- Rs. 1 CroreTerm Cover @Rs 17/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 12 Lac+Families Secured
We promise limited calls
An Overview on Aviva LifeShield Advantage
- DetailsWritten by PolicyBazaar -
- Hits : 1898 -
Modified 17 June 2016
Aviva Lifeshield Advantage is a non-participating, non-linked protection plan where the premiums are returned on maturity. By opting for this plan you can protect your family at a nominal cost and ensure their well-being in your absence. With Aviva Life insurance Lifeshield Advantage you can ensure that the financial needs of your family are met even when you are not around. Additionally, all the money which you pay as premium will be returned to you in case you survive at the end of the policy. As per the plan you can enjoy a rebate on the premium for high levels of the sum assured. Further, additional protection is offered against permanent total disability due to accidents.In event of your death the sum assured will be paid to your family.
Eligibility of Aviva LifeShield
Let’s take a look at the eligibility conditions for the plan:
18 to 55 years
28 to 65 years
10 to 30 years
Premium Paying Term
Option A- Single or Regular Premium which is equal to the policy term
Option B- Regular premium which is equal to the policy term
Minimum: Rs. 2,00,000
Maximum: Option A has no limit
For option B it is 50 lakhs
Single premium which is available only in Option A
Regular premium can be paid in the frequency of Yearly, half-yearly, quarterly and monthly
Minimum Premium (Depends on the frequency in which the premium is paid)
Monthly: Rs. 250
Depends on the sum assured and there is no maximum limit
The benefits of Aviva Lifeshield Advantage plan can be summed up as follows:
- At nominal rates high level of insurance cover is offered.
- Additional protection is offered for permanent disability due to accident
- Policyholders can choose between paying single premium or choose to pay multiple payments
- The policy holder receives the maturity benefit or return of all the premiums paid if he survives till the policy matures.
- On high sum assured amounts a discount is offered
- Policy holders qualify for tax benefits not only on the premium which they pay but on the death benefit as well.
Apply for the plan in 5 easy steps
In 5 easy steps you can choose the plan which suits your requirements:
- After evaluating your requirements you need to ascertain the kind of protection which you require. You can choose between life protection or life cum disability protection.
- Once you have ascertained your requirements, select the amount of protection that you need.
- Decide on the period for which you need protection which will help you arrive at the right policy term
- Select the frequency at which you want to pay the premium
- You can get in touch with a financial advisor to calculate the premium which you have to pay.
Exclusions of the plan
The term insurance cover is null and void if the policy holder commits suicide within a year from the start of the policy. The nominee or the beneficiary will be paid 80% of the premium which excludes payment for taxes and extra premium. Additionally, if the policy holder commits suicide within a year from the date of revival of the policy, the nominee will be entitled to an amount which is higher than 80% of the premium paid or the surrender value. Further, the policy holder will not qualify for Permanent Total Disability Benefit if the disability has been caused by:
- Alcohol or drug abuse
- Failure to seek medical advice from a registered practitioner
- After engaging in athletics or swimming
- Due to war, hostilities, social disorder, civil war or willful participation in violence.
- Contamination which is radioactive in nature in a nuclear plant
- Functional or mental disorder
- Participating in leisure activities which are hazardous such as mountaineering
- Aviation, apart from a passenger travelling in a commercial licensed passenger aircraft.
The free look period
Within 15 days from the date on which you receive the policy document you have the right to review the policy. This time period is known as the free look period. If you cancel the plan within this span of time you will be eligible for refund of the policy premium after deduction of the proportionate risk premium and the medical expenses along with the stamp duty.
- Most Read
- Everything You Need To Know About SBI Child Insurance Plan
Date: 08 March 2018
- 5 Things You Don’t Know About Unit Linked Pension Plans
Date: 07 March 2018
- Common Myths about Child Insurance Plans
Date: 07 March 2018
- Long Term Capital Gains Tax: Time for ULIPs to Rise and Shine
Date: 05 February 2018
- Term Vs Whole Life Insurance: Which one you Should Buy?
Date: 01 February 2018
- Best 5 LIC Policies To Invest in 2018
Views : 1294728
- How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Views : 1247780
- A Quick Guide To Post Office Monthly Income Scheme
Views : 504068
- Best Term Insurance Plans in India with Claim Settlement Ratio
Views : 498303
- National Pension Scheme (NPS) – Govt Approved Pension Scheme
Views : 376855