Keeping in mind the need for financial security for a family in case of the unfortunate demise of the policyholder or bread winner of the family, Aviva Life Insurance has rolled out the Aviva LifeShield Plus Protection Plan. At an affordable premium, the Aviva LifeShield Plus Protection Plan offers a lump sum payout to the dependants or nominees of the policyholder following his/her untimely death.
To be eligible for the Aviva LifeShield Plus Protection Plan, customers need to meet certain criteria with regard to the entry age and maturity age.
|Minimum Entry Age||18 years|
|Maximum Entry Age||55 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||65 years|
Sum Assured: The minimum sum assured for the Aviva LifeShield Plus Protection Plan is Rs.10 lakh. There is no maximum sum assured with the Aviva LifeShield Plus Protection Plan.
Premium: The minimum base premium for the Aviva LifeShield Plus Protection Plan is Rs.10,000 for the Single Premium option. The premium varies with the Regular Premium mode.
|Minimum sum assured||Rs.10 lakh|
|Maximum sum assured||No limit|
For Single Premium: Rs.10,000
For Regular Premium:
|Premium frequency||Annual, half-yearly, quarterly, monthly|
The Aviva LifeShield Plus Protection Plan comes with death benefits.
|Death benefit||In case of untimely death of the policyholder, the nominee is entitled to the sum assured of the Aviva LifeShield Plus Protection Plan.|
If the policyholder commits suicide within 12 months from the commencement of the policy, the nominee will be entitled to only 80% of the premium paid. No benefits in the case of suicide are applicable.
The Aviva LifeShield Plus Protection Plan comes with key features such as surrender benefit, grace period, free-look period, etc.
|Surrender benefit||Policyholders can surrender the policy after completion of the first year of the policy. If the policy is surrendered after the first year, the policyholder is entitled to the complete surrender value.|
|Grace period||Policyholders are granted a grace period of 30 days to pay their premiums for the annual and half-yearly mode and 15 days for the quarterly and monthly mode.|
|Discontinuance||The policy will be discontinued if the policyholder fails to pay the premium within the grace period.|
|Revival||Policyholders can revive the policy within 2 years from the first unpaid premium.|
|Nomination||Policyholders can make nominations as per Section 39 of the Insurance Act of 1969.|
|Assignment||Policyholders can assign the policy as per Section 38 of the Insurance Act of 1969.|
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with the terms and the conditions of the policy, the policy can be returned during the free-look period.|
In accordance with the Income Tax Act 1961, policyholders of the Aviva LifeShield Plus Protection Plan can avail tax benefits under:
The Aviva LifeShield Plus Protection Plan offers financial protection to families when they need it the most. Available at a nominal cost, the Aviva LifeShield Plus Protection Plan grants the family of the policyholder life coverage in his/her absence.
Founded in 2002, Aviva India Life Insurance currently has over 40 million customers from 20 different countries. In the last financial year 2016-2017, Aviva India Life Insurance recorded a 82% claim settlement ratio, placing them in the top 20 insurance companies India with regard to claim settlements. Though their claim settlement ratio is far from being the highest, Aviva’s average claim amount was the highest amongst all insurers in the country - at an average of Rs. 8.2 lakh. Aviva India Life Insurance has a variety of insurance products on offer - from life to health to protection plans and so on, giving customers in India a plethora of products to choose from depending on their needs and financial status.
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