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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 2 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 Return of Premiums paid excluding extra premiums and taxes.
Step 2
Choose the level of protection you want

Minimum Sum Assured: Rs 2 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)
Step 5
Work out the premium payable along wiht our Financial Planning Adviser
  • Enjoy rebate for high Sum Assured

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 Sum Assured is paid to your nominee and the policy terminates

  • 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 Sum Assured along with the sum of all premiums paid till date of notification of death, will be paid and the policy terminates.

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.

The amount payable on death shall be highest of the following:

a)10 times of the annualized premium (excluding taxes and extra premiums, if any), or (Applicable for Regular Premium Policy)

b)in case of Single premium, 125% of the single premium paid (excluding taxes and extra premiums, if any)

in case of Regular premium, 105% of all the premiums paid (excluding taxes and extra premiums, if any) as on date of death. or

c)the amount payable on the maturity of the policy.

d)In case of Option A-Sum Assured 

In case of Option B-Sum Assured plus sum of all premiums paid (excluding extra premiums, if any and taxes)

MaturityBenefit:                                                                                                                                                                                                                                                                                       Maturity Benefit under this plan (both options) is Return of Premiums paid excluding taxes and extra premium, if any, paid. There is no interest paid on the sum of premiums.

Tax Benefit:

The Policy offers tax benefits as per the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change

 

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