Aviva Life Shield Platinum
Aviva Life Shield Platinum is a pure term insurance plan which is available at low premiums and offers high cover. In such policies, there is no maturity benefit, that is, if the policy holder survives the policy term then he/she does not get any money back. But if the policy holder dies then the nominee is given the sum assured. But this plan has 3 options which can be customised to your requirement. You can opt for a pure term cover, an income replacement option for your family or use it for securing your loan.
Key Features
Competitively priced term insurance product
Good rider options for the customers like Accidental Death Benefit and Dread Disease
Option of scheduling a monthly payment for the nominee in case of death of insured
Option to pay off outstanding liability like personal loan or home loan in the event of death of insured
Benefits
The plan comes with 3 options for the customer to choose from – 1) Basic Life protection, 2) Income Replacement and finally 3) Loan Protection
In case of death of the policy holder, the nominee gets the sum assured under this option.
In case of death of insured under this plan, the nominee gets a regular income every month till the end of the policy holder. This amount will increase by 5% p.a. every policy year on a compounding basis to keep up with rising cost of living.
This option has been tailor made for individuals who avail term plans to cover their liabilities like home loan, etc. On death of the policy holder, the policy will pay off the outstanding loan amount. In this option, the sum assured of the policy reduces uniformly over the policy tenure considering that the liability also goes down with regular payment.
There are no maturity benefits under this plan as this is a pure term insurance product.
Premiums paid towards Life Insurance policies up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Some additional benefits can be taken in the form of riders by paying extra premium
|
Type of Rider |
Available with Policy |
|
Accidental death benefit |
Yes |
|
Permanent disability benefit |
No |
|
Waiver of premium benefit |
No |
|
Critical illness (or dread diseases) benefit |
Yes |
|
Increased death benefit / Term rider |
No |
|
Hospital cash benefit |
No |
Aviva Dread Disease (DD) Rider
- Has a minimum sum assured of Rs.2 lakhs
- This rider is offered only to non-smokers
- The policy holder has the choice to discontinue this rider on any policy anniversary during the term
- There is a waiting period of 180 days for any claim admission
- Heart Attack
- Stroke
- Cancer
- End stage Kidney Failure
- Major Organ Transplant
- Coronary Artery Bypass Surgery
- Benign Brain Tumour
- Deafness
- Blindness
- Aorta Graft Surgery
- Heart Valve Surgery
- Paraplegia
- Motor Neurone Disease
- Multiple Sclerosis
- Coma
- End stage Liver disease
- End stage Lung disease
- Aplastic Anaemia
- Permanent Total disability
Eligibility
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
Rs.50,00,000 |
No Limit |
|
Policy Term (in years) |
10 |
52 |
|
Premium Payment Term (in years) |
Two-thirds of policy term |
Equal to policy term |
|
Entry Age of Policyholder |
18 |
60 |
|
Age at Maturity |
28 |
70 |
|
Single premium |
NA |
NA |
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly (ECS) |
|
