The Aviva LifeShield Platinum Plan offers policyholders a risk cover and the option to customise the death benefit payable. Policyholders can choose between three different payout options – a lump sum payout at death, a monthly income that will serve as income replacement, or financial protection against loans – to ensure that their families’ financial needs and liabilities are taken care. The minimum premium that you will have to pay towards this policy depends on the premium payment frequency, your Sum Assured and the Death Benefit option chosen. You are also entitled to receive tax benefits, as per this policy.
Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||60 years|
|Minimum age at maturity||28 years|
|Maximum age at maturity||70 years|
This is a guaranteed amount of money that you or your nominee will receive from your insurer, in the light of certain circumstances. The minimum and maximum Sum Assured for this policy are listed below:
|Minimum Sum Assured||Rs.50 lakh|
|Maximum Sum Assured||No limit|
This is a sum of money that you will have to pay your insurer to enjoy the risk cover provided by this plan. The particulars related to your premium payments, under this plan, are listed below:
|Minimum term of the policy||10 years|
|Maximum term of the policy||52 years, subject to the individual not exceeding his/her maximum maturity age.|
|Premium Payment Term||
|Premium Payment Mode||
|Minimum Single Premium Amount||
|Maximum Single Premium Amount||Varies based on the maximum Sum Assured and Death Benefit option chosen.|
*Premiums vary based on age, location, plan term, GST and other factors
The benefits that you are entitled to, as per this plan, are as follows:
|Death Benefit||Policyholders can choose between 3 different Death Benefit options:
Option A: Life Protection
|Maturity Benefit||The insurer will not pay the policyholder a maturity benefit for this plan.|
There are no additional riders that policyholders can purchase in order to customise the protection accorded by this plan.
If the policyholder commits suicide within 12 months of purchasing the LifeShield Platinum Plan, the insurer will return to the nominee 80% of the premiums that were paid by the policyholder, provided the policy is running at the time. If the policyholder commits suicide within 12 months of the policy’s revival, the nominee will be paid either 80% of the premiums or the Surrender Value that the policy has acquired, based on whichever is the higher amount.
|Discontinuance of Premium||Premiums have to be paid within the grace period, else the policy will lapse. However, you can reinstate this policy within 2 years. To reinstate/revive your policy, you will need to pay a Reinstatement charge and pay all unpaid premiums with a 9% interest, which will be compounded annually.|
|Surrender Value||No Surrender Value will be acquired during the Premium Payment Term (PPT). Under Death Benefit Options B and C, if all due premiums have been paid, the policy will acquire a Surrender Value after the Premium Payment Term.|
|Free-look Period||You can cancel the policy and request for a refund of your premium within the 15-day free-look period, if you don’t find the policy terms satisfactory.|
|Special Premium Rates||
|Change of Premium Payment Frequency||The premium payment frequency can be changed 30 days before the anniversary of the policy by providing a written request to Aviva Life.|
|Nomination||Nomination, as per Section 39 of the Insurance Act, 1938, is allowed.|
|Assignment||Assignment, as per Section 38 of the Insurance Act, 1938, is allowed.|
You and your nominee are entitled to tax benefits, as per the tax laws of the Income Tax Act, 1961, under this policy. Policyholders must ensure they consult with a tax advisor from time to time, since tax laws can change without prior notice.
The Aviva LifeShield Platinum Plan gives policyholders the option to customise their policy, so they can ensure that their nominees receive a benefit that’s tailored to meet the needs of the family. Further, the tax benefits offered by this plan, the substantial Sum Assured amount, and the attractive premium rates for female lives and non-smokers make this policy a smart purchase.
The company which is a joint venture between Dabur Invest Corp. and the Aviva Group, serves over 33 million customers, in over 16 countries. The insurer currently has 13,500 insurance advisors and, 108 branches set-up in India for a pan-India presence. The Claim Settlement Ratio of the company is 90.60% for 2016-2017. The company is also the recipient of many awards, and more recently, the Aviva Heart Care Plan has been voted Product of the Year for Innovation.
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