Aviva Life Shield Plus Policy
Aviva Life Shield Plus is a pure term insurance cover which offers high coverage at low premium amounts. No money would be returned to the policyholder in case they survive the term of the policy.
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Key Features of Aviva Life Shield Plus Policy
§ The plan offers high levels of cover at lower premiums.
§ You get discounts on premiums if the sum assured is higher than 25 lakhs
§ Lower premium rates apply for women
Benefits you get from Aviva Life Shield Plus Policy
Death Benefit – The nominee would get entire coverage amount (sum assured) in case of death of the policy holder
Maturity Benefit – Since this is a term insurance plan, there are no maturity benefits. You will not receive any amount if you survive the term of the policy
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 Plus Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10 lakhs
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No Limit
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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 premium (in Rs.)
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2,000
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly & Single
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Sample illustration of premium amount in Aviva Life Shield Plus Policy
Coverage Amount (Sum Assured) = Rs.50,00,000
Policy Term = 25 years
Premium Payment Mode = Annual
Additional Features and Benefits of Aviva Life Shield Plus Policy
Riders – Accidenal Death Benefit and Aviva Dread Disease Riders are available for regular premium paying policies. The riders are not available with Single Premium Policies. The riders can only be taken at the beginning of the policy but can be cancelled any time and the extra premium amount would be reduced for the remainder of the policy term.
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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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Yes
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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 Aviva Dread Disease rider pays a lumpsum amount if the policy holder suffers from a list ofcritical illness or suffers from Permanent Total Disability due to accident or illness.
In case of Accidental Death Benefit rider, the nominee of the policy holder would get an additional amount along with the regular sum assured of the policy.
Alternate Term plans from different insurance companies
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Other Term insurance plans from Aviva Life Insurance
Aviva iLife
Aviva Life Shield
Aviva Life Shield Advantage
Aviva Life Shield Platinum
