Aviva Life Shield Platinum

Aviva Life Shield Platinum Policy

Aviva Life Shield Platinum is a pure term insurance plan which is available at low premiums and offers high cover. In such policies, there is no maturity benefit, that is, if the policy holder survives the policy term then he/she does not get any money back. But if the policy holder dies then the nominee is given the sum assured. But this plan has 3 options which can be customised to your requirement. You can opt for a pure term cover, an income replacement option for your family or use it for securing your loan.

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Key Features of Aviva Life Shield Platinum plan

• Competitively priced term insurance product
• Good rider options for the customers like Accidental Death Benefit and Dread Disease
• Option of scheduling a monthly payment for the nominee in case of death of insured
• Option to pay off outstanding liability like personal loan or home loan in the event of death of insured

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Tobacco?

Yes

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Benefits you get from Aviva Life Shield Platinum plan

Death Benefit – The plan comes with 3 options for the customer to choose from – 1) Basic Life protection, 2) Income Replacement and finally 3) Loan Protection

1. Basic Life Protection - In case of death of the policy holder, the nominee gets the sum assured under this option.
2. Income Replacement – In case of death of insured under this plan, the nominee gets a regular income every month till the end of the policy holder. This amount will increase by 5% p.a. every policy year on a compounding basis to keep up with rising cost of living.
3. Loan Protection – This option has been tailor made for individuals who avail term plans to cover their liabilities like home loan, etc. On death of the policy holder, the policy will pay off the outstanding loan amount. In this option, the sum assured of the policy reduces uniformly over the policy tenure considering that the liability also goes down with regular payment.
4. Maturity Benefit – There are no maturity benefits under this plan as this is a pure term insurance product.
5. Income Tax Benefit - Premiums paid towards Life Insurance policies up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in Aviva Life Shield Platinum plan

	Minimum	Maximum
Sum Assured (in Rs.)	Rs.50,00,000	No Limit
Policy Term (in years)	10	52
Premium Payment Term (in years)	Two-thirds of policy term	Equal to policy term
Entry Age of Policyholder	18	60
Age at Maturity	28	70
Single premium	NA	NA
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly (ECS)

 

Sample illustration of premium amount in Aviva Life Shield Platinum plan

Male, Non-smoker

Age = 35 years

Policy Term of 20 years

Benefit Option	Sum Assured	Annual Premium	Premium Payment Term (years)	Total Premium (Rs.)	Benefit payout if death happens at the end of 7th year
Option A	60 lakhs	8,220	20	1,64,600	Rs.60 lakhs is paid as lump sum
Option B	60 lakhs	10,057	13	1,30,741	Regular income starting Rs.35,178 per month and increases by 5% every policy anniversary
Option C	60 lakhs	8,220	13	1,06,860	Rs.42 lakhs is paid as lump sum

 

 

Additional Features and Benefits of Aviva Life Shield Platinum Term plan

Riders – Some additional benefits can be taken in the form of riders by paying extra premium

Type of Rider	Available with Policy
Accidental death benefit	Yes
Permanent disability benefit	No
Waiver of premium benefit	No
Critical illness (or dread diseases) benefit	Yes
Increased death benefit / Term rider	No
Hospital cash benefit	No

 

Aviva Dread Disease (DD) Rider

§         Has a minimum sum assured of Rs.2 lakhs

§         This rider is offered only to non-smokers

§         The policy holder has the choice to discontinue this rider on any policy anniversary during the term

§         There is a waiting period of 180 days for any claim admission

§         Diseases that are covered under Aviva Dread Disease Rider are –

1.       Heart Attack

2.       Stroke

3.       Cancer

4.       End stage Kidney Failure

5.       Major Organ Transplant

6.       Coronary Artery Bypass Surgery

7.       Benign Brain Tumour

8.       Deafness

9.       Blindness

10.    Aorta Graft Surgery

11.    Heart Valve Surgery

12.    Paraplegia

13.    Motor Neurone Disease

14.    Multiple Sclerosis

15.    Coma

16.    End stage Liver disease

17.    End stage Lung disease

18.    Aplastic Anaemia

19.    Permanent Total disability