Aviva i-life Term Plan – My Experience

POSTED BY Ojil Casi ON November 15, 2011 10:36 pm COMMENTS (17)

Decided to take Aviva-ilife term insurance plan after reading the discussions and recommendations in the forum . I compared the premiums and disbursement ratios of all insurance companies online and went through the terms of aviva , icici and aegonreligare. I opted for aviva even though they were offering only death benefit (no benefit for disabilities)

I am a 30 year old non smoking male and took an online term plan from Aviva NUP75030457 with a cover of 1 crore for which the premium was Rs.8582 and went for the medical examination. After the medical examination even though everything was normal they have increased the premium by 75% by Rs.6602 which is higher than other policies. When I checked online I found lot of other customers who are facing the same issue and seems Aviva is using the low premium as a means of attracting the customer and increasing the premium at will.

What do you advise – Should I go for another policy or pay the increase premium?

Is there someway by which I can approach IRDA with the issue?

Any other term policy that you recommend?

17 replies on this article “Aviva i-life Term Plan – My Experience”

  1. Kamlesh says:

    Been with Aviva since three years and faced issues and no improvement in services.

    Finally decided to move out, can anyone help me if any option of portability in term plans. I have been maintaining AVIVA policies since 4 yrs and if I go for new one (other provider) will need to start from scratch and paying higher premium.

    Any options on term plan providers ? I am fed up with following up with private operators like Aviva.

    If it take 2 months to get clarity on my premium paid receipts and account update then I had to think how much painful they can when my dear ones look for claim.

    Worst services,
    Kamlesh

  2. p990505 says:

    Thanks Ashal. He was 67 when he passed away…I will continue to follow up with aviva to correct it

  3. p990505 says:

    If my medical test turn normal but if my father did not have natural death; eg renal failure would that impact my premium? Its my term plan irrespective of my fathers reason for death why should it impact

    1. Dear P990505, the age of your father at the time of death ‘ll decide the impact if any on your prem. by the underwriters of the insurers.

      Thanks

      Ashal

  4. Vasanth Kumar J says:

    Here i share my experience about Aviva online term insurance

    Age: 28
    Habits: Non drinking, non smoking
    Insurance type: Aviva (Online term plan)
    Sum assured: 1 crore
    Premium: Rs 7781

    Here is how it started

    1. Filled the form online and received the proposal number (Din make the payment since i was hesitant)
    2. Received a call from Aviva (in 15 mins) and they guided me and answered all my doubts and helped me in filling the form. I completed the form and made the payment
    3. They requested to upload few documents which i did
    4. Scheduled a medical test and attended it (they take the following test)
    a) Diabetic test
    b) smoking test
    c) HIV test
    d) ECG
    5. I kept receiving regular updates through text message about the policy status.
    6. I received the policy after 8 days after the policy commencement.

    All good except one thing

    I din receive my Medical reports along with policy. I have requested for it through email now. Lets see 🙂

    Regards,
    Vasanth

  5. Vasanth Kumar J says:

    Hi Ojil,

    Could you please let me know who paid for the second medical test? Did u pay or Aviva beared the cost?

    Regards,
    Vasanth

    1. Durga Prasad says:

      Hi Vasanth,
      For all medical tests only the company would pay the amount.

      Regards,
      Durga Prasad

  6. Ojil Casi says:

    Amit – Ask for medical reports and see what is wrong. You can request for one more medical test immediately as soon as you get the report if you believe that some readings are wrong. Once they confirm new medical test , please do tests in a different center than where you did last time, in all probability if what you says is right , you will have to pay the proper premium only.

    Lot of times people who do the tests screw up and we have to face issues

  7. jainamit says:

    I am facing the same problem now. I am a non smoker, 35 year male and have taken a term policy of 1 CR from Aviva for premium of 10411. Now after medical test, they have transferred me to smoker category and increased the premium by 6650/-. I have never ever smoked. Please suggest what to do.

  8. Ojil Casi says:

    Ok. My problem is finally solved. I requested Aviva for one more medical test at a different medical center and it turns out that all my ratings are normal now. They are giving me 1 crore+ cover for the original amount that I had paid as premium and there is no reduction in the premium now.

  9. Dear Yogesh K, what you noticed is a common thing & it’s true for every ins. co. It’s known as high sum assured discount. Even Big Daddy LIC offers such discounts on it’s traditional policies.

    Thanks

    Ashal

  10. Yogesh K says:

    I was calculating premium at https://onlineproduct.avivaindia.com/rforms/jsp/rform/index.jsp
    And I observed one strange thing… when I am increasing my risk coverage, keeping all other conditions same, then my premium is getting reduced ! This is applicable for magic figures like 50 lakahs, 1 crore insurance

    For example with Birth Date 5 Dec 1979, 35 yrs term 100 lakhs Premium is 8565, while with same terms for 95 lakhs premium is 9061
    For non smoker male, with 33 yrs terms, for 50 lakhs premium is 6790 while for 45 lakhs it is 9770

    Can someone please explain me on this.

  11. Dear Ojil Casi, in case of online term plan, you may purchase any one – ICICI, Kotak, Metlife, Aegon. if you are ready to shell out a bit more prem. i think offline mode of I-Protect is very good for you.

    There is buzz around for a while that big daddy of indian life ins. co. LIC is going to launch an online term plan, when it’s going to launch I have no idea.

    Thanks

    Ashal

  12. Ojil Casi says:

    Aviva term plan offers only death cover and I am looking for a plan that has accident cover as well .

    1. divyeshpatel says:

      Hi Ojil Casi and others,
      I am just wondering about what you said here.
      I thought Aviva iLife covered most deaths e.g. natural, illness, accident, natural calamity, etc
      Is my understanding wrong here?
      Divyesh

  13. Ojil Casi says:

    Thanks Ashal.

    Will opt out of Aviva only after taking another term plan. Any other term plans you would suggest?

  14. Dear Ojil casi, first of all please insure yourself with a suitable term plan from any other ins. co., then demand the medical report from Aviva & discuss it with your family doctor or any other doctor to know any thing noticeable which is forcing AVIVA to raise the prem. amount.

    Fighting with Aviva without having a term cover for yourself ‘ll not serve the purpose (financial risk coverage of your family).

    There is more to it, if you opt to drop the Aviva policy now & move ahead to purchase any other term plan, in the detailed questionnaire, what ‘ll you fill your answer against the question – had your prem. was increased while taking a policy or you had been denied cover?

    This question is the reason, I’m asking you to first take another term plan & then only to fight with Aviva.

    Taking your case differently – as the ins. co. has undergone a detailed underwriting & increased the prem. for you, it indicates that after paying that much higher prem. in a sense you & your family are safe that on a later date, ins. co. may not deny or refuse the claim arising due to any health condition dates back to your health at the time of purchasing the policy.

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today