a minimum premium to be Rs. 500.
This Nayi Grameen Suraksha policy of Aviva Life Insurance allows an immediate payout of the death benefit to the beneficiary in case of the unfortunate demise of the policy owner.
