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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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Death Benefit
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Income Tax Benefit
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Income Replacement
Compare this plan with other Term Plans
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Key Features

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Competitively priced

Competitively priced term insurance product

Accidental Death

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

Option of scheduling

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

outstanding liability

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

Benefits

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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

Basic Life Protection -

In case of death of the policy holder, the nominee gets the sum assured under this option.

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.

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. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

Riders

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

Type of Rider

Available with Policy

Accidental death benefit

Yes

Permanent disability benefit

No

Waiver of premium benefit

No

Critical illness (or dread diseases) benefit

Yes

Increased death benefit / Term rider

No

Hospital cash benefit

No

 

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

 

Additional Benefits:
  • Heart Attack
  • Stroke
  • Cancer
  • End stage Kidney Failure
  • Major Organ Transplant
  • Coronary Artery Bypass Surgery
  • Benign Brain Tumour
  • Deafness
  • Blindness
  • Aorta Graft Surgery
  • Heart Valve Surgery
  • Paraplegia
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Coma
  • End stage Liver disease
  • End stage Lung disease
  • Aplastic Anaemia
  • Permanent Total disability

Eligibility

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Minimum

Maximum

Sum Assured (in Rs.)

Rs.50,00,000

No Limit

Policy Term (in years)

10

52

Premium Payment Term (in years)

Two-thirds of policy term

Equal to policy term

Entry Age of Policyholder

18

60

Age at Maturity

28

70

Single premium

NA

NA

Payment modes

Yearly, Half-Yearly, Quarterly and Monthly (ECS)