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.
Key Features
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
Benefits
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Policy Year When Life Insured Dies
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Assured Death Benefit
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1st - 10th
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100% of Sum Assured
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11th - 20th
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110% of Sum Assured
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21st - 25th
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120% of Sum Assured
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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.
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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15,00,000
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5 crores
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Policy Term (in years)
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10
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25
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Premium Payment Term (in years)
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Equal to Policy Tenure
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|
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Entry Age of Life Insured (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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-
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65
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Payment modes
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Yearly, Half-Yearly and Monthly
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FAQs
What happens if You stop paying the premium ?What happens if You want to surrender the policy ?What happens if You want a loan against your policy ?
