Aviva i-Shield launched - an online term plan with return of premium

Date: 15-Jan-2013

Aviva i-Shield launched - an online term plan with return of premium

•Guaranteed  return of 110% of premiums paid if the insured survives the policy term*

•Provides life cover at “zero wastage” proposition

15 January, Mumbai/ New Delhi: Aviva Life Insurance, today, announced the launch of Aviva i-Shield, an online term plan with return of premium. Aviva i-Shield provides life cover with a provision of return of 110% of paid premium, in case the insured survives the policy term. This product is designed to provide customers life insurance with a “zero wastage” proposition. It can be purchased online from Aviva’s official website www.avivaindia.com. 

Speaking on the occasion, Mr. TR Ramachandran, CEO & MD, Aviva Life Insurance said, “Our product philosophy has always been based on simplicity and have kept the customer at the heart of our product development process. During our customer interactions we came across a set, which were keen to get a return even on pure protection plans. In line with their demand we launched a term plan with return of premium option – Aviva i-Shield for our online customers too. With Aviva i-Shield we aim to bring to our customers an online product which will address their protection needs at affordable price and return 110% of premiums paid* on survival.”

He added, “The online medium is fast gaining popularity. Given the convenience and the cost effectiveness of the medium, we envisage it to be the one stop shop for an informed life insurance customer. Our research with IMRB showed us that protection of family’s income incase of an unfortunate death is among the top three priorities for 52% of Indians today.” 

Aviva i-Shield is an addition to the suite of innovative online products that Aviva offers. The company currently offers a term plan – Aviva i-Life and a health plan – Aviva Health Plus as part of its online portfolio.

Key Features of Aviva i-Shield:

•Entry Age (Last Birthday):  18 years to 55 years 

•Maximum Maturity Age (Last Birthday) -65 years 

•Policy Terms - 10 years to 25 years

•Premium Payment Term (PPT) - Equal to Policy Term

•Allowed Premium Payment Frequencies - Yearly, Half Yearly and Monthly

•Sum Assured allowed - Rs. 15 Lacs to Rs. 5 Cr  (In multiples of Rs. 25,000), subject to underwriting 

•Return of premium – 110% of the premiums will be returned if the insured survives the policy term, provided all due premiums have been paid

* provided all due premiums are paid.

 

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