India's 1st IRDAI Approved Insurance Web Aggregator

Aviva Ishield Plan

  •  views
  •  views

Aviva iShield Plan

Aviva iShield Plan is an online Term Plan with Return of Premium Option on maturity. It is a Traditional Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure. This is a pure Protection Plan with Return of Premium Option.
 
In this plan, 110% of all the premiums are paid to the policyholder on survival till policy maturity and the policy terminates. However, if the Life Insured dies within the Policy Tenure, then 100%-120% of the Sum Assured is paid to the nominee as Death Benefit, which depends upon the year of death and the policy terminates.
 
There are no additional riders in this plan.
 

Compare Term Plans

Key Features of Aviva iShield Policy

  • This is an online Term Plan with Return of Premium option
  • Thus, this plan provides high protection cover at nominal cost
  • In this plan, 110% of the premiums paid back as Maturity Benefits
  • In this plan, if the Life Insured dies within the policy tenure, 100%-120% of the Sum Assured is paid to the nominee as Death Benefit, which depends upon the year of death
  • In this plan, there is a rebate on premium for choosing Sum Assured of Rs. 20 Lacs and above
  • This policy provides for free medical examination at inception of the policy
 

COMPARE THIS PLAN WITH OTHER TERM PLANS
Yes
No

 

Benefits you get from Aviva iShield Insurance Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets an assured amount as Death Benefit which depends upon the year of death and the policy terminates.
 
Policy Year When Life Insured Dies
Assured Death Benefit
1st - 10th
100% of Sum Assured
11th - 20th
110% of Sum Assured
21st - 25th
120% of Sum Assured
 
 
 
 


Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets 110% of all premiums paid, excluding taxes and extra premium, if any as Maturity Benefit and the policy terminates.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.


HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?


 

Eligibility conditions & other restrictions in Aviva iShield Insurance Plan

 
Minimum
Maximum
Sum Assured (in Rs.)
15,00,000
5 crores
Policy Term (in years)
10
25
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
55
Age at Maturity (in years)
-
65
Payment modes
Yearly, Half-Yearly and Monthly
 
 

Sample illustration of Aviva iShield Plan

 
The below illustration is for a healthy male of 25 and 35 years opting for Sum Assured of Rs 20 lacs and Rs 50 lacs for Policy Tenure of 20 years

 

Additional Features and Benefits of Aviva iShield Plan

 
Riders – There are no additional riders in this plan
 
 

What happens if?

 
You stop paying the premium - If the policy holder stops paying the premium, the policy shall lapse without any benefits. However, the policy can be revived within 2 years from the due date of the first unpaid premium.
 
You want to surrender the policy – There are Surrender Benefits after completion of 3 policy years. Surrender Value payable is greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Guaranteed Surrender Value = 30% of sum of premiums paid till date and Special Surrender Value = 110% of premiums paid x Special Surrender Value (SSV) Factor.
 
You want a loan against your policy – Loan facility is not available in this plan.




 
Other Term Insurance Plans from Aviva
Similar Withdrawn Term Insurance Plans from Aviva
Compare Term Plans

Leave a Comment

Term Insurance Calculator