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Aviva Life Shield Policy
Life Shield is one of the oldest insurance policies of Aviva which provides high protection at low cost. Avival Life Shield is a pure term insurance plan where the nominee gets a lump sum amount in case of death of the policy holder.
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Key Features of Aviva Life Shield Policy
§ Being a term insurance plan, it provides large protection cover at low premiums
§ The coverage amount can be increased on important events in life like marriage or birth of child
§ Lower premium rates for existing policy holders of Aviva Pension Plus
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Benefits you get from Aviva Life Shield 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
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 maturity amount you receive from this plan are exempt from tax under section 10(10D).
Eligibility conditions in Aviva Life Shield Policy
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
5 lakhs |
No Limit |
|
Policy Term (in years) |
5 |
40 |
|
Premium Payment Term (in years) |
Same as Policy Term |
|
|
Entry Age of Policyholder (in years) |
18 |
55 |
|
Age at Maturity (in years) |
23 |
65 |
|
Regular premium (in Rs.) |
2,000 |
No Limit |
|
Single premium (in Rs.) |
Not Applicable |
|
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
|
Sample illustration of premium amount in Aviva Life Shield Policy
Sum Assured = Rs.50,00,000
Policy Term = 25 years
Premium Payment Mode = Annual
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