Aviva Life Shield Platinum - Protection
Aviva LifeShield Platinum
We all have dreams and aspirations and have long pondered about things we've thought about doing all our lives. However, life is full of surprises, some pleasant and some not-so-pleasant, and you never know what lies around the corner. Getting your life insured will not only help you plan your life better but also help safeguard your family’s interests in case you were no longer around to take care of them. That’s the intention of getting a term insurance and there’s no time like the present to get yourself insured!
Term insurance is undoubtedly the most affordable life insurance option and comes attached with absolutely no frills. A term plan helps you prepare for life’s uncertainties by providing financial support if you’re no longer around thus ensuring the lifestyle of your loved ones is not impacted in any way whatsoever. Moreover, it can prove to be one of the smartest investment decisions you can make to secure your family’s future. All you got to do is decide how much coverage you need and the period of time you want that coverage to remain in effect and you’re sorted.
Aviva LifeShield Platinum
Inexpensive and reliable, Aviva’s LifeShield Platinum helps your family cope by helping them deal with the expenses that need to be taken care of in your absence. Here are some of the many benefits you and your loved ones can avail by opting for this ingenious term plan.
- Aviva’s LifeShield Platinum is a one-of-a-kind plan that actually rewards you for healthy living. If you are inspired to save on premiums by living a healthy lifestyle, this plan offers lower premium rates if you're a non-smoker and preferred rates if you're a nonsmoker and have been assessed to be in good health.
- This is a term plan as it offers three payout alternatives; Life Protection, Income Protection, and Loan Protection.
- Loan Protection: Under this option, in case any tragic event was to unfold, the policy will pay off the outstanding loan amount thus helping your family close the loan. Moreover, under this option, the sum assured reduces uniformly over the tenure of the policy to match your loan outstanding.
- Life Protection: If something unfortunate were to happen to you, a specific sum assured which is decided by you at the time of taking the policy will be paid out as a lump sum to your family.
- Income Protection: Under this option, a regular monthly income will be paid out to your loved ones in the event of your unfortunate demise. Additionally, this sum will be increased by 5 per cent p.a. compounding annually to cover the increase in living costs.
- The minimum sum assured under this plan is Rs. 50,00,000. Further, under the Life Protection option, premium paying term and the policy term will be equal. However, under the Income Protection and Loan Protection options, premium paying term will be two-thirds of the policy term.
- Being a pure term insurance plan which offers an affordable, long-term solution to help protect your loved ones, there is no maturity benefit that can be availed on survival.
Like all our other term insurance plans, even Aviva LifeShield Platinum boasts of some tax benefits. All premiums paid are tax-exempted under section 80C (up to Rs. 1.5 lakh).