Aviva Life Shield Platinum

Aviva Life Shield Platinum is a pure term insurance plan which is available at low premiums and offers high cover. In such policies, there is no maturity benefit, that is, if the policy holder survives the policy term then he/she does not get any money back. But if the policy holder dies then the nominee is given the sum assured. But this plan has 3 options which can be customised to your requirement. You can opt for a pure term cover, an income replacement option for your family or use it for securing your loan.

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§         Competitively priced term insurance product

§         Good rider options for the customers like Accidental Death Benefit and Dread Disease

§         Option of scheduling a monthly payment for the nominee in case of death of insured

§         Option to pay off outstanding liability like personal loan or home loan in the event of death of insured

Death Benefit – The plan comes with 3 options for the customer to choose from – 1) Basic Life protection, 2) Income Replacement and finally 3) Loan Protection

1) Basic Life Protection - In case of death of the policy holder, the nominee gets the sum assured under this option.

2) Income Replacement – In case of death of insured under this plan, the nominee gets a regular income every month till the end of the policy holder. This amount will increase by 5% p.a. every policy year on a compounding basis to keep up with rising cost of living.

3) Loan Protection – This option has been tailor made for individuals who avail term plans to cover their liabilities like home loan, etc. On death of the policy holder, the policy will pay off the outstanding loan amount. In this option, the sum assured of the policy reduces uniformly over the policy tenure considering that the liability also goes down with regular payment.

Maturity Benefit – There are no maturity benefits under this plan as this is a pure term insurance product.

Income Tax Benefit - Premiums paid towards Life Insurance policies up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

Male, Non-smoker

Age = 35 years

Policy Term of 20 years

Riders – Some additional benefits can be taken in the form of riders by paying extra premium

Aviva Dread Disease (DD) Rider

§         Has a minimum sum assured of Rs.2 lakhs

§         This rider is offered only to non-smokers

§         The policy holder has the choice to discontinue this rider on any policy anniversary during the term

§         There is a waiting period of 180 days for any claim admission

§         Diseases that are covered under Aviva Dread Disease Rider are –

1.       Heart Attack

2.       Stroke

3.       Cancer

4.       End stage Kidney Failure

5.       Major Organ Transplant

6.       Coronary Artery Bypass Surgery

7.       Benign Brain Tumour

8.       Deafness

9.       Blindness

10.    Aorta Graft Surgery

11.    Heart Valve Surgery

12.    Paraplegia

13.    Motor Neurone Disease

14.    Multiple Sclerosis

15.    Coma

16.    End stage Liver disease

17.    End stage Lung disease

18.    Aplastic Anaemia

19.    Permanent Total disability

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