Aegon Life vs Aviva Life
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Aegon Life vs Aviva Life Insurance 2024

Aegon Life and Aviva Life both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of Aegon Life is 99.03% whereas Aviva Life has 98.39% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit Aegon Life

Aegon Life

Edit aviva-life

Aviva Life

Number of life insurance plans and add-ons
Entry Age (Min-Max) 20-65 years 20-65 years
Policy Term 10-75 years 5 - 40 years
maturity Age (Min-Max) 75 years 18-80 years
Claim settlement ratio (CSR) 99.03% 98.39%
Asset under managment (AUM) 769.5 Crores 35800 Crores
Solvency ratio 3 2.1
Policy Type
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 5 Lakh
  • Maximum- No Limit
  • Minimum- 5 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
  • Premium waiver rider
  • Accidental death rider
  • Accidental disability rider
  • Critical illness rider
  • Terminal illness rider
  • Family income benefit rider
  • Waiver of premium rider
Number of term plans 10 4
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

Life Insurance Companies

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Aegon Life Term Insurance Plans

Bandhan Life Saral Jeevan Bima

A standard pure protection plan with simple terms and conditions providing death benefit to the family of the policyholder.

Unique Features

  • Simple & easy to understand
  • Cost-effective plan
  • Flexibility to select policy term

Saral Jeevan Bima (Pros)

  • Bandhan Life AD Rider
  • Choose To pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Survival Benefit

Saral Jeevan Bima (Other Benefits)

  • Spouse Cover
  • Suicide Cover After 12 Months
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Bandhan iTerm Comfort

A plan enriched with add-on riders for Accidental Death and Critical Illness, coupled with an assured life insurance cover that offers a lump-sum payout

Unique Features

  • Max Sum Assure 1.25 Cr
  • 105% Death Benefit
  • Special Exist Value At Age Of 55

iTerm Comfort (Pros)

  • Bandhan Life CI Care Rider
  • Bandhan Life AD Rider
  • Suicide Cover After 12 Months

iTerm Comfort (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Loan Allowed

iTerm Comfort (Other Benefits)

  • Tax Benefit
  • Option to Attach or Detach Riders
  • Policy Revival Within 5 Years

iTerm Comfort (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 40 Years

Bandhan iTerm Prime

This comprehensive policy offers the flexibility to enhance life coverage and attach or detach riders, with a choice of 4 riders and coverage for 36 critical illnesses.

Unique Features

  • Bandhan Life AD Rider
  • Bandhan Life Disability Rider
  • Non-Smoker and Female Discounts

iTerm Prime (Pros)

  • Bandhan Life Women CI Rider
  • Bandhan Life CI Care Rider
  • Bandhan Life WoP Rider on CI

iTerm Prime (Cons)

  • No Maturity Benefit
  • No Loan Allowed
  • Policy Terminates Post Payment of Death

iTerm Prime (Other Benefits)

  • Surrender Benefit
  • Inbuilt Terminal Illness Benefit
  • Life Coverage Till the Age of 100 Years

iTerm Prime (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 100 Yrs
  • Premium Payment Term - SP

Bandhan Life iTerm Plus Plan

This plan offers benefits for critical illness while offering a lump-sum payment in the event of demise, and comes with flexible premium payment.

Unique Features

  • 4 Plan Options
  • 50 Lakhs for Accidental Death
  • Non-smokers & Female Discounts

iTerm Plus Plan (Pros)

  • Terminal Illness
  • Suicide Cover After 12 Months
  • Permanent Disability Cover

iTerm Plus Plan (Cons)

  • No HIV Cover
  • No Surrender Benefit
  • No Maturity Benefit

iTerm Plus Plan (Other Benefits)

  • Waiver of Future Premiums
  • 1 Cr Natural Death Cover
  • Coverage Option till the Age of 80 years

iTerm Plus Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 80 Yrs
  • Premium Payment Term - 50 Yrs

Aviva Life Term Insurance Plans

Aviva Signature 3D Term Plan

The plan offers coverage of up to 1 crore for terminal illnesses, providing comprehensive financial protection against Death, Disability, and Diseases (3D).

Unique Features

  • 4 Plan Options
  • Special Premium Rates for Female
  • 3D-TROP Option

Signature 3D Term Plan (Pros)

  • Whole life Coverage
  • Critical/Terminal Illness
  • Additional Protection Through 3 Riders

Signature 3D Term Plan (Cons)

  • No Tumor Treatment Cover
  • No Thyroid Cancer Cover
  • No HIV Cover

Signature 3D Term Plan (Other Benefits)

  • Waiver of Future Premiums
  • Buy Policy Under MWP Act
  • Additional SA on Accidental Death

Signature 3D Term Plan (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - 10 to 30 Yrs (LP)

Aviva Jana Suraksha

The Aviva Jana Suraksha is a life insurance plan that helps you protect your children’s future. It is a low-cost life insurance plan with flexible premium payment terms.

Unique Features

  • No medical test required
  • Avail tax benefit
  • 2X SI for accidental death

Jana Suraksha (Pros)

  • Suicide Cover
  • Flexible Payment Frequency
  • Annual Premium: Depends on life cover

Jana Suraksha (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Loan Allowed

Jana Suraksha (Other Benefits)

  • Grace Period 30 Days
  • Minimal Documentation
  • Affordable Plan

Jana Suraksha (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 45 years
  • Minimum Sum Assured - 30K
  • Maximum Maturity Age - NA
  • Premium Payment Term -SP

Aviva Saral Jeevan Bima

Aviva Saral Jeevan Bima Plan is a term life insurance plan which provides financial security to your loved ones. The sum assured can be up to 25 lakhs with a death benefit.

Unique Features

  • Affordable Plan
  • Avail tax benefit
  • Revive lapsed policy

Saral Jeevan Bima (Pros)

  • 105% Death Benefit
  • Choose To pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover After 12 Months
  • Spouse Cover
  • Easy Claim Settlement

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Aviva Protection Plus

A plan that comes with basic/additional and maturity sum assured, discounts on the higher sum assured and Return of Premiums.

Unique Features

  • Covers Transgenders
  • Enriched Protection Option
  • Savings Booster Option

Protection Plus (Pros)

  • Enriched Protection Option
  • Savings Booster Option
  • Rebate for High Sum Assured

Protection Plus (Cons)

  • No Loan Allowed
  • No Surrender Benefit
  • No HIV Cover

Protection Plus (Other Benefits)

  • Pick the Premium Frequency
  • Term Plan with Return of Premium
  • Guaranteed Surrender Value

Protection Plus (Eligibility Criteria)

  • Entry Age - 20 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/One Pay

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.