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.
Compare Term Insurance Plans
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
|
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) |
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 |
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