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Aviva LifeShield Platinum Plan

Aviva LifeShield Platinum is a pure protection policy that helps an individual plan for his or her family's financial needs in the event of his/her demise. Policyholders of Aviva LifeShield Platinum are given the flexibility to pick the protection option that best suits their needs. The choices available include - i) cover for property loan, ii) pure protection that provides the family a lump sum in the event the individual is not around and iii) a regular stream of income for the family in case of the policyholder's demise.

About Aviva Life Insurance Company - Aviva India is a joint venture between Dabur Invest Corp and Aviva Group. The insurer has a wide distribution network of 63 branches spread across the country. It is among the initial businesses 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 Platinum Plan

The key features of Aviva LifeShield Platinum Plan are as under:

  • Individuals can choose from three protection options - life protection, income protection and loan protection.
  • Lower premiums are offered to non-smokers and preferred rates to non-smokers in good health.
  • Rebate is offered on premium for higher levels of sum assured.
  • Premiums can be paid on a monthly, quarterly, half-yearly or yearly basis.
  • Tax benefits can be claimed on the premiums paid under Section 80C of the Income Tax Act, 1961.

Benefits of Aviva LifeShield Platinum Plan

Death Benefit:

Option A: Life Protection - The sum assured as a lump sum is paid to the nominee in the event of the policyholder’s death.

Option B: Income Replacement - The nominee will receive monthly benefit chosen at inception till the end of the policy period. This amount rises by 5% p.a. compounded annually from the first year of the policy to help beat inflation.

Option C: Loan Protection - The sum assured reduces uniformly over the policy period, and the applicable coverage amount as on the year of demise is paid to the nominee.

Eligibility Criteria

CriteriaDetails
Entry age18-60 years
Policy Term10 to 52 years, subject to the maximum maturity age of 70 years
Sum AssuredMinimum Rs. 50,00,000, maximum no limit subject to underwriting

(Source: Aviva India website)

Premium Details

Premium Payment TermPremium Payment Frequency

Option A – equal to Policy Term
Option B and Option C – 2/3rd of policy term, rounded down to the nearest integer
Annually, Half-yearly, Quarterly or Monthly

How to avail Aviva LifeShield Platinum Plan

StepsProcess

Step 1
Select the nature of protection required
  • Option-A – Life Protection
  • Option-B – Income Replacement
  • Option-C – Loan Protection

  • Step 2
    Decide on the level of protection
  • Minimum Sum Assured: Rs. 50 lakhs
  • Maximum Sum Assured: No limit

  • Step 3
    Choose the premium frequency
  • Yearly, Half-Yearly, Quarterly and Monthly frequencies

  • Step 4
    Work out the premium payable
  • Rebate for Large Sum Assured
  • Apply Modal Factors based on the premium payment frequency
  • Ensure premium is at least equal to minimum premium
  • (Source: Aviva India website)

    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.

    Exclusion of Aviva LifeShield Platinum Plan

    If the life assured’s commits suicide within 12 months of the risk commencement date or the date of policy reinstatement, no benefit shall be paid by the insurer.

    Review of Aviva LifeShield Platinum Plan

    Aviva LifeShield Platinum is a unique protection plan, available at low premiums. Policyholders are given the flexibility to choose the protection and coverage options that fit their needs. The plan is an ideal option for individuals looking to secure their loved ones against future financial uncertainty in the event something unfortunate were to happen.

    FAQs on Aviva lifeshield platinum plan

    How many days of free look period is offered under Aviva LifeShield Platinum Plan?

    The free-look period applicable under Aviva LifeShield Platinum Plan is 15 days (from the date of receipt of the policy document).

    What is the premium paying frequency?

    Aviva LifeShield Platinum Plan gives users the option to pay premiums on a yearly, half-yearly, quarterly or monthly basis.

    What is the duration of grace period provided by the policy?

    A grace period of 30 days (15 days if premium frequency is quarterly or monthly) is allowed under the policy.

    What is the minimum and maximum entry age?

    The minimum entry age is 18 years, while the maximum entry age is 60 years.

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