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  • Aviva Lifeshield Plus 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

    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.

    Eligibility - Who is the Aviva LifeShield Plus Protection Plan for?

    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.

    Parameters Details
    Minimum Entry Age 18 years
    Maximum Entry Age 55 years
    Minimum Maturity Age 28 years
    Maximum Maturity Age 65 years

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

    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.

    Parameters Details
    Minimum sum assured Rs.10 lakh
    Maximum sum assured No limit
    Premium Minimum: For Single Premium: Rs.10,000 For Regular Premium:
    • Annual: Rs.2,000
    • Half-yearly: Rs.1,200
    • Quarterly: Rs.600
    • Monthly: Rs.200
    • Maximum: No limit
    Premium frequency Annual, half-yearly, quarterly, monthly

    Plan Coverage - What the Aviva LifeShield Plus Protection Plan covers?

    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.

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

    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.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    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.

    Tax Benefits – How you can save with the Aviva LifeShield Plus Protection Plan?

    In accordance with the Income Tax Act 1961, policyholders of the Aviva LifeShield Plus Protection Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

    Other Benefits – How you can save with the Aviva LifeShield Plus Protection Plan?

    • Policyholders can purchase the Aviva LifeShield Plus Protection Plan online and choose the premium amount as well on the Aviva Life Insurance website.
    • Before purchasing the Aviva LifeShield Plus Protection Plan, customers can go through the details of the plan and decide if it suits them or not.
    • Payments for Aviva LifeShield Plus Protection Plan can be made through the following channels:
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money.
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Netbanking - Customers can pay premiums through the net banking facility offered by their banks.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.

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

    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.

    *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.

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