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Aviva Life Insurance is one of the leading players in the private life insurance industry. Like most of the top companies in the market, Aviva Life offers a diverse range of life insurance policies including protection plans, saving plans, child plans, retirement plans, health plans, etc. In addition to individual plans, the company offers group plans and plans exclusively designed for the armed forces. If you are looking for a life insurance policy to secure the financial needs of your dependents, you can do it with the help of policies offered by Aviva Life. Let’s take a detailed look at the different types of policies offered by Aviva Life Insurance and how customers can benefit from them.
Life insurance plans offered by Aviva for the individual/retail segment are listed below:
Percentage of Grievances Solved | 100% |
Claim Settlement Ratio | 94.45% |
Group Death Claims | 99.59% |
Percentage of Claims Rejected | 0.41% |
Solvency Ratio | 2.94 (for the quarter ended March 2018) |
*Certain insurance plans listed above are offered under other categories as well.
The following are the group insurance plans, plans for SMEs, and plans for the Armed Forces:
Group Insurance Plans | ||||
Term Plans | Gratuity/Leave Encashment Plans | Rural/Credit Protection Plans | Plans for SME's | Plans for the Armed Forces |
Aviva I Life Plan | Aviva Group Gratuity Advantage Plan | Aviva Credit Suraksha Plan | Business Pro Plans | Aviva Suraksha Plan |
Aviva i-Shield Plan | Aviva New Traditional Employee Benefit Plan | Aviva Group Life Protect Plan | Employer Pro Plans | |
Aviva Life Shield Advantage Plan | Aviva New Group Leave Encashment Plan | Family Pro Plans | ||
Aviva Life Shield Platinum Plan | ||||
Aviva Sampoorna Suraksha Plan | ||||
Aviva Extra Cover | ||||
Aviva i-Life Total Plan |
*Note: Group term insurance plans are the same as individual term insurance plans offered by the company.
Aviva Life Insurance is one of the most preferred life insurance firms in the country. The insurer has a pan-India presence with over 107 branches across India. In order to assist their customers, the insurer has also appointed over 15,000 insurance advisors across India. The company was one of the first firms to launch unit-linked and ‘with-profit’ policies in the country. They have a range of varied insurance products that are guaranteed to meet your needs. Aviva also has leading banks as their bancassurance partners. Further, the insurer also takes a keen interest in CSR (Corporate Social Responsibility) programmes, and has partnered with several foundations and trusts to help underprivileged children realise their potential.
The various retail or individual plans offered by Aviva Life Insurance include:
Protection plans or term insurance plans are one of the most basic types of life insurance plans available in the country. This type of policy offers customers a high sum assured at a relatively low premium rate. Thus, in case the policyholder passes away while the policy is in force, the nominee will receive the full sum assured from the insurer. However, term insurance plans do not acquire a cash value, and thus no benefits are provided at maturity.
Plan name | Key Features |
Aviva I Life Plan |
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Aviva i-Shield Plan |
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Aviva LifeShield Advantage Plan |
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Aviva LifeShield Platinum Plan |
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Aviva Sampoorna Suraksha Plan |
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Aviva Extra Cover |
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Aviva i-Life Total Plan |
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Savings plans that are offered by Aviva Life Insurance offer a unique protection-cum-savings option to the policy buyer, and thus help in long-term wealth creation. Certain savings plans that are offered by the insurer are listed in the table below.
Plan Name | Key Features |
Aviva Family New Income Builder Plan |
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Aviva Wealth Pro Plan |
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Aviva i-Growth Plan |
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Aviva Wealth Builder Plan |
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Aviva Dhan Vriddhi Plus Plan |
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Aviva Dhan Nirman Plan |
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Aviva Dhan Samruddhi Plan |
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Aviva LifeBond Advantage Plan |
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Aviva Affluence Plan |
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Aviva Child insurance plans are an ideal purchase for those parents/guardians looking to secure the lives of their children. These plans, by way of the payouts offered, help children meet key milestones in their lives. Some of the child insurance plans offered by Aviva Life Insurance are listed in the table below:
Plan Name | Key Features |
Aviva Young Scholar Advantage Plan |
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Aviva Young Scholar Secure Plan |
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Retirement insurance plans provide a guaranteed income to the policy buyer during their post-retirement years, thus providing them financial security. A few retirement plans offered by Aviva Life Insurance include:
Plan Name | Key Features |
Aviva Annuity Plus Plan |
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Aviva Next Innings Pension Plan |
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Rural insurance plans are those policies that have been specifically designed for the rural segments of society, in an effort to increase the penetration of life insurance products in these parts of India. Rural insurance plans offered by Aviva Life Insurance are listed in the table below:
Plan Name | Key Features |
Aviva Jana Suraksha Plan |
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Aviva Life also offers a few health plans to protect the insured from various critical illnesses. These policies pay lump sum benefit against the diagnosis of any of the named critical illnesses mentioned in the policy schedule. The health plans offered by Aviva Life are given in the table below:
Plan Name | Key Features |
Aviva Health Secure |
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Aviva Heart Care |
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Aviva Gratuity and Leave Encashment Plans that are offered by Aviva Life help employers provide a life cover and financial security to their employees. The Gratuity and Leave Encashment Plans offered by Aviva are listed in the table below:
Plan Name | Key Features |
Aviva Group Gratuity Advantage Plan |
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Aviva New Traditional Employee Benefit Plan |
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Aviva New Group Leave Encashment Plan |
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The plans listed below are ideal for small and medium enterprises. These policies will support the business of these firms and will also provide financial security to the employees/partners of the company.
