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Aviva Life Shield Advantage is a term insurance plan which offers return of premium on maturity. The premiums paid by you every year would be returned to you if you survive the term of the policy.
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There is a variant of the plan, called Option A, in which the premiums offered will not be returned. The details mentioned in this page are for Option B which is with return of premium. Check out Aviva Life Shield Plus for pure term plan without return of premiums.
Death Benefit – Your nominee would get entire coverage amount (sum assured) in case of death of the policy holder. The sum of all premiums paid by the policyholder would also be paid along with the sum assured.
Maturity Benefit – This plan is a variant of the pure term insurance plan. The premiums paid by you would be returned to you if you survive till the end of the policy term.
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)
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|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
2 lakhs |
50 lakhs |
|
Policy Term (in years) |
10 |
30 |
|
Premium Payment Term (in years) |
Same as Policy Term |
|
|
Entry Age of Policyholder (in years) |
18 |
55 |
|
Age at Maturity (in years) |
28 |
65 |
|
Regular annual premium (in Rs.) |
2,400 |
No Limit |
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
|
Coverage Amount (Sum Assured) = Rs.50,00,000
Policy Term = 25 years
Premium Payment Mode = Annual
Riders – Accidental Death Benefit and Accidental Permanent Total Disability rider is available with this plan. Please note that this rider is applicable only in case of death or permanent total disability due to an accident occurs.
|
Type of Rider |
Available with Policy |
|
Accidental death benefit |
Yes |
|
Permanent disability benefit |
Yes |
|
Waiver of premium benefit |
No |
|
Critical illness (or dread diseases) benefit |
No |
|
Increased death benefit / Term rider |
No |
|
Hospital cash benefit |
No |
The amount payable for the riser is over and above the sum assured or base insurance coverage
