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.
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 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:
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)||
|Minimum Annual Premium||The minimum premium to be paid by you will depend on your premium payment
|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.
|Maturity Benefit||The insured will be paid the maturity benefit after the policy attains maturity.|
There are no rider or add-on plan that one can purchase along with this plan.
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.
|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.|
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.
Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.
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.
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