Aviva India Launches Aviva Life Shield Premium | Aviva India

Aviva India Launches Aviva Life Shield Premium

Aviva India Launches Aviva Life Shield Premium

The comprehensive, hyper-personalized term insurance plan helps a customer choose from a gamut of options around sum assured, premium payment term and frequency, claim payout among others ~

New Delhi, 7 June 2021: Aviva Life Insurance, India’s most trusted private insurance company, today announced the launch of Aviva Life Shield Premium, a Non-Linked Non-Participating Individual Pure Risk Life Insurance Plan. It is a comprehensive term life insurance plan that can be personalized as per the needs of every individual and his family to ensure that one enjoys the protection of a term life cover on their own terms. Towards this goal, Aviva has launched the campaign #OnYourTerms and the product has been designed to enable customers to choose and customize options around the sum assured, premium payment term and frequency, claim payout methods, among others.
Mr. Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance said Our single-minded focus on delivering a comprehensive and differentiated proposition suite is rooted in our vision to work towards our long-term strategy. We understand customer demands and our teams have been working to launch new and more relevant products to ensure that our customers’ future is secured. Aviva Life Shield Premium plan can be personalized as per the financial needs and provides protection to the loved ones We are confident that this product will cater to the increasing demand for Term Life Insurance but will also ensure that more customers choose to enjoy the benefits of insurance by insuring themselves.”

Vinit further added At Aviva, we have always kept the customer at the centre of every endeavour and are continually driven by our purpose of With You Today, For a Better Tomorrow. This is a promise that each one of us lives through every day at work to ensure good customer outcomes at every step of the way.”
Aviva Life Shield Premium comes with policy term up to 62 years and provides customers optional payment term of Regular, Limited and Single Premium payment term and Annual, semi-annual or monthly Premium payment frequency. This product allows customers to balance their financial portfolio with multiple payout methods ranging from lump sum, income and 50:50. Another advantage is that customers get an additional protection against Accidental Death and Permanent Total Disability due to an accident.
Some key differentiators of Aviva Life Shield Premium are:

  • The plan offers opportunity to choose increasing or decreasing sum assured as per customers’ financial needs.
  • Customers can pay a limited premium for as less as 5 years and enjoy coverage till the age of 80.
  • Aviva Life Shield Premium lets customers enjoy freedom to tailor-make the plan to suit their family.

 

To know more about the product and its features, please refer to the Annexure 1 or visit: https://www.avivaindia.com

 

About Aviva Life Insurance:
Aviva Life Insurance Company India Limited is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK based insurance group, whose association with India goes back to 1834. By choosing Aviva Life Insurance, you benefit from the management experience of one of the world’s oldest insurance groups, with a history dating back to 1696. Today, Aviva Group has 33 million customers in 16 countries (as on 1stJanuary 2019)
Website: www.avivaindia.com

Annexure 1

Aviva Life Shield Premium– Plan at a glance!


Parameter

Criterion

Minimum Entry Age

18 years last birthday

Maximum Entry Age

Policy Type

Premium Payment Term (PPT)

Maximum Entry Age

Single

1 Year

65 Years for all options except Increasing SA option
54 years for Increasing SA option

Limited

5 Years

10 Years

60 Years minus Entry Age (the maturity age is fixed at 80 years)

49 Years

Regular (Only for offline channels)

Equal to Policy Term

65 Years

Minimum Policy Term

 

Flat or Decreasing Sum Assured: 10 years
Increasing Sum Assured:            26 years

(For Limited Pay options, 5 Pay and 10 Pay, the minimum policy term will be 10 years and 15 years respectively)

Maximum Policy Term

62 years

Premium Payment Term (PPT) (in Years)

Policy Type

Premium Payment Term (PPT)

Sum Assured (SA) Type

Flat SA

Increasing SA

Decreasing SA

Single

1 year

 

 

 

Limited

5 Years

 

 

 

10 Years

 

 

 

60 Years minus Entry Age (provided the maturity age is fixed at 80 years)

 

 

 

Regular
(Only for offline channels)

Equal to Policy Term

 

 

 

: PPT is permissible,  : PPT is not permissible

Maturity Age

80 years last birthday

Minimum Annualized Premium (Rs.)

Cover type

Minimum

Annualized

Single

Base Plan (Online Channel/Web Aggregator)

3,679

17,814

Base Plan (Offline Channel)

3,639

16,935

ADB Add-On Cover

350

2,680

Waiver of Premium Add-On Cover

7

NA

These premium amounts are in respect of Standard Life excluding the taxes, rider/add-on premiums, underwriting extra premiums and loading for modal premiums, if any.

Maximum Annualized Premium (Rs.)

Cover type

Maximum

Annualized

Single

Death Sum Assured in  Base Plan (Online Channel/Web Aggregator)

1,79,51,100

8,05,89,800

Death Sum Assured in  Base Plan (Offline Channel)

2,13,32,050

8,97,99,150

ADB Add-On Cover

13,650

60,500

Waiver of Premium Add-On Cover

30,900

NA

These premium amounts are in respect of Standard Life excluding the taxes, rider/add-on premiums, underwriting extra premiums and loading for modal premiums, if any.

Minimum / Maximum Sum Assured (Rs.)

 

Cover type

Sum Assured

Minimum

Maximum
(per life)

Death Sum Assured in Base Plan

Offline Channel: 25,00,000
Online Channel: 50,00,000

50,00,00,000

ADB Add-On Cover

5,00,000

50,00,000

Waiver of Premium Add-On Cover

19,464

1,00,00,000

Sum Assured Shall be in multiple of Rs.1,00,000 only for base plan

Maximum Sum Assured is subject to Board Approved Underwriting Policy

Premium Payment Frequency

Single, Yearly, Half-Yearly or Monthly
For monthly mode, only ECS/ Direct Debit is allowed

Add-on Covers

Option of following add-on covers:

  • Accidental Death Cover and
  • Waiver of Premium Cover due to Accidental Permanent Total Disability

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