Aviva LifeShield Advantage

Overview

Aviva LifeShield Advantage provides comprehensive protection for your family incase you are not around. Additionally, all the money paid as premium will be returned to you on survival at the end of the Policy Term through:

  • Payment of Life Cover (Sum Assured) to your family in the event of your death (Option A)
  • Additional protection against Accidental Permanent Total Disability (Option B)
  • Return of the money paid towards the base premium on your survival at the end of the policy term
  • A rebate on your premium for higher levels of Sum Assured

Specifications:

  • Entry age: 18-55 years (Maximum age at the expiry of the policy is 65 years)
  • Policy term: 10 years to 30 years
  • Minimum Sum Assured: Rs 35 lacs
  • Premium Payment Frequency: Single Premium (for Option A); Yearly, Half-Yearly, Quarterly and Monthly (for both Options)

Easy steps to your plan:

Step 1
Choose the nature of protection required
Option A: Sum Assured on death during the Policy Term, provided that all the due premiums are paid till death

Option B: Sum Assured plus Return of Premiums on death or on Permanent Total Disability (PTD) due to an accident, whichever is earlier during the Policy Term, provided that all the due premiums are paid till death

Maturity Benefit for all options is the maturity sum assured which is the sum of Total Premiums Paid, without any interest
Step 2
Choose the level of protection you want

Minimum Sum Assured: Rs 35 lacs
Maximum Sum Assured:

Option A - No limit

Option B - Rs 50 lacs

Step 3
Arrive at the policy term by choosing the period for which you want protection
10-30 years subject to:
  • Entry Age: 18-55 years
  • Maturity Age: 28-65 years
Step 4
Select the Premium frequency
Single Premium (for Option A only)
  • Regular (equal to policy term) for Option A/B via Yearly, Half-Yearly, Quarterly & Monthly modes (only ECS/ Direct Debit allowed for Quarterly & Monthly modes)

Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes

What are the benefits I will receive?

Death / PTD Benefit:

  • Option A: Life Protection          

          Death Benefit: In the unfortunate event of your death during the policy term, provided that all the due premiums are paid till death, the death Sum Assured is paid to your nominee and the policy terminates the Death Sum Assured will be the highest of following

  • Sum Assured of the Policy
  • 10 times of the Annualized Premium, (in case of regular premium policies), or 125% of the Single  Premium (in case of single premium policies)
  • 105% of the Total Premiums paid as on date of death.
  • Maturity Sum Assured which is equal to sum of Total Premiums paid
  • Option B: Life-cum-disability protection along with Return of premium

          Death/PTD Benefit: In the unfortunate event of your death or suffering from Permanent Total Disability (PTD) due to an accident, whichever is earlier during the policy term, provided that all the due premiums are paid till death, the death Sum Assured, will be paid and the policy terminates. The Death Sum Assured will be the highest of the following:

  • Sum Assured of the Policy plus sum of Total Premiums paid
  • 10 times of the Annualized Premium
  • 105% of the Total Premiums paid as on date of death.
  • Maturity Sum Assured which is equal to sum of  Total premiums paid

Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

“Single Premium shall be the premium amount payable as a lump sum at start of the policy by the policyholder, excluding the taxes, rider premiums and underwriting extra premiums, if any”

A life insured shall be regarded as Permanently and Totally Disabled only if, as a result of accidental bodily injury: 

1. Life insured has suffered the loss by physical separation (or loss of use) of two limbs or

2. The complete and irremediable loss of sight in both eyes or

3. The loss by physical separation (or loss of use) of one limb, accompanied by the complete and irremediable loss of sight in one eye or

4. Life insured has been continuously disabled for a period of 1 year and has been determined by the Company to be incapacitated to such an extent as to render that person unable ever to resume own or similar employment.

Here limb means hand/foot at or above wrist/ankle.

MaturityBenefit:                                                                                                                                                                                                                                                                                      

Maturity Benefit under this plan (both options) is the maturity sum assured which is the sum of Total Premiums paid, without any interest.

Tax Benefit:

Tax benefits will be as per section 80C and 10(10(D)) of Income Tax Act, 1961. Tax benefits are as per the prevailing tax laws and are subject to change from time to time.