India's 1st IRDAI Approved Insurance Web Aggregator

Aviva Life Shield Platinum

  •  views
  •  views

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.

Compare Term Insurance Plans

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
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
    Yes
    No

    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


    HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?

     

    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



     

    Similar Withdrawn Term Insurance Plans from Aviva
    Compare Term Plans

    Leave a Comment

    Term Insurance Calculator
    Important: Insurance is the subject matter of solicitation | © 2009-2022 MyInsuranceClub.com