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Aviva LifeShield Plus

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Aviva LifeShield Plus

 

Objective

This is a pure term insurance plan with death benefits. One can choose two riders with the policy- dreaded disease and accident death.

What does it do?

The nominees receive death benefit on demise of the policyholder and there is no maturity benefit available. The two riders can be availed only with the regular premium payment option.

Pros

The combination of accident death benefit and dreaded disease enhance the scope of cover in this plan.
Dreaded disease rider provides extra protection on 18 listed diseases.
Policies with sum assured greater than Rs 25 lakh are can avail rebate on premium.
Women can avail premium at rates lower than men, as they have lower mortality rate.
With the combination of accident and dreaded disease rider; the policyholder can maximise deductions under Section 80C and Section 80DD on premiums paid.

Cons

The minimum sum assured in this plan is Rs 10 lakh.

Suited for

This policy is suitable for those looking for high value term plans because there is no limit on the sum assured.

Our View

A pure risk term plan is a definite buy for everyone. Although there is a single premium option available in the plan, which also comes with surrender value, we would recommend you to avoid it. Single premium plan may prove to be expensive as compared to regular premium payment option as you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company. The dreaded disease and accident death benefit rider enhance the scope of cover. The dreaded disease rider qualifies for deductions under Section 80D. The rider will automatically terminate if policyholder develops any of the 18 listed diseases.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

55

Maximum Maturity Age (years)

65

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

1000000

Maximum

No limit

Minimum Premium (Rs)

Yearly

2000

Single

10000

Premium Payment Frequency

Single, Yearly and Half-yearly. Quarterly and Monthly via ECS only

Premium Payment Term

Single or equal to policy tenure

Premium Factor (multiply with annual premium)

Half Yearly: 0.5108 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 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 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, 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

Surrender Value

75% X (Outstanding Policy Term in Years / original policy term in years) X Single Premium (excluding taxes and extra premium, if any)

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)

Accidental Death Benefit (ADB): Death due to an accident.
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.

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

55

Maximum Maturity Age (years)

60 in case of ADB Rider and 65 in case of DD Rider

Rider Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

<=30% of base plan premium in case of ADB Rider; 200000 in case of DD Rider

Maximum

5000000

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider for Rs 20 lakh, the annual premium works to Rs 1,200 and for 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

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