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Aviva Life Insurance

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Aviva Life Insurance
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Bhaskar Kuchana@bkuchana
Apr 03, 2013 11:15 AM, 3352 Views
(Updated Apr 05, 2013)
70% Policy administration charges?

We invest for the growth, where can you get a growth of 70% on mutual funds., that the Aviva is taking   as administrative charges. Investing about 1.5L per year yields to a sum assured of 7.5L after 20 Years.  Doesn’t make sense.  Sachin please be out of the Ad please.


The policy’s guidelines were misleading, and they doesn’t make sense at all.




  1. Name of the Product: Aviva Save Gaurd.




  2. Sum Assured 7.5L




  3. Policy Term 20 Yrs.




  4. Premium paying term 20 Years.




  5. Frequency : Annual.




  6. Amount of Installation premium: 1.5L per Annum.






Here’s what I would like to question you.




  1. Policy Annual Preimium was 1.5L, how come the Sum Assured would be 7.5L at the end of 20 Year.




  2. Policy administration charges were 1L in the first Year, and total charges comes to 1.10L.






Boss we are paying hard earned money how come you cheat us 1.10L in the first year. Isn’t it deceiving. 3. After first year, Total Charges per year comes to about 15 - 30% till the end of 20Years,  which fund is giving 30% growth per year that you guys were cheating and taking away 30% charges every year.




  1. Who give you the authority to Close the policy and send back a surrender value which is ridiculously a fraction of amount from what we paid. And if you are closing in first two years you get 0 amount.




Not sure why the government is not involving or doesn’t work in the public interest.

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Aviva_Life Deactivated
Dear bkuchana,Apologies for the inconvenience caused. Our customer services team member had been trying to get in touch with you, however your number is not reachable. Request you to share an alternate number so that we can get in touch with you regarding your concerns. • In response to your concern on life cover (sum assured) – Please note that in most unit-linked policies the nominee is eligible for either the sum assured or fund value whichever is higher incase something were to happen to you during the policy term. You are requested to note that if you stay invested for the full policy term of 20 years, your fund value is likely to be in the range of Rs 4,893,880 at a rate of 6%, or Rs 7,566,702 at a rate of 10%. These are standard illustrations provided by any insurance company incase of ULIPs as per regulatory guidelines to give the customer a sense of returns. Also take note that the returns are dependent on market performance entirely. • As far as charges are concerned, the average policy allocation and administration charges on your policy are approximately Rs 16,800 per year plus applicable taxes. Other charges on your policy, i.e. Mortality charge, which is cost of insurance in your policy has been ranging between Rs 50 and Rs 60 per month till date. Since you have invested in Index fund, the fund management charge on your policy is 0.75%, which is adjusted in the NAV declared. Service tax as notified from government time to time is recovered on charges. • In fact if you continue paying all due premiums for 20 years, you are entitled for a guaranteed loyalty and maturity addition of Rs. 240,000 as detailed below over and above the Fund Value:You get guaranteed loyalty additions in your policy, which are equal to 20% of your annual premium at the end of 10th year and 15th year each = Rs 1,50,000 *20% * 2 = Rs. 60,000 (this is added to your fund on the said dates and is invested as per your fund allocation pattern) You also get maturity addition, which is 120% of Annual Premium = Rs. 1,80,000 (this is paid along with the maturity value of your policy)s• (Autoforeclosure- if the surrender value of a policy becomes lower than the first year premium, then policy gets automatchandru021y cancelled, and the surrender value is paid to the policyholder)In response to closure of your policy, you did not pay the fourth year premium, which was due on 6th August 2012. As a company, we give our customers a grace period of 30 days after the premium due date to pay the premium. However, we did not receive your premium even during the grace period. On 7th September 2012, your policy was autoforeclosed as the surrender value became lower than the first year’s premium. We had sent regular reminders on premium payments on your address registered with us. We have dispatched the refund cheque to you. In case you have not encashed the cheque, we would strongly recommend that you re-instate the policy and continue it till the entire term for benefits. Please write to us at complaints@avivaindia.com, or call us at 1800-103-7766/ 0124-2709046 in case you want any further information. Your reference complaint number is 005-648-532. Please do quote the same when you call.Regards,Customer Services TeamAviva India
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