Aviva Protection Plans

Every individual should consider buying a life insurance policy to secure the future of his/her family. Protection plans are offered purely for protection and do not come with the savings or investment component. They are one of the simplest types of life insurance plans in the market and are available at affordable prices.

Most term insurance plans are for a short duration of time. Individuals can choose the policy term and if they happen to pass away during the term, the nominee will receive the death benefit. While most term insurance plans do not offer a maturity benefit on survival of the policy term, a few term insurance plans offered by Aviva Life Insurance come with a maturity benefit option.

Benefits of Aviva Protection Plans

• Rebate on high sum assured: Rebates are offered for policyholders who opt for a high sum assured.
• Rebate for women: An additional 5% rebate is offered to female policyholders on certain plans.
• Free-look period: The insurer provides a short duration of time at the beginning of the policy term for the policyholder to review the terms of the policyholder. If he/she is unhappy with the policy, he can return the policy within the free-look period and receive the premiums paid from the insurer.
• Grace period: A certain period, starting from the due date of the premium payable, is given to the policyholder for paying the due premium.

List of Protection Plans offered by Aviva Life Insurance

1. Aviva i-Life

A pure protection plan, Aviva i-Life offers life cover to the life assured allowing the family members to lead a comfortable life even in the absence of the life assured. This term plan can also be conveniently bought online. The minimum sum assured that can be chosen is Rs.25 lakh. There is no maximum limit for the sum assured.

Benefits and features of Aviva i-Life

• Death Benefit: If the policyholder passes away, the death benefit equal to the sum assured is payable to the beneficiary.
• Maturity Benefit: Since this is a term plan, no maturity benefit is payable.

Plan name	Entry age	Maturity age	Premium
Aviva i-Life	Minimum: 18 years Maximum: 55 years	Maximum: 70 years	The premium payable depends on the sum assured chosen by the policyholder.

1. Aviva i-Shield

This is a special term plan that not only provides protection but returns 110% of the premiums paid if the life assured survives the policy term. This affordable life insurance plan offered by Aviva can also be bought online. The sum assured amount options for this plan range from Rs.15 lakh to Rs.5 crore.

Benefits and features of Aviva i-Shield

• Death Benefit: The death benefit payable to the nominee is the highest of – the maturity benefit, 105% of the total premium paid until the death of the life assured, 10 times the annual premium, or the assured death benefit. The assured death benefit amount depends on the year of death of the life assured. The assured death benefit from the 1st to the 10th policy year is 100% of the sum assured, from the 11th to the 20th policy year is 110% of the sum assured, and from the 21st to the 25th policy year is 120% of the sum assured. Once the death benefit is paid, the policy will be terminated.
• Maturity Benefit: If the policyholder has paid all premiums and survives the complete policy term, 110% of the total premium paid is provided as the maturity benefit. Taxes and additional premiums, if any, are deducted from the amount.
• Surrender Benefit: If the policyholder decides to surrender the policy before completion of the term, he/she will receive the surrender benefit which is the higher amount of the guaranteed surrender value and the special surrender value. Policies can be surrendered only after completion of 3 policy years.

Plan name	Entry age	Maturity age	Premium
Aviva i-Shield	Minimum: 18 years Maximum: 55 years	Maximum: 65 years	The premium payable is calculated based on the policyholder’s age at entry, premium payment mode, preferred sum assured and preferred policy term.

1. Aviva Life Shield Advantage

The Aviva Life Shield Advantage protection plan helps individuals ensure that their family is prepared for future emergencies. The plan offers death benefit as well as the return of premium benefit. It also offers protection against permanent and total disability. The minimum sum assured amount is Rs.2 lakh. There is no maximum limit for the base plan but the maximum limit for policies with the accidental disability rider is Rs.50 lakh.

Benefits and features of Aviva Life Shield Advantage

• Death Benefit: In case the life assured expires during the policy period, the sum assured is provided to the nominee as the death benefit. The policy terminates once the death benefit is paid.
• Maturity Benefit: In cases where the policyholder survives the policy term, all premiums paid will be returned to the policyholder, provided all due premiums are paid. Additional premiums and taxes, if any, will be deducted.
• Surrender Benefit: The surrender value of a policy is the higher amount of the guaranteed surrender value and special surrender value. Regular premium policies can be surrendered only if the premiums for the first 3 policy years have been paid.

Plan name	Entry age	Maturity age	Premium
Aviva Life Shield Advantage	Minimum: 18 years Maximum: 55 years	Minimum: 28 years Maximum: 65 years	Minimum: Single premium: Rs.12,000 Yearly premium: Rs.2,400 Half-yearly premium: Rs.1,250 Quarterly premium: Rs.650 Monthly premium: Rs.250 Maximum: No limit

1. Aviva Life Shield Platinum

The Aviva Life Shield Platinum plan is a unique life insurance protection plan that offers 3 death benefit options to choose from based on the family’s requirement. One can choose between lump-sum payments, regular payouts, or reduction of sum assured. The minimum sum assured is Rs.50 lakh. There is no limit for the maximum sum assured.

Benefits and features of Aviva Life Shield Platinum

• Death Benefit: The policyholder can choose 1 among the 3 death benefit options – Life Protection, Income Replacement, and Loan Protection.

