Aviva Life Insurance i-Shield Plan
The i-Shield Plan from Aviva Life Insurance is a non-participating, non-linked, term insurance policy. Under this plan, the nominee will receive a substantial Death Sum Assured, if the policyholder passes away during the policy tenure. The insurer will also pay the life assured 110% of the total premiums paid during the policy term, if the policyholder survives till maturity.
In order to purchase this policy, prospective policy buyers need to meet the eligibility criteria that is set by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Maximum age at maturity||65 years|
The Sum Assured is an amount of money that the life assured or his/her nominee will receive from the insurer. For the i-Shield Plan, if you choose a Sum Assured amount that is higher than Rs.20 lakh, you will receive discounts/rebates from the insurer.
|Minimum Sum Assured||Rs.15 lakh|
|Maximum Sum Assured||Rs.5 crore|
As a policyholder, you will have to pay a premium or a fee to your insurer in order to enjoy the many benefits of your Aviva Life i-Shield policy. Certain aspects related to your premiums are listed below:
|Minimum term of the policy||10 years|
|Maximum term of the policy||25 years|
|Premium Payment Mode||
*Premiums vary based on age, location, plan term, and other factors
|Death Benefit||If the policyholder passes away during the policy tenure, the nominee will receive the death sum assured from the insurer. The sum assured will vary as per the policy year in which the policyholder passes away.
|Maturity Benefit||If the life assured survives till the completion of the policy tenure, he/she will be paid 110% of the total premiums paid, by the insurer.|
There are no riders or add-on plans that you can buy in order to customise the protection accorded to you, by this plan.
|Grace Period||The grace period is 15 days for premiums paid by the monthly mode, while the grace period is extended to 30 days for premiums paid by all other modes.|
|Free-Look Period||The free-look period for this policy is 30 days, during which time you can choose to return the policy if you are not satisfied with the policy terms and conditions.|
|Policy Lapse||If you have paid all due premiums for less than 3 years, and you have failed to pay the next premium before the end of the grace period, your Aviva i-Shield policy will lapse.|
|Policy Reinstatement||You can choose to reinstate your lapsed policy within 2 months from the date of the first unpaid premium.|
|Paid-Up Policy||If premiums have been paid for a minimum of 3 years, and the subsequent premium has not been paid, the policy will be converted into a paid-up policy.|
|Surrender Value||You can surrender your i-Shield policy after 3 policy years, as long as you have paid a minimum of 3 years’ due premiums.
The Surrender Value payable by the insurer will be the highest of the two listed below:
|Rebate for High Sum Assured||If you opt for a Sum Assured that’s higher than Rs.20 lakh, you are eligible for a rebate/discount.|
|Loan||Policyholders can’t apply for a loan against this policy.|
|Medical Examination||When you purchase this policy, your medical examination costs will be borne by the insurer. However, if you are required to undergo medical tests in order to revive your policy, you will have to pay for your medical examination.|
|Nomination||Nomination is permitted as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is permitted as per Section 38 of the Insurance Act, 1938.|
The i-Shield Plan from Aviva is a smart way to safeguard yourself and your dependents from financial troubles in the future. Not only does this plan guarantee the return of all premiums at maturity, but it also pays the nominee a considerable death benefit, if the life assured meets with an untimely death. Added to the many benefits provided to you by this plan, you can also buy this policy online, in a hassle-free manner.
Aviva Life Insurance Company is a joint venture between the Aviva Group and Dabur Invest Corp. The JV insurance firm was set-up in the year 2002. Today, Aviva has over 13,500 financial advisors, 108 branches, and a varied range of insurance products. The insurer also undertakes several CSR (Corporate Social Responsibility) initiatives, and has associated itself with various trusts and foundations to help educate underprivileged children in India.
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