Aviva Term Insurance – Feature, Plans and Benefits

Aviva Term Insurance

Term insurance is a most basic type of life insurance which generally takes care of the financial needs of your family in your absence. It usually offers a high coverage amount and is considered as one of the most affordable options for having life cover. 

Aviva Life Insurance Company is a joint venture between Aviva Group and Dabur Invest Corp. These offer a variety of life insurances with flexible premium payment options, making it feasible for customers to avail benefits from their services. The company leads the market in the field of protection and child care plans. 

Types of Aviva Term Insurance Plans

1. Aviva LifeShield Advantage

Aviva LifeShield Advantage Plan offers a comprehensive protection facility for the family of the policyholder in case of misfortune or incident. Amount paid by the life assured is payable back along with the extra premiums (if any) in case of survival of the policyholder. Rebates on the premium of higher levels of sum assured can be enjoyed by the policyholder in this term plan. 

Key benefits:

· Life cover with a return of premiums at the maturity of the policy

· Option for coverage in case of disability

· Avail tax benefits u/s 80(c), 10 10(d)

2.  Aviva Jana Suraksha

Aviva Jana Suraksha plan is a term insurance plan which offers financial protection for dependents of the policyholder by providing life insurance at a very low cost along with a guaranteed lump-sum amount payable in case of death of the life assured. 

Key benefits:

· Life cover starting from Rs. 25,000

· Double the cover in case of accidental death of the life assured

· The policy also offers tax benefits as per Income Tax Act, 1961

· Choice of single or regular payment options as per convenience

3. Aviva iLife Term Insurance

Aviva iLife term insurance is a pure term plan which is available to customers online. In this policy, the sum assured is payable to the nominee/family of the policyholder in case of his death. It also offers tax benefits as per Income Tax Act, 1961. 

Key benefits: 

·    Available to customers via online mode in a few easy steps.

·    offers tax benefits as per Income Tax Act, 1961.

·    Rebate in premiums in case of choosing high sum assured

Documents required for availing term plans offered by Aviva

Following documents must be readily available if you are thinking to buy an Aviva life insurance policy:

• Age proof: Birth certificate, Aadhar card, etc.
• Address proof: Aadhar card, Passport, etc.
• Passport-size photographs
• Proof of income
• Cancelled cheque or Passbook

Aviva Term Insurance Riders

The company offers multiple riders benefit to the customers which are mentioned below:

1. Aviva Term Plus Rider

Along with the basic plan, this rider offers an extra level of protection to the policyholder and his family. In case of death of the life assured, the rider's sum is equivalent to the amount paid.

2. Critical Illness and Disability Rider

If you are diagnosed with some specific illness or disability, these riders offer the policyholder a lump sum of money benefit. 

Steps of Filing a Claim of Aviva Term Insurance

1. Visit the official website of Aviva Life Insurance Company: avivaindia.com
2. Open the option ‘Customer Service’ and then click on ‘File a claim’.
3. Fill in the details of your policy number and Date of birth.
4. After clicking the submit option, upload the required documents.
5. Once uploaded, apply and wait for the company to revert you. This might take a couple of days to process further.

Premium payment options

Aviva Life Insurance Company offers several modes for premium payments which are mentioned below:

• Debit/Credit card
• Airtel Money
• NEFT
• Cash
• Cheque payment
• Net banking

Frequently asked questions (FAQs)

1. What is Aviva term insurance?

Aviva term insurance is a most basic type of life insurance which generally takes care of the financial needs of your family in your absence. It usually offers a high cover amount and is considered as one of the cheapest options for having life cover.

2. Why do we need a term insurance policy?

As we are aware that life is uncertain. This makes term insurance plans more useful and necessary as they provide financial support to your family in your absence. Your life is precious, and so is of your loved ones. 

3. What are the documents required for buying an Aviva term insurance plan?

Following documents are required to buy Aviva term insurance plan:

• Age proof: Birth certificate, Aadhar card, etc.
• Address proof: Aadhar card, Passport, etc.
• Passport-size photographs
• Proof of income
• Cancelled cheque or Passbook

4. What are the exclusions of Aviva term insurance plan?

Death cover under all the incidents except the mentioned:

• Death due to any pre-existing medical condition which was not mentioned in the policy term opted
• Death due to any kind of illegal activity
• Death due to suicide within the first year of the policy

5. What are the term insurance riders offered by Aviva Life Insurance Company?

Aviva Life Insurance Company offers the below-mentioned riders options:

• Aviva Term Plus Rider

Along with the basic plan, this rider offers an extra level of protection to the policyholder and his family. In case of death of the life assured, the rider's sum is equivalent to the amount paid.

• Critical Illness and Disability Rider

If you are diagnosed with some specific illness or disability, these riders offer the policyholder a lump sum of money benefit. 

6. How can I file a claim of Aviva term insurance plan?

Below are the steps of Filing a Claim of Aviva Term Insurance.

• Visit the official website of Aviva Life Insurance Company: avivaindia.com
• Open the option ‘Customer Service’ and then click on ‘File a claim’.
• Fill in the details of your policy number and Date of birth.
• After clicking the submit option, upload the required documents.
• Once uploaded, apply and wait for the company to revert you. This might take a couple of days to process further.