Aviva Life Shield Premium

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Aviva Life Shield Premium

Thinking of ways to protect your family both emotionally and financially, even if and when you aren’t around? Aviva Life Shield Premium is a comprehensive Life Insurance Plan that will financially secure your family in times of uncertainty. It is a Term Insurance Plan that offers you the peace of mind, ensuring your loved ones are taken care of- be it for the purpose of daily expenses, child education planning and finances, marriage or any other milestone that you might not be around for. The security of your family is your primal goal, and when you insure youself with Aviva Life Shield Premium, it becomes ours too.

UIN:122N136V01 

Why should you buy the Aviva Life Shield Premium

  • Flexibility to choose from flat, increasing or decreasing life cover

  • Choice of claim payout to the nominee as lump sum, income or 50-50 of both

  • Flexibility to pay premiums for a limited time and enjoy coverage till the age of 80

  • Choice of additional coverage against Accidental Death and waiver of future premiums in case of Permanent Total Disability due to an Accident

Benefits of Aviva Life Shield Premium

  • Death Benefit: After the unfortunate demise of the policyholder, the nominee will receive the highest of the following, provided all due premiums are paid:

    Sum Assured as on date of death

    Minimum of 105% of Total Premiums Paid till the date of death*

    *The 105% death benefit is not applicable for the decreasing sum assured types

  • Waiver of Premium Cover Benefit: : If the Life Insured suffers from Total Permanent Disability due to an Accident*, all future premiums of the base plan will be waived. The maximum cover amount under this benefit is Rs. 1 Crore per life.*

    **An unforeseen and involuntary event caused suddenly by external visible and violent means. Check with the insurer for detailed information and conditions.

  • Tax Benefits: The premiums you pay towards Aviva Life Shield Premium Plan are eligible for tax benefits under section 80C and 10(10)D.

    *Tax benefits are as per existing tax laws and are subject to change accordingly.

  • Accidental Death Benefit: : If the policyholder chooses this add-on benefit and dies as a result of an accident* during the policy term, an additional payout of up to Rs. 50 lacs per life will be paid. The policyholder must be at least 18 years when opting for this add-on benefit.

    *An accident is defined as an unforeseen and involuntary event caused suddenly by external visible and violent means.

Plan options

Pay Single Premium

  • PPT: One time

  • Max Maturity Age: 80 years last birthday

  • Sum Assured Types: Increasing, Decreasing & Flat

  • Payout options: Lump sum, Income & 50:50 of both

  • Add on benefits: Accidental Death Benefit

Pay Limited Premium

  • PPT: 5, 10 or up to 60 years of age

  • Max Maturity Age: 80 years last birthday

  • Sum Assured Types: Flat, Increasing & Decreasing (5 &10 years)

  • Payout options: Lump sum, Income & 50:50 of both

  • Add on benefits: Accidental Death Benefit & Waiver of Premium Benefit

Pay Regular Premium

  • Payment Options: Equal to Policy Term

  • Max Maturity Age: 80 years last birthday

  • Sum Assured Types: Flat & increasing

  • Payout options: Lump sum, Income & 50:50 of both

  • Add on benefits: Accidental Death Benefit & Waiver of Premium Benefit

Eligibility

Frequently Asked Questions

What is the Aviva Life Shield Premium Plan?

Aviva Life Shield Premium is a Non-Linked Non Participating Individual Pure Risk Life Insurance Plan. If you opt for this plan, it will provide you with a comprehensive life cover that will protect your family’s financial future in the case of your unfortunate demise.

What is the guarantee under this Plan?

The sum assured is guaranteed at the time of purchase, and will be accord to the option chosen and therefore you can be worry free.

What is the eligibility criteria for Aviva Life Shield Premium Plan?

The Aviva Life Shield Premium plan is available for individuals from the age of 18 years, while, the maximum is 65 years. The maturity age is fixed at 80 years.

What are the available Premium Payment Term options for this Plan?

The available premium payment options are: • One time for Single Premium • 5, 10 years or up to 60 years of age for Limited Pay Mode and • Equal to the entire policy term for Regular Premium

What is the process to revive this Policy?

• You can revive the lapsed policy within five years (known as the revival period) from the date of the first unpaid instalment of Regular Premium. • The proof of continued insurability of the Life Insured has to be submitted. This proof has to be as per the guidelines of the company and should be approved by the Insurance Board. • The policy will be terminated without any benefit, if the lapsed policy is not revived within the revival period. • If the due Regular/Limited Premium is not paid before the expiry of the grace period then the policy will lapse and risk cover will cease immediately. • The revival of a lapsed policy is also subject to payment of a Revival Fee, which is Rs. 250/- plus taxes, if any. • For all Limited Premium policies, interest payment for the period from the unpaid premium due date to the date of revival at 9% per annum compounded monthly, plus taxes, if any, shall also be charged additionally. • There may be a change in the revival fee and interest rate with IRDAI’s approval.

What is the Aviva Life Shield Premium Plan?
What is the guarantee under this Plan?
What is the eligibility criteria for Aviva Life Shield Premium Plan?
What are the available Premium Payment Term options for this Plan?
What is the process to revive this Policy?
AN Mar 23/21

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