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Aviva LifeShield Platinum Plan

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 fulfill their financial needs and secure the protection of their loved ones in their absence.

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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 – Life Protection, Income Protection, and Loan Protection.
This policy offers payout in the form of a lump sum to the nominee 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 a high level of cover according to their budget and needs.
The plan offers low premium rates to non-smokers and ideal rates if you are a non-smoker but in good health.
Two options are available for premium payment. These are:
- Option A – in which the premium payment term is equal to the policy term.
- Options 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 a minimum of ten years to a maximum of fifty-two years, so policyholders can set their financial goals and plan their savings accordingly.
Get the tax benefit as per the prevailing laws of the Income Tax Act, 1961
To secure the future of the family members, the policyholders can choose from three options as the Death Benefit. These options are as follows: -
- 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.
- 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.
- Option C in which there is Loan Protection. The life cover under this option reduces every year throughout the policy term. The policyholder can ease out the liability of his or her family to a great extent 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 sections 80 (C) and 10(10D) of the 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	28 years	70 years
Policy Term (PT) in years	10 years	52 years
Premium Paying Term (PPT) in years	Two-thirds of the policy term	Equal to the policy term
Premium Paying Frequency	Yearly, Half-yearly, Quarterly, Monthly
Annual Premium	Rs. 3200	No limit
Sum Assured	Rs. 50,00,000	No limits

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

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 grace period of 30 days 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 to the insurer.
Free Look Period: 15 days of free look period from the date of issuing the 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.
Discontinuance of Premium: If you are not able to pay the due premium amount within the provided grace period, the risk cover will be ceased immediately. A policyholder can reinstate the policy within two years from the due date of the 1^st unpaid premium.

Additional Features or Riders

A lapsed policy can be renewed if the insurance holder submits an application for reinforcement within 2 years 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 the 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 being reissued then a higher of 80% of the premiums paid or the Surrender Value is refunded by the insurance company.

Documents Required

The documents required while filling the application form for Aviva LifeShield Platinum Plan are identity proof (Aadhar Card, Passport, PAN Card or Driving license), address proof, bank account details, and a recent photograph. Medical examination and income proof can also be required in some cases.

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FAQ's

Q1. How many days of free look period is offered by the policy?

Ans: A 15-day 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.
Q2. How long is the duration of the grace period provided by the policy?

Ans: 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.
Q3. What are the minimum and maximum entry ages of the policy?

Ans: The minimum entry age of the policy is 18 years. Whereas, the maximum entry age of the policy is 60 years.
Q4. What is the premium paying frequency of the policy?

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