"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Aviva Lifeshield Advantage Protection Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Aviva LifeShield Advantage Protection Plan is a non-linked and non-participating insurance plan designed not only to provide cover to you and your family but also help you grow your money all at a very nominal cost. Apart from protecting you and your family, the plan also ensures that the premiums paid by you are returned back to you incase you survive the policy term. You also get to enjoy various benefits under this plan including the tax benefits.

    Eligibility - Who is the LifeShield Advantage Protection Plan for?

    The eligibility criteria for this particular plan are given below:

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 55 years
    Minimum age at maturity 28 years
    Maximum age at maturity 65 years

    *Ages mentioned above are as on the policyholder’s last birthday.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    Sum Assured is the minimum amount you will get from the insurer. The Sum Assured won’t contain any benefits or bonuses that you may be entitled to. The relevant information regarding sum assured are given in the table below:

    Minimum Sum Assured Rs.2 lakh
    Maximum Sum Assured Depending on the protection level chosen by you:
    • Option A- No limit
    • Option B- Rs.50 lakh

    Premiums*

    The premium to be paid by you will depend on your sum assured. The premium will be decided at the inception of the policy depending upon your policy term. The relevant information regarding your premiums for this particular plan are given in the table below:

    Policy Term 10-30 years
    Premium Payment Term (PPT)
    • Option A- Single Premium or Regular Premium (According to your policy term)
    • Option B- Regular Premium (According to your policy term)
    Minimum Annual Premium The minimum premium to be paid by you will depend on your premium payment
    • Single- Rs.12,000
    • Yearly- Rs.2,400
    • Half-Yearly- Rs.1,250
    • Quarterly- Rs.625
    • Monthly- Rs.250
    Maximum Annual Premium No Limit
    Premium Frequency Single Premium is available only under Option A. The other type of premium frequencies available for regular premiums are Yearly, half-yearly, quarterly and monthly.

    * Premiums will vary based on age, location, plan term, GST, and other factors.

    Plan Coverage – What does the LifeShield Advantage Protection Plan cover?

    Death Benefit
    • Incase of an unfortunate death of the insured or if he/she suffers from Permanent Total Disability (PTD), the insured/nominee will be paid the sum assured provided all the premiums have been duly paid.
    • If the insured dies or is suffering from any permanent disability caused due to accident,the insured/nominee will be paid the sum assured and the sum of all the premiums paid till date.
    Maturity Benefit The insured will be paid the maturity benefit after the policy attains maturity.

    Riders/Add-On Plans – Additional coverage under the LifeShield Advantage Protection Plan

    There are no rider or add-on plan that one can purchase along with this plan.

    Exclusions - What the LifeShield Advantage Protection Plan doesn’t cover?

    The plan has a suicide exemption. Incase the insured commits suicide within 12 months of the purchase or revival of the policy, the nominee will get 80% of the total premiums paid.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period For this plan, the grace period is 30 days for yearly, half-yearly and quarterly mode and 15 days for monthly premium payment.
    Free Look Period A free-look period of 15 days is given.
    Surrender If you are a regular premium payer and surrender your policy, you will be eligible to get the surrender value, provided that the first 3 years’ premiums have been paid. If you are a single premium payer, you can surrender your policy anytime after the completion of the first policy year.
    Nomination You can change your nominees at any point of time under Section 39 of Insurance Act, 1938.
    Reinstatement of Policy The policy can be reinstated after 2 years from the date of your first unpaid premium.

    Tax Benefits – How you can save with the LifeShield Advantage Protection Plan

    You will be eligible for tax benefits under Section 80C of Income Tax Act,1961 as per this insurance plan. Since, tax laws are subject to change, it is always advisable to consult a tax advisor incase of any query.

    Other Benefits of Aviva Life Insurance

    Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.

    • Information about various products: You can know about various products offered by Aviva Life Insurance before zeroing down on the one most suitable for you.
    • Easy Purchase: If you liked a product, you can instantly buy it from the official website of Aviva Life Insurance, thus making the whole process a hasslefree one.
    • Manage your Policy: You can manage your policy just the way you want, without even having to step out of your house. Whether it’s paying your premium, or filing your claim or knowing the value of your funds, anything related to your policy can be managed online.
    • Planning: Aviva Life Insurance helps you plan your future. Whether it’s planning about your life post retirement or computing the cost of your children’s education, you can calculate and plan your future as per your financial condition and requirements in the future by visiting Aviva’s official website.
    • Customer Service: Aviva boasts of an extensive customer care support available for you 24x7. You can either call them on their toll-free number or send them a mail on their official email id or even request them to call you back by providing your contact number.

    Why you should buy the LifeShield Advantage Protection Plan from Aviva Life Insurance?

    The LifeShield Advantage Protection Plan is a simple and traditional plan. You get flexible premium payment terms and payment rates which you can choose as per your financial capabilities. The option to surrender your policy if you are unable to pay your premiums due to any reason and also having the option to reinstate your policy back, as well as various tax/maturity benefits makes it a popular choice among the customers.

    Aviva Life Insurance Company is a joint venture between Aviva International Holdings Limited and Dabur Invest Corp. Both the companies are two of the oldest companies to function with the former boasting of having a customer base of close to 40 million plus across 20 countries. Dabur Invest Corp is a flagship company of Dabur International.Aviva Life Insurance is considered to be the best company when it comes to taking care of its customers as they enjoy 100% success rate in addressing their consumers’ grievances. Aviva Life Insurance Company has won various awards including Gold for ‘What’s Your Big Plan’ in the ‘Most Effective Insurance Marketing Campaign of the year’ category at the 2014 DMAi awards.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.