Term Insurance: Why is It Crucial?

Aviva LifeShield Advantage


Aviva LifeShield Advantage
How Does it


Aviva LifeShield Advantage

As you grow older, get married, & eventually build a family, more often than not, thoughts about your family’s wellbeing and safety start occupying your mind. Especially if you have a family that depends on you, you come to realize the importance of having a sound financial plan. Planning now to secure your family financially when you are not around them may not be a pleasant thought now, however having a plan in place will help your family live a dignified & financially secured life when you’re no longer around to take care of them.

If you’re still unsure whether you’re financially secure, ask yourself:

  • If you were no longer around, would your family be able to continue meet all their financial obligations?
  • Will your family be able to pay rent or continue paying the mortgage amounts on the home you’ve worked so hard to provide?
  • Will your family have the money to cover daily living expenses & childcare expenses while continuing their standard of living on your spouse’s income alone?
  • Without financial protection, will you be leaving your family in debt or financial risk?

Term Insurance: Why is It Crucial?

Term insurance provides you and your family with financial support against life's uncertainties. No matter what stage of life you are in, term insurance provides you the comfort that the money will be available to protect your loved ones in case you are not alive. Although no amount of money could ever replace a person, term insurance ensures that your plans for your family’s future don’t fall apart in your absence. Moreover, term insurance is fairly cheap, which means there’s no excuse not to get coverage now.

Aviva Lifeshield Advantage

Aviva’s Lifeshield Advantage plan is designed to provide a secure future for your loved ones, even in your absence. Here are some key features of Aviva’s Lifeshield Advantage plan.

  • Aviva’s Life shield Advantage is designed to provide life insurance coverage and returns all the premiums to the policyholder at the completion of the policy term.
  • This plan offers two categories of protection:

Option A: this option provides protection against uncertainties in life at a nominal cost by offering a lump sum payment of sum assured to your assigned beneficiary in the event something unfortunate were to happen to you during the policy term. The sum assured under this category starts from a minimum of Rs. 35,00,000 and there’s no cap on the maximum sum assured limit.

Option B: This option provides coverage, in the event of total and permanent disability due to an accident or in case of death. 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 premiums are paid till death, the sum assured along with the sum of all premiums paid will be returned. The sum assured under this category starts from a minimum of Rs. 35,00,000 while the maximum sum assured limit is Rs. 50,00,000. The policy will stand terminated once the pay-out has been made.

  • Maturity benefit under this plan (both options) is returned if all premiums paid, excluding taxes and extra premium, if any. There is no interest paid on sum of premiums paid.
  • Choose to be covered from as short as 10 years to 30 years up to the age of 55. 
  • All term plan premiums paid are tax-exempted under section 80C (up to Rs. 1.5 lakh). Further, it also yields tax-exempted income when the maturity claim is paid under section 10(10(d)) of the Income Tax Act.