Before I begin, let me make it clear that this feedback is strictly for Aviva’s online term insurance plan i.e. Aviva I-Life. I have seen many negative reviews for Aviva’s plans and just wanted to share my pleasing experience for this product with all of you.
When I started my search for a pure vanilla term plan, I shortlisted: LIC, SBI, ICICI, HDFC, Aviva, Kotak, Aegon. LIC and SBI term plans were rejected for their ridiculously high premiums. Among the online term plan players, I opted for Aviva considering claims settlement ratio, assets under management(AUM), their Indian partner, pedigree, time spent in Indian market etc. Not to mention, Aviva also had the least premium amount for my age/sum assured combo.
Didn’t face any major issues with the online user interface and the application was submitted smoothly. Medical Test was conducted a day after the online application at my home only. I got the soft-copy of the policy document within 2 weeks of the medical test(though I kept chasing them right after the medical test based on some reviews here) and the hard copy after 3-4 days of having received the soft copy.
I’d like to confirm that there was NO change in the premium ammount from what I paid during the online application and the policy document received after medical test. In fact, I always wanted for a medical test in my term insurance policy. This has 2 major benefits:
a) If you are healthy, premium will be less compared to a policy with no medical test. Companies/policies which don’t have medical test mandatory, inflate their premuim costs to accomodate for healthy and non-healthy customers.
b) Also, the insurance company cannot reject your claims at a later stage due to health reasons if a medical test was performed by them before issuing the policy.
All in all, I’m pretty satisfied with the Aviva I-Life Term plan(up till now, can’t say about the claims process) and would recommend the same to others as well.