Aviva LifeShield Platinum Plan

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Aviva LifeShield Platinum plan is a unique plan that allows its customers the flexibility to select the protection and coverage option that suits their needs. From loan coverage, to monthly income to a lump sum payout, the policyholders have a varied choice to fulfil their financial needs and secure the protection of their loved ones in their absence.

Aviva LifeShield Platinum - Key Features

  • High life coverage is given at nominal costs.
  • Three different payout options are available in the event of the demise of the life insured.
  • This policy offers payout in the form of lump sum for the nominees or even as a regular monthly income. The policy can also be taken as a cover for a loan.
  • The maximum Sum Assured has no limit so the insured can choose high a level of cover according to their budget and needs.
  • Two options are available for premium payment. These are:

Option A – in which the premium payment term is equal to the policy term.

Option B and C – in which premium payment is equal to two-thirds of the policy term.

Aviva LifeShield Platinum - Benefits

  • Policyholders can pay premium rates as low as Rs. 3200 p.a.
  • Lower premium rates are offered to non-smokers and preferred rates are offered to those who are non-smokers and in good health.
  • The tenure of the policy varies from minimum ten years to maximum fifty-two years, so policyholders can set their financial goal and plan their savings accordingly.
  • In order to secure the future of the family members, the policyholders can choose from three options as the Death Benefit. These options are as follows :-
  1. Option A in which there is Life protection, which is the most cost effective option. In this option, the beneficiary is paid the Sum Assured, on the sudden demise of the life insured. The premium rates for this plan are nominal for large life cover options.
  2. Option B in which there is Income Replacement. The nominee receives a monthly income on the demise of the policyholder. The Monthly Benefit increases by 5% p.a. compounding annually on each policy anniversary. The Sum Assured is the Monthly Benefit chosen at the policy inception x policy term x 12.
  3. Option C in which there is Loan Protection. The life cover under this option reduces every year throughout the policy term. The policyholder can to a great extent ease out liability of his or her family arising out of mortgage loan.
  • The higher sum assured amount provides discounts.
  • On death benefit and premium paid, the insured can avail tax benefit under section 80 (C) and 10(10D) of Income Tax Act.

Aviva LifeShield Platinum - Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

18 years

60 years

Maturity Age (Last Birthday) of the Life Assured

 

70 years

Policy Term (PT) in years

10 years

52 years

Premium Paying Term (PPT) in years

 Two-thirds of policy term

Equal to policy term

Premium Paying Frequency

Yearly, Half-yearly, Quarterly, Monthly

Annual Premium

Rs. 3200

No limit

Sum Assured

Rs. 50,00,000

No limits

 

Details About Premium

 

Age (Yrs)

Policy Term

Premium Payment Term

Sum Assured

Annual Premium

Monthly Benefit

Option A

25

10 years

10 years

Rs. 5000000

Rs. 5000

 

Option B

25

10 years

6 years

Rs. 5000040

Rs. 4848

Rs. 41667

Option C

25

10 years

6 years

Rs. 5000000

Rs. 4750

 

 

Aviva LifeShield Platinum - Policy Details

Grace period: A limited 30 days grace period is offered to the insurance holder during which he/she can pay off the due premiums. For monthly premium mode, the grace period is of 15 days. It is important to note that the payment of the premium is compulsory during this time. Failing this can result in policy lapse.

Policy Termination or Surrender Benefit: The policy acquires Surrender Value only after the premium payment term. After the Premium payment term, if the whole premiums have been paid by the insured under Option B or Option C a special Surrender Value is payable on surrender of the policy. If the plan is not reinforced within the renewal period, then it is terminated. The policy also comes to the termination after the death benefit is paid the insurer.

Free Look Period: A limited 15 days free look period from the date of issuing policy is provided by the insurer. During this period the policyholder can cancel the policy if he/she is not satisfied with the coverage provided by the policy. Once the policy is canceled a particular amount of premium for the risk endured by the company is deducted and the rest policy premium is paid to the insured.

Additional Features or Riders

A lapsed policy can be renewed if the insurance holder submits an application for reinforcement within a 2 years’ time period from the initial period of the first unpaid premium. Along with the interest the policyholder will have to pay all unpaid premiums.

Exclusions
The tenure of the insurance cover is nullified if the insured person, commits suicide in one year from initial date of the policy. Only 80% of the premiums paid excluding all taxes and extra premium is refunded to the beneficiary of the policy. In case, the policy owner commits suicide in 1 year of the policy reissued then a higher of 80% of the premiums paid or the Surrender Value is refunded by insurance company.

Documents Required
The documents required while filling the application form for Aviva LifeShield Platinum Plan are identity proof, address proof, bank account details and a recent photograph. Medical examination and income proof can also be required in some cases.

Frequently Asked Questions

1.  How many days of free look period is offered by the policy?

A 15 days free look period is provided by the insurer from the date of policy issued under which the insured can cancel the policy if he/she is dissatisfied with the policy terms and conditions.

2.   How long is the duration of grace period provided by the policy?

A 30 days grace period is provided by the policy during which the insured can duly pay off the entire pending premium amount. Failing this, the term of the insurance policy will lapse.

3.  What is the minimum and maximum entry age of the policy?

The minimum entry age of the policy is 18 years. Whereas, the maximum entry age of the policy is 60 years.

4.  What is the premium paying frequency of the policy?

The premium paying frequency of the policy is yearly, half-yearly, quarterly and monthly.