Plan Name | Key Features |
Business Pro Plans |
As a business owner, you can opt for the following plans.
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Employer Pro Plans |
The plans mentioned below can be taken by companies or business owners to provide financial security to employees.
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Family Pro Plans |
These plans can be bought under the Married Women’s Property Act (MWPA), 1974, by business owners to provide financial security to their families.
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The various rural and credit protection insurance plans offered to groups by Aviva Life Insurance are listed in the table below.
Plan Name | Key Features |
Aviva Credit Suraksha Plan |
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Aviva Group Life Protect Plan |
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Aviva Life Insurance also offers an insurance plan that is specifically designed for the Armed Forces. The key features and benefits of this policy are mentioned in the table below.
Plan Name | Key Features |
Aviva Suraksha Plan |
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The insurance sector has done remarkably well over the decades ever since its inception. The business models of the insurance industry have advanced with time and the accessibility of insurance by the layman has increased. However, consumer behaviour is slowly changing and people are slowly shifting focus from traditional mediums to the digital medium. A person who wishes to purchase a life insurance policy would rather do it online through the insurer’s website or through a third-party aggregator rather than go to the life insurance company branch office to carry out the procedures.
Advertising through the digital medium
While insurance was a much-ignored financial product in the past, it is slowly gaining importance thanks to the many awareness programmes conducted by insurance companies as well as the government. Millennials, today, are more attentive towards the significance and need for insurance. Therefore, as it is with today’s millennials, the digital medium reaches people much quicker than the traditional media such as TV or radio. Individuals prefer researching and buying policies online or through mobiles than pick up a form at a nearby branch to apply for a policy. With the advent of technology, many insurance companies and third-party aggregators aim to make the entire policy purchase process simple, paperless, and eliminate the involvement of brokers.
New-age customer service
A few insurance companies have come up with the concept of chatbots on their official websites. Chatbots, for eg. Aviva Life Insurance Self-Help Assistant (ALISHA) by Aviva Life Insurance, is a virtual assistant that can help solve queries related to insurance in an instant. In most cases, the services are available 24/7. The services of this Artificial Intelligence (AI)-based chatbot is not restricted to resolving queries but even provide quotes and information with regard to specific plans. The same insurer also has an SMS bot that sends answers to queries through SMSs.
Digitisation of the functioning of the business
Digital innovation is being done not only for insurer-insured interactions but to help better the business of the company too. Insurance companies are slowly subscribing to automation and analytics to improve their existing systems. The process eliminates human interactions, reduces loss-adjustments costs, and helps detect fraudulent activities. Technology can help evaluate problems, report incidents, and help understand the damage done in catastrophes. Additionally, developing mobile applications and hiring developers will further boost the process. Also, analyzing customer behaviour helps companies formulate new strategies.
Conclusion
The aim of the insurance industry is to reach out to as many people as possible in the country and ensure they have a smooth consumer experience. Creating awareness and simplifying processes will only help increase insurance penetration and in turn bring more revenue to the insurance companies. Life insurance is one of the earliest created insurance types and was designed for a good reason. The objective of a life insurance policy is to ensure that the earning member of the family does not leave his/her family financially stranded in case of his/her untimely death. It is hence absolutely essential for every earning member, whether he/she is the sole earning member or not, to cover himself/herself with a life insurance policy.
The company’s claim settlement ratio trend since 2011 is as follows:
Year | 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
Settlement Ratio | 90% | 88% | 84% | 83% | 82% | 91% | 91% |
The basic documents that are required to apply for an Aviva Life Insurance policy are:
Customers can check the status of their policy through online and offline channels, as mentioned below:
Not all life insurance plans will provide you a rebate upon opting for a high sum assured, since the insurer will have varying terms and conditions for different policies. In order to know if you are eligible to receive a rebate or discount for choosing a high sum assured, you will have to go through your policy document.
