Aviva Life Shield Advantage Policy
Aviva Life Shield Advantage is a term insurance plan which offers return of premium on maturity. The premiums paid by you every year would be returned to you if you survive the term of the policy.
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Key Features of Aviva Life Shield Advantage
§ High levels of insurance cover for your family
§ The premiums paid by you are paid back to you at the end of the policy term, if you survive the policy term
§ Lower premium rates for higher amounts of cover
There is a variant of the plan, called Option A, in which the premiums offered will not be returned. The details mentioned in this page are for Option B which is with return of premium. Check out Aviva Life Shield Plus for pure term plan without return of premiums.
Benefits you get from Aviva Life Shield Advantage
Death Benefit – Your nominee would get entire coverage amount (sum assured) in case of death of the policy holder. The sum of all premiums paid by the policyholder would also be paid along with the sum assured.
Maturity Benefit – This plan is a variant of the pure term insurance plan. The premiums paid by you would be returned to you if you survive till the end of the policy term.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The death benefit your nominee receives from this plan is exempt from tax under section 10(10D)
Eligibility conditions and restrictions in Aviva Life Shield Advantage
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2 lakhs
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50 lakhs
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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Same as Policy Term
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Entry Age of Policyholder (in years)
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18
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55
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Age at Maturity (in years)
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28
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65
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Regular annual premium (in Rs.)
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2,400
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of premium amount in Aviva Life Shield Advantage
Coverage Amount (Sum Assured) = Rs.50,00,000
Policy Term = 25 years
Premium Payment Mode = Annual
Additional Features and Benefits of Aviva Life Shield Advantage
Riders – Accidental Death Benefit and Accidental Permanent Total Disability rider is available with this plan. Please note that this rider is applicable only in case of death or permanent total disability due to an accident occurs.
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Type of Rider
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Available with Policy
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Accidental death benefit
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Yes
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Permanent disability benefit
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Yes
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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No
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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The amount payable for the riser is over and above the sum assured or base insurance coverage
Alternate Term plans from different insurance companies
Birla Sun Life Premium Back Term Plan
HDFC Premium Guarantee Plan
ICICI Prudential Life Guard - Return of Premium
ING Term Life Plus
Other Term insurance plans from Aviva Life Insurance
Aviva iLife
Aviva Life Shield
Aviva Life Shield Plus
Aviva Life Shield Platinum