• The Life Protection option is a cost-effective option that offers the sum assured as the death benefit.
• The Income Replacement option provides monthly income to the nominee on the death of the life assured during the policy term. The monthly income, provided until the end of the policy term, is compounded annually at the rate of 5% p.a.
• The Loan Protection option reduces the sum assured of the policy every year to lessen the burden on the family.

• Maturity Benefit: Since this is a pure protection plan, no maturity benefit will be provided.
• Surrender Benefit: The policy acquires a special surrender value only after completion of the premium payment term of the Income Replacement and Loan Protection options. The special surrender value is payable if the policy is surrendered before completion of the policy term.

Plan name	Entry age	Maturity age	Premium
Aviva Life Shield Platinum	Minimum: 18 years Maximum: 60 years	Minimum:28 years Maximum: 70 years	The premium payable is calculated based on the policyholder’s age at entry, premium payment mode, preferred sum assured, etc.

1. Aviva Sampoorna Suraksha

The Sampoorna Suraksha plan is a saving-cum-protection plan that individuals can purchase to build a better future for their families. The sum assured amount depends on the sum assured, policy term, and premium paying term.

Benefits and features of Aviva Sampoorna Suraksha

• Death Benefit: In case of death of the life assured during the policy term, the death sum assured is paid as the death benefit, provided all premiums have been paid. The policy will terminate once the death benefit is paid.
• Maturity Benefit: The maturity sum assured is payable to the policyholder if he/she survives the policy term and has paid all due premiums.
• Surrender Benefit: The policy can be surrendered if premiums for 2 complete policy years have been paid. The surrender benefit payable to the policyholder on such surrender is the higher amount of the guaranteed surrender value and special surrender value.

Plan name	Entry age	Maturity age	Premium
Aviva Sampoorna Suraksha	Minimum: 18 years Maximum: 50 years	Maximum: 65 years	The premium payable depends on the sum assured, entry age and other such factors.

1. Aviva Extra Cover

The Aviva Extra Cover offers the advantage of two Aviva life insurance plans – Aviva i-Life and Aviva Health Secure. This plan not only offers life cover but a critical illness cover too. The minimum sum assured for the term insurance plan is Rs.25 lakh and for the critical illness cover is Rs.5 lakh. While there is no maximum limit for the term insurance sum assured amount, the maximum cap on the critical illness cover is Rs.50 lakh.

Benefits and features of Aviva Extra Cover

• Death Benefit: In case the life assured expires during the policy term, the sum assured is payable as the death benefit to the nominee chosen by the policyholder.
• Critical Illness Benefit: In case the life assured is diagnosed with one of the 12 critical illnesses listed by the insurer, a lump-sum amount is payable as the critical illness benefit.
• Maturity Benefit: This plan does not offer a maturity benefit.

Plan name	Entry age	Maturity age	Premium
Aviva Extra Cover	Minimum: 18 years Maximum: 55 years	Maximum maturity age for term insurance: 70 years Maximum maturity age for critical illness cover: 65 years	The premium payable depends on the sum assured, entry age and other such factors.

1. Aviva i-Life Total

This is a comprehensive life insurance plan that offers a wide range of options in terms of the life cover provided to the individual. The options constitute combinations of life cover along with terminal illness cover, accidental death benefit cover, etc. The minimum sum assured amount for all the options is Rs.50 lakh.

Benefits and features of Aviva i-Life Total

• Death Benefit: The plan offers 4 options that one can choose from:

• Protect: The sum assured is payable to the nominee in case of death of the life assured. In case the life assured is diagnosed with a terminal illness, 50% of the sum assured is paid. All future premiums are waived off and the balance sum assured is paid on the death of the life assured.
• Protect Plus: In case of death of the life assured, 100% of the sum assured is paid to the nominee. If the death was caused by an accident, an additional 100% of the sum assured is paid to the nominee.
• Protect Assured: The sum assured is paid to the nominee on the death of the life assured. If he/she survives the term, 120% of the total premium paid is provided to the policyholder.
• Protect Income: On the death of the life assured, the nominee will receive a regular monthly income for the rest of the policy term. The regular monthly income is compounded yearly at the rate of 5% p.a.

• Maturity Benefit: Maturity benefit is payable only to individuals who have opted for the Protect Assured option. 120% of the total premium paid is payable as the maturity benefit. Additional premium and taxes may be reduced from the amount.
• Surrender Benefit: Only the Protect Assured and the Protect Income options acquire a surrender value. Hence, a surrender benefit as determined by the insurer is paid to the policyholder if he/she surrenders the policy.

Plan name	Entry age	Maturity age	Premium
Aviva i-Life Total	Minimum: 18 years Maximum: 65 years (60 years for Protect Assured option)	Maximum: 75 years (70 years with Aviva Critical Illness and Disability Rider-Non linked rider)	Minimum: Rs.3,525 Maximum: Depends on age, term, option chosen, and sum assured chosen.

Why you need Aviva Protection Plans

Aviva Life Insurance is a well-established life insurance company that has over 33 million customers scattered across 16 countries. The company offers various plans that include plans to build a secure future for children, plans to financially protect one’s family, plans to aid in living a peaceful post-retirement life, etc. With a network of 107 branch offices in India and 15,000 financial planning advisors, it is one of the most efficient life insurance companies. It is hence no surprise that in the year 2016-17 the grievances solved ratio is 100%. Therefore, if one is looking for a protection plan, he/she can go in for the best life insurance plan offered by Aviva Life Insurance.