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Aviva LifeShield Advantage Plan

Aviva LifeShield Advantage Plan provides comprehensive protection for the policyholder's family in the event the individual is not around. All the money paid by the life assured as premium will be returned to him or her on survival at the end of the policy period. Under the plan, the individual is given the choice to opt for enhanced protection against disability due to an accident.

About Aviva Life Insurance Company - Aviva India is a joint venture of Aviva Group and Dabur Invest Corp. The insurer has a distribution network of 63 branches across the country. Its portfolio includes term plans, child plans, retirement plans, savings plans and group plans. Aviva India is one of the initial companies to introduce modern unit-linked and unitised with-profit policies.

(Note - All the information contained in this page has been sourced from the official website of Aviva Life Insurance Company.)

Features of Aviva LifeShield Advantage

The features of Aviva LifeShield Advantage are as under:

  • Protection for family - Aviva LifeShield Advantage allows the life assured to provide complete protection for his or her loved ones at a nominal cost.
  • Return of premiums - If the life assured outlives the policy term, he or she will get back the money paid toward the base premium, excluding extra premiums (if any) and taxes.
  • Rebate for high sum assured - The policyholder can enjoy a rebate on premium for higher levels of sum assured.

Benefits of Aviva LifeShield Advantage

Death / PTD Benefit:

Option A: Life Protection

Death Benefit: If the life assured passes away during the policy period, the sum assured is payable to nominee.

Option B: Life-cum-Disability Protection with Return of Premium:

Death/PTD Benefit: If the policyholder passes away or suffers from permanent total disability due to an accident, whichever occurs first during the policy term, the sum assured with the total of all premiums paid till date of notification of death, shall be paid.

An individual is considered as permanently and totally disabled only if, due to accidental bodily injury:

  1. He or she has suffered the loss by physical separation (or loss of use) of two limbs or
  2. The complete and irremediable loss of sight in both eyes or
  3. The loss by physical separation (or loss of use) of one limb, with the complete and irremediable loss of sight in one eye or
  4. Life assured has been continuously disabled for 1 year and has been determined by the insurer to be incapacitated to such an extent that renders that person unable to ever resume own or similar employment.

Here, limb means hand/foot at or above wrist/ankle.

The sum payable on demise will be higher of:

a) 10 times of the annualized premium (excluding extra premiums, if any, and taxes), or (Applicable for Regular Premium Policy) b) in case of single premium, 125% of the single premium paid (excluding extra premiums, if any, and taxes) in case of regular premium, 105% of all the premiums paid (excluding extra premiums, if any, and taxes) as on the date of demise or c) the sum payable on the policy’s maturity d) In case of Option A - Sum Assured In case of Option B - Sum Assured plus total of all premiums paid (excluding extra premiums, if any and taxes)

Maturity Benefit:

Here the maturity benefit refers to the premiums returned. If the life assured survives the policy period, the premiums paid are returned, with the exclusion of taxes and extra premium, if any, paid.

Eligibility Criteria

EligibilityDetails
Entry age18-55 years (Maximum age at the expiry of the policy is 65 years)
Policy term10 years to 30 years
Minimum sum assuredRs. 2 lakhs

Premium Details

Premium payment frequencyMinimum premium
Single Premium (for Option A); Yearly, Half-Yearly, Quarterly and Monthly (for both Options)
Single - Rs. 12,000
Yearly - Rs. 2,400
Half-Yearly - Rs. 1,250
Quarterly - Rs. 650
Monthly - Rs. 250

How to Avail Aviva LifeShield Advantage

StepsDetails

Step 1
Select nature of protection required

Option A: Sum assured is payable on the life assured’s demise during the policy period
Option B: Sum assured is payable with return of premiums on death or on permanent total disability due to an accident, whichever occurs first during the policy period.
Maturity benefit for all options is return of premiums paid excluding extra premiums and taxes.

Step 2
Decide on level of protection

Minimum coverage amount: Rs. 2 lakhs
Maximum coverage amount:
Option A - No limit
Option B - Rs. 50 lakhs

Step 3
Arrive at the policy period

10-30 years subject to:
  • Entry age: 18-55 years
  • Maturity age: 28-65 years

  • Step 4
    Select premium frequency

    Single Premium (for option A only)
  • Regular (equal to policy period) for Option A/B via yearly, half-yearly, quarterly & monthly modes

  • Step 5
    Work out the premium payable
  • Rebate for high sum assured
  • Documents Required

    To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:

    • ID Proof - PAN card, Passport, Voter ID card, etc.
    • Address Proof - Passport, Driving License, Voter ID card, etc.

    Exclusions of Aviva LifeShield Advantage Plan

    In the event of the life assured's death due to suicide within 12 months:

    I. from the date of policy inception, the nominee or beneficiary shall receive 80% of the premiums paid, excluding any payment of taxes and extra premiums

    II. from the date of the policy's revival, the nominee or beneficiary shall receive an amount which is higher of 80% of the premiums paid, excluding any payment of taxes and extra premiums, or the surrender value, as available on the date of demise.

    Review of Aviva LifeShield Advantage

    With Aviva LifeShield Advantage, an individual can ensure comprehensive protection for his or her family in the event the individual is no more. The insurance cover can be availed at a nominal cost. Policyholders are given the option of enhanced protection against disability caused by an accident.

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