In most cases, insurance-life firms will charge tobacco users a higher premium amount due to the added risk that they will have to undertake. You might also have to pay a higher premium if you consume alcohol or have a high-risk job.
While not all Aviva Life Insurance plans can be purchased online, the insurer does offer certain select plans to policy buyers, which can be purchased through the insurer’s official website. You might also be able to purchase certain insurance plans offered by Aviva Life Insurance on trusted third-party insurance websites.
In most cases, you can only avail a loan against insurance plans that have acquired a cash value. If you are eligible to take a loan against your policy, this will be clearly mentioned in your policy brochure. You can also choose to contact the insurer on their customer service channels and find out if you can avail a loan against your policy.
Before purchasing a life insurance plan, it is essential that you check the claim settlement ratio of the insurer in order to gauge their effectiveness. The claim settlement ratio is the total number of death claims that have been approved by a certain insurance company against the total number of death claims they have received, for a given financial year. The claim settlement ratio is published in the IRDAI’s annual report on a yearly basis.
Child insurance plans are designed for parents who wish to financially secure the lives of their children, regardless of what may happen in the future. Thus, most child insurance plans offer a risk cover against death on the life of the parent, and in the event of the parent’s death the child is provided certain payouts. Further, future premium payments are also waived off by the insurer.
Yes, you can return your policy after purchasing it during the free-look period. The free-look period usually ranges between 15 days and 30 days, and policyholders will be given the full premium paid, excluding a nominal charge, if they cancel their policy during the free-look period.
In order to ensure that your claim doesn’t get rejected, make sure to provide the insurer all information that is required without concealing any information. In case you are required to go through a pre-policy medical screening, make sure to take this up. Further, you will also have to pay all your due premiums without any delay to ensure your nominee doesn’t face any hassles while raising a claim.
In order to reinstate your lapsed policy, you will have to follow the steps mentioned below:
If you have lost your original policy document, you will have to notify the insurer of this at the earliest. You will have to fill the Request Form and specify how you lost the document. Post this, you can submit the Request form along with Indemnity on a Rs.100 stamp paper, a recent photograph, and a photo ID proof. You will also have to pay a processing fee of Rs.250 to the insurer.
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In order to spread their women empowerment cause, Aviva Life Insurance has launched their new campaign called Wings. Wings will be taken to corporate offices by Aviva Life Insurance and will help women address their needs and work towards the goal of women empowerment. The program will come with a women mentor who will take corporate female employees through the course and allow them to freely express themselves in a safe environment to address their concerns. The digital officer of Aviva Life Insurance said, A woman mentor for the female employees gives them an avenue to freely communicate in a safe environment, allowing them to focus on growth and improvement. Additionally, through mentoring, we also develop a leadership pipeline for the company, hence ensuring that the practice is not just beneficial to the individual but to the organization at large.
14 March 2019
Private life insurer Aviva Life has introduced a system called ‘30-Minute Claim Decision’, which focuses on intimating the claim decision to the dependents of the insured within a maximum of 30 minutes. This is introduced mainly to prevent the additional trouble for family members in the case of a death claim.
Under the new process, the settlement letter is provided to the dependents within 30 minutes from the receipt of the claim. In this way, the family can avoid a lot of back and forth with the company following the death claim request. The approval will be provided by the branch right away, and the documents can be verified at the same branch.
Existing policyholders who have completed three or more years with the company can avail this benefit from Aviva Life Insurance. The documents required for processing the claim can be submitted on any working day at the branch office of Aviva.
13 December 2018
Aviva Life Insurance announced the insurance company’s Alexa platform on Tuesday. Alexa users, in India, can now learn about the various insurance jargons easily through the voice-enabled commands. The objective of the new initiative is to increase the financial literacy of individuals of all ages across the world. During the Aviva India Plan Survey 2017, the company had found that Indians lag behind in financial planning including purchase of life insurance due to the apparent intimidating terms of a life insurance document. In order to help people understand insurance better, Aviva launched a skill in Alexa’s skill set. So now, all an individual has to do is open Aviva through Alexa and then ask questions with regard to insurance. Alexa will immediately reply with appropriate answers. Digitisation, innovation, and focus on financial literacy in the country being the insurer’s major goals, the company took this step towards creating a digital platform easily accessible to people. The insurance company believes that digitisation has helped various sectors and can be helpful in the insurance sector too. Understanding insurance better will help Indians take better decisions with regard to purchase, maintenance, and the overall insurance process.
10 October 2018
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