Aviva i-Shield Plan

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Aviva i-Shield is a term assurance plan with a guaranteed return of premiums. This policy is available for purchase online and without the need for any agent intervention. The benefit of this plan is that nominees of the policyholders receive financial security and if the policyholder survives the policy term, he or she gets back all the paid premiums.

Key Feature

  • This is a term plan that has a guaranteed return of premium option.
  • This policy is available for purchase only over the internet.
  • The policy helps policyholders secure the future of their loved ones in case of their absence.
  • The policy offers free medical examination if required, at the start of the policy.


  • If the policyholder survives until the policy matures, he or she receives a Maturity Benefit, which is 110% of all premiums paid.
  • In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit.  The Sum Assured amount is dependent on the year of death. If the death occurs between the first and tenth years, the Assured Death Benefit is 100% of the Sum Assured. If the death occurs between the eleventh and twentieth years, it is 110% of the Sum Assured. If the death occurs between the twenty-first and twenty-fifth year, it is 120% of the Sum Assured.

The Death Benefit payable is higher of the following:

  1. Ten times of the annualized premiums, or 
  2. 105% of the total premiums paid or
  3. The Assured Death Benefit.
  • A discount is available on large Sum Assured amounts of Rs. 20 lakhs and above.
  • Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:




Entry Age of the Life Assured(Last Birthday)

18 years

55 years

Maturity Age (Last Birthday) of the Life Assured

28 years

65 years

Policy Term (PT) in years

10 years

25 years

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly, Half-yearly, Monthly

Sum Assured

Rs. 15 lakhs

Rs. 5 crore


Details About Premium

Age (Yrs)

Policy Term (Yrs)

Premium Payment Term (Rs.)

Sum Assured (Rs.)

Annual Premium (Rs.)




15 lakhs





35 lakhs





2 crores





5 crores



Policy Details

Grace period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. The Grace Period is fifteen day where the premium is paid on a monthly basis.

Policy Termination or Surrender Benefit: The policy may be surrendered after three years on the condition that all premiums have been paid. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.

Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Additional Features or Riders

  • If a minimum of three years of premiums have been paid and subsequent premiums are not paid within the Grace Period, the policy acquires Paid-up Value.
  • At the time of purchase of the policy, the cost of the medical examination is borne by the company. However, on the revival of the policy, the cost of the medical examination is borne by the policyholder.
  • The policy lapses if less than three years of premiums have been paid, and due premiums are not paid within the Grace Period.
  • The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.


  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums paid, excluding any payment for taxes and extra premiums. If the person insured commits suicide within one year of the policy reinstatement then the company will refund an amount that is higher of 80% of the premiums paid or the Surrender Value as on the date of demise.

Documents Required

The policyholder has to fill up an online ‘Application form’ with photo identity proof (Passport, PAN Card or Driving License) and income proof (a copy of the latest ITR or Form 16 or copies of the last three months salary slip).