Aviva LifeShield Platinum
Overview
At Aviva we are constantly innovating because we believe that each one of us is different and so is our expectation from our life insurance plan. Presenting Aviva Life Shield PlatinumTM, a unique protection plan to help you plan for your family in case you are not around.
Option A – Life Protection
Choose this option if you foresee a need for lump sum payment of large sum of money to your family in case you are not around. You can opt for additional health and Accidental Death Benefit rider. We offer differential rates for Smokers, Non-smokers and preferred rates for (Healthy) Non-smokers.
The special rates for non-smokers is subject to Cotinine test, which is available in select cities.
Option B – Income Replacement
Choose this option if you want to provide a regular monthly income to your family in your absence. This amount increases by 5% p.a. compounded annually from the very first year of your policy to beat inflation. Your premium obligation is limited to about 2/3rd of the policy term.
Option C – Loan Protection.
Choose this option to cover for higher financial liabilities and family responsibilities in the early years of your life, the Life Cover decreases evenly across the policy term. Your premium obligation is limited to about 2/3rd of the policy term.
This Insurance plan offers rebate on your premium for higher levels of Sum Assured.
- Specifications:
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Entry age : 18-60 years, 55 years with Aviva Dread Diseases Rider, 50 years with Accidental Death Benefit Rider
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Policy Term : 10 to 52 years, subject to the maximum maturity age of 70 years
60 years with Accidental Death Benefit Rider
65 years with Aviva Dread Disease Rider
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Premium Payment Term :
Option A – equal to Policy Term
Option B & Option C – 2/3rd of policy term, rounded down to nearest integer
e.g. for a 16 years term, paying term will be 10 years
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Premium Payment Frequency: Annualy, Half-yearly, Quarterly or Monthly
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Sum Assured: Minimum Rs 50,00,000, maximum no limit subject to underwriting
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Riders Available (Option A only): Accidental Death Benefit and Aviva Dread Disease(DD) Rider (offered to non-smokers only).
- Easy steps to your plan:
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Step 1
Choose the nature of protection required |
- Option-A – Life Protection
- Option-B – Income Replacement
- Option-C – Loan Protection
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Step 2
Choose the level of protection (Base Sum Assured) you want |
- Minimum Sum Assured : Rs. 50 lacs
- Maximum Sum Assured: No limit
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Step 3
Select riders for comprehensive protection (allowed under Option-A only) |
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Step 4
Arrive at the policy term by choosing the period for which you want protection |
- Policy Term: 10-52 years subject to:
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Entry Age |
Maturity Age |
| All options(without any rider) |
18-60 years |
28-70 years |
| Option-A(with ADB rider / both riders) |
18-50 years |
28-60 Years |
| Option-A(with only Aviva DD Rider) |
18-55 years |
28-65 years | Option A: equal to Policy Term
Option B & Option C: 2/3rd of policy term (rounded down to nearest integer) e.g. for a 16 years term, paying term will be 10 years |
Step 5
Select the Premium frequency |
- Yearly, Half-Yearly, Quarterly & Monthly frequencies
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Step 6
Work out the premium payable along with our Financial Planning Advisor |
- Tabular Premium for the opted Base Sum Assured
- Rebate for Large Sum Assured
- Apply Modal Factors based on the premium payment frequency
- Ensure that Premium should at least be equal to minimum premium
- Apply Service Tax and Education Cess, as applicable
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- What are the benefits I will receive?
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Death Benefit:
- Option A: Life Protection.
The Sum Assured is paid out to the nominee as a lump-sum in case of your unfortunate death. In case you have opted for ADB Rider, the rider Sum Assured is paid out additionally in case of death by accident.
- Option B: Income Replacement.
The nominee will receive monthly benefit amount chosen at inception till the end of the policy term, this amount increases by 5% p.a. compounded annually from the very first year of the policy to beat inflation
Under this option, the Sum Assured (SA) reduces uniformly over the Policy Term and the applicable Sum Assured as on the year of unfortunate death is paid to the nominee.
click here to understand the nature of benefits under the options using example.
Rider Benefit:
- Accidental Death Benefit (ADB) Rider: [UIN 122C005V01].
Pays ADB rider Sum Assured in addition to the base death benefit, in the event of death due to an accident - Aviva Dread Disease (DD) Rider: [UIN 122B014V01].
Pays DD rider Sum Assured on ill health because of contracting any of the 18 critical illnesses covered or on suffering Permanent Total Disability (PTD) due to illness or accident, while the policy continues with Death Benefit intact. Click here to view Rider Brochures.
Maturity Benefit:
- This is a pure insurance product and hence there is no maturity benefit payable under this plan
Surrender Benefit:
- Option A: There is no surrender value
- Option B & C: The policy will acquire surrender value after the premium payment term, if all due premiums have been paid
Tax Benefit:
- Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change.
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