Skip to main content

Aviva Life Shield Advantage

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

Aviva LifeShield Advantage

 

Objective

This term insurance plan provides maturity benefit to policyholders who survive the term of the plan. There are two variants available with this plan- Only Life Protection and Life-cum-Disability Protection.

What does it do?

This term plan will give out maturity benefit to policyholders equivalent to premiums paid excluding rider premiums, taxes and any extra premium paid. However, the policy does not pay out interest on the premiums paid.
The dreaded disease rider available with this plan can be availed only when making regular premium payments and not with a single premium option.

Pros

Dreaded disease rider is available only with Life Protection plan and covers 18 diseases.
Policies with Sum Assured higher than Rs 3 lakh with a tenure over ten years can avail rebate on premiums. The policy attains a surrender value after being in force for three years.
The premiums paid qualifies for tax deduction under Section 80C up to Rs 1 lakh.

Cons

There are no premium discounts for women.
The upper limit on the sum assured at Rs 50 lakh limits the scope of cover.

Suited for

This policy is suitable for those not convinced with the idea of paying premium without getting any return.

Our View

The Dreaded disease rider is a valuable one and qualifies for tax deductions under Section 80D. It terminates automatically when the policyholder contracts any of the 18 listed diseases.
Considering the rising healthcare costs, this rider could supplement an existing plain health insurance plan.
The option to return premium on survival is more of a marketing gimmick than value proposition and makes the policy an expensive one against the plain risk cover offered by the same insurer.
Although, the premium paid is returned on survival, it comes without any interest. Then, the amount received will not look meaningful as the time value of your money would have reduced a great deal.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

55

Maximum Maturity Age (years)

65

Policy Variants

Option A: Life Protection
Option B: Life Cum Disability Protection With Return of Premium

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

200000

Maximum

Life Protection:No Limit
Life Cum Disability Protection With Return of Premium: 5000000

Premium Payment Frequency

Yearly and Half-yearly; through ECS for Quarterly and Monthly

Premium Payment Term

Single, Regular or equal to policy term

Premium Factor (multiply with annual premium)

Half Yearly: 0.5108 times annual premium; Quarterly: 0.2591 time annual premium; Monthly: 0.0871 time annual premium

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 15 days for monthly and within 30 days for other premium modes from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Paid Up Value

In case of premium non payment after payment of the first three premiums, the policy does not lapse. It acquires a paid up value. In case of death, the nominee is paid sum assured equal to paid up value. Paid up Sum Assured = Sum Assured X (Number of premiums paid/ Number of premiums payable under the policy)

Surrender Value

Allowed after three years. 30% of all basic premiums (excluding any extra premiums and first year premium) is guaranteed.
Special Surrender Value= Paid up Value X Surrender Value Factor. Surrender Value Factor will be decided by the company from time to time.
For Single Premium policies(applicable under Option A only): Surrender Value = 75% x (Outstanding Policy term in years) x Single Premium / Original Policy term in years. policies can be surrendered at any time after completion o first policy year.

Customer Service

Address

Aviva Life Insurance Company India Ltd.
Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V, Sector 43, Gurgaon 122 003, Haryana

Mail To

customerservices@avivaindia.com

Call On

1800-180-22-66 between 8 am to 8 pm; Monday to Saturday

Additions to the Plan

Available Rider(s)

Aviva Dread Disease (DD)
The diseases covered are Heart Attack, Stroke, Cancer, End stage Kidney failure, Major Organ Transplant, Coronary Artery Bypass Surgery, Benign Brain Tumor, Deafness, Blindness, Aorta Graft Surgery, Heart Valve Surgery, Paraplegia, Motor Neurone Disease, Multiple Sclerosis, Coma, End stage Liver Disease, End Stage Lung Disease, Aplastic Anaemia, and Permanent Total Disability. There is a waiting period of 180 days for any claim admission under this rider. It is available with Option A Regular premium mode only.

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

55

Maximum Maturity Age (years)

65

Rider Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

200000

Maximum

5000000

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the DD rider for Rs 5 lakh the premium works to Rs 1,390.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...
Read more

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...
Read more

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...
Read more

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Read more

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now