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  • Aviva Lifeshield Platinum 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

    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.

    Eligibility - Who is the Aviva LifeShield Platinum Plan for?

    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

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

    Sum Assured

    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

    Premiums*

    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
    • Option A: Same as policy term
    • Option B and C: Two-thirds of the total policy tenure
    Premium Payment Mode
    • Yearly
    • Half-yearly
    • Quarterly
    • Monthly
    Minimum Single Premium Amount
    • For yearly frequency: Rs.3,200
    • For bi-annual frequency: Rs.1,634
    • For quarterly frequency: Rs.828
    • For monthly frequency: Rs.278
    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

    Plan Coverage - What the Aviva LifeShield Platinum Plan covers

    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
    • Nominee will receive a one-time, lump sum amount as the death benefit payout.
    • Premiums are lower, making this plan option a cost-effective choice.
    • Non-smokers and women are eligible for lower premium rates.
    Option B: Income Replacement
    • Nominee will receive a fixed monthly income, till the completion of the policy tenure.
    • Policy buyers must choose the monthly income at the inception of the policy.
    • This monthly benefit increases at the rate of 5% p.a., compounding annually.
    • Sum Assured for this plan option = Monthly Benefit x 12 x Policy tenure.
    Option C: Protection against Loans
    • With this plan option, you can safeguard your family against liabilities in the future.
    • Your risk cover, as per this plan option, will reduce every year as your savings increase.
    • The Sum Assured will reduce every policy year anniversary.
    Maturity Benefit The insurer will not pay the policyholder a maturity benefit for this plan.

    Riders/Add-On Plans – Additional coverage under the Aviva LifeShield Platinum Plan

    There are no additional riders that policyholders can purchase in order to customise the protection accorded by this plan.

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

    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.

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

    Grace period
    • Yearly and half-yearly frequencies: 30 days
    • Quarterly and monthly frequencies: 15 days
    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
    • Death Benefit Option A: Women will be offered the same rates as male non-smokers, irrespective of whether they smoke or not.
    • Death Benefit Option B and C: Premium rates for women will be lower than premium rates for men.
    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.

    Tax Benefits – How you can save with the Aviva LifeShield Platinum Plan

    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.

    Other Benefits – How you can save with the Aviva LifeShield Platinum Plan

    • Premium Payment Options: There are a range of online and offline payment methods provided by Aviva Life to help customers pay their premiums. You can pay your premium amount by cheque, cash, or DD at the Insurer’s branch, direct debit or ECS, credit card over IVR, Airtel Money, EBPP, NEFT, etc.
    • Customer Care: The various means by which you can contact the Customer Service team at Aviva are:
    • SMS
    • Toll-free number
    • Request for call-back on the insurer’s website
    • Email
    • Walk-in to the nearest Aviva Life Insurance branch
    • Social Initiatives: The insurer has a very active CSR programme and has partnered with several trusts and foundations in order to improve the condition of underprivileged children in rural and BPL settlements by providing them access to education.
    • Range of Plans: The insurer offers several plans to both individuals and groups. Individual plans include Child Protection Plans, Retirement Plans, Savings Plans, Protection Plans, Rural Plans, and Health Plans. Group plans include Term Plans, Leave Encashment/Gratuity plans, and Credit Protection/Rural plans. This ensures that customers have a plethora of products to choose from, based on their needs.

    Why you should buy the LifeShield Platinum Plan from Aviva Life Insurance Company

    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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