Aviva LifeShield Advantage Plan provides comprehensive protection for the policyholder's family in the event the individual is not around. All the money paid by the life assured as premium will be returned to him or her on survival at the end of the policy period. Under the plan, the individual is given the choice to opt for enhanced protection against disability due to an accident.
About Aviva Life Insurance Company - Aviva India is a joint venture of Aviva Group and Dabur Invest Corp. The insurer has a distribution network of 63 branches across the country. Its portfolio includes term insurance plans, child plans, retirement plans, savings plans and group plans. Aviva India is one of the initial companies to introduce modern unit-linked and unitised with-profit policies.
(Note - All the information contained in this page has been sourced from the official website of Aviva Life Insurance Company.)
The features of Aviva LifeShield Advantage are as under:
Death / PTD Benefit:
Option A: Life Protection
Death Benefit: If the life assured passes away during the policy period, the sum assured is payable to nominee.
Option B: Life-cum-Disability Protection with Return of Premium:
Death/PTD Benefit: If the policyholder passes away or suffers from permanent total disability due to an accident, whichever occurs first during the policy term, the sum assured with the total of all premiums paid till date of notification of death, shall be paid.
An individual is considered as permanently and totally disabled only if, due to accidental bodily injury:
Here, limb means hand/foot at or above wrist/ankle.
The sum payable on demise will be higher of:
a) 10 times of the annualized premium (excluding extra premiums, if any, and taxes), or (Applicable for Regular Premium Policy) b) in case of single premium, 125% of the single premium paid (excluding extra premiums, if any, and taxes) in case of regular premium, 105% of all the premiums paid (excluding extra premiums, if any, and taxes) as on the date of demise or c) the sum payable on the policy’s maturity d) In case of Option A - Sum Assured In case of Option B - Sum Assured plus total of all premiums paid (excluding extra premiums, if any and taxes)
Maturity Benefit:
Here the maturity benefit refers to the premiums returned. If the life assured survives the policy period, the premiums paid are returned, with the exclusion of taxes and extra premium, if any, paid.
| Eligibility | Details |
|---|---|
| Entry age | 18-55 years (Maximum age at the expiry of the policy is 65 years) |
| Policy term | 10 years to 30 years |
| Minimum sum assured | Rs. 2 lakhs |
| Premium payment frequency | Minimum premium |
|---|---|
| Single Premium (for Option A); Yearly, Half-Yearly, Quarterly and Monthly (for both Options) | Single - Rs. 12,000 Yearly - Rs. 2,400 Half-Yearly - Rs. 1,250 Quarterly - Rs. 650 Monthly - Rs. 250 |
| Steps | Details |
|---|---|
Step 1 Select nature of protection required |
Option A: Sum assured is payable on the life assured’s demise during the policy period Option B: Sum assured is payable with return of premiums on death or on permanent total disability due to an accident, whichever occurs first during the policy period. Maturity benefit for all options is return of premiums paid excluding extra premiums and taxes. |
Step 2 Decide on level of protection |
Minimum coverage amount: Rs. 2 lakhs Maximum coverage amount: Option A - No limit Option B - Rs. 50 lakhs |
Step 3 Arrive at the policy period |
10-30 years subject to: |
Step 4 Select premium frequency |
Single Premium (for option A only) |
Step 5 Work out the premium payable |
To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:
In the event of the life assured's death due to suicide within 12 months:
I. from the date of policy inception, the nominee or beneficiary shall receive 80% of the premiums paid, excluding any payment of taxes and extra premiums
II. from the date of the policy's revival, the nominee or beneficiary shall receive an amount which is higher of 80% of the premiums paid, excluding any payment of taxes and extra premiums, or the surrender value, as available on the date of demise.
With Aviva LifeShield Advantage, an individual can ensure comprehensive protection for his or her family in the event the individual is no more. The insurance cover can be availed at a nominal cost. Policyholders are given the option of enhanced protection against disability caused by an accident.
Also Read: Aviva LifeShield Platinum Plan
