"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Aviva i-Shield

    Aviva Term Insurance

    Aviva i-Shield term insurance plan offers high protection cover at nominal cost. Under this plan, customers can get back 110% of the premiums paid as survival benefits. Customers can also avail of premium rebate on Sum Assured of Rs. 20 lakhs or above. Under this plan, customers can get medical examination done at inception of the policy free of cost. Premium rates can be changes on the basis of the profile and health status of customers. Customers can make the payment by his or her credit card. However, any payment by credit card of a third party may result in rejection of the payment.

    Features of Aviva i-Shield Term Insurance Plan

    • The minimum entry age is 18 years while the maximum age is 55 years (maximum maturity age is 65 years).
    • The policy terms available under this term range from 10 to 25 years.
    • Premiums can be paid on a yearly or half-yearly basis (modal factor: 1.0000 (yearly), 0.5108 (half-yearly) and 0.0871 (monthly). The premium payment term is equal to policy term.
    • The minimum Sum Assured is Rs. 15 lakhs while the maximum Sum Assured is Rs. 5 crores (subject to underwriting).
    • The documents required for processing the plan include photo identity proof (PAN card or driving license) and income proof (3 months’ salary slip, Form 16). This plan is available to resident Indians only.
    • Customers can surrender this plan after three years if the premiums for the said period have been paid. The surrender value payable is greater of the special surrender value and guaranteed surrender value.

    Complete Features And Benefits Of Aviva i-Shield Term Insurance Plan

    Entry age

    18-55 years.

    Maturity age

    65 years.

    Policy term

    10 years – 25 years.

    Sum assured

    Rs.15 lakhs to Rs.5 crores.

    Premium payment frequency

    Yearly, Half-yearly and monthly.

    Premium payment term

    It is equal to the policy term.

    Death benefit

    • If the assured dies due to an unfortunate situation during the policy term, then the sum assured will be paid to the beneficiary.

    • If the insured dies in the 1st to 10th year of the policy year, 100% of the sum assured is paid to the nominee.

    • If the insured dies in the 11th to 20th year of the policy year, 110% of the sum assured is paid to the nominee.

    • If the insured dies in the 21st to 25th year of the policy year, 120% of the sum assured is paid to the nominee.

    Maturity benefit

    If you survive till the maturity, you will get 110% of all the premiums paid excluding the taxes and extra premium.

    Surrender benefit

    The policy can be surrendered after completion of three policy years provided all the premiums have been paid.

    Grace Period

    30 days grace period is given to pay your premium if the premium mode is yearly or half-yearly. If the premium mode is monthly, you get a 15 days grace period.

    Lapse

    If you miss the premium payment and the grace period, the risk cover will cease immediately. The policy can be reinstated within 2 years and failure to do so will end in termination of the policy without any value. The revival fee is Rs.250.

    Tax benefits

    You can enjoy tax benefits as per the prevailing tax laws.

    Nomination

    Nomination is allowed and can be amended as well.

    Cost of medical examination

    All the medical tests, will be borne by you at the time of revival of the lapsed policy.

    Loan

    Loan facility is not available under this policy.

    Freelook period

    You get 30 days from the date of receipt of the policy document to return the policy if you want to. The company will refund the premium on the date of cancellation. But deductions are made on proportionate risk premium, expenses incurred on medical and stamp duty charges.

    Exclusions

    In case of death of the insured due to suicide from 12 months from taking the policy:

    • Nominee is entitled to 80% of the premiums paid excluding the payment of taxes and extra premiums provided the policy has been in force from the inception of the policy.

    • From the date of revival, the nominee is entitled to an amount higher than 80% of the premiums paid excluding the payment of taxes and extra premiums or the Surrender Value as available on the date of death.

    Documents required

    • Photo identity proof like passport, driving license or pan card.

    • Income proof, last three months’ salary slip and a copy of the latest ITR or Form 16.

    Other Benefits of Aviva i-Shield Term Insurance Plan

    • In the unfortunate event of the death of the life insured within the policy term, his or her nominee will receive the assured amount which depends upon the year of death (1st to 10th year- 100% of Sum Assured; 11th to 20th year- 110% of Sum Assured; 21st to 25th year- 120% of Sum Assured). The policy will terminate after death benefit is paid to the nominee. The amount payable on death will be highest of 1. 10 times of the annualized premium paid (excluding taxes) or 2. 105% of all the premiums paid.
    • If the life insured survives till maturity and has paid all premiums on time, he or she will receive 110% of all premiums paid, excluding taxes.
    • Customers can also avail of a rebate for high Sum Assured, i.e, Aviva provides a rebate on the premium if the Sum Assured chosen is Rs. 20 lakhs or above.
    • The premiums paid by customers is eligible for tax benefits according to the current tax laws, which are subject to change.

    Example – How Aviva i-Shield Term Insurance Policy Work?

    Sumanth Puri, a 35-year-old IT employee in Bangalore opts for Aviva i-Shield term insurance plan for a sum assured for Rs. 20 lakhs for a term of 25 years. He is married with two children. He pays an annual premium of around Rs.11,500 excluding taxes. In an unfortunate event of Puri’s death, his nominee will receive an assured amount. If his death occurs within the first 10 years of opting for the policy, his nominees will get Rs. 20 lakhs, 22 lacs (if the death occurs between the 11th and 20th year) and Rs. 24 lakhs (if the death occurs between 21st and 25th year). If Puri pays all the premiums on time for the entire policy term of 25 years and survives till maturity, he will receive a guaranteed maturity benefit of around Rs.3,18,000.

    Aviva i-Shield Term Insurance FAQs

    1. What are some of the main benefits of Aviva i-Shield term insurance plan?
    2. In the unfortunate event of the death of the life insured within the policy term, his or her nominee will receive the assured amount which depends upon the year of death. If the life insured survives till maturity and has paid all premiums on time, he or she will receive 110% of all premiums paid, excluding taxes. Customers can also avail of a rebate if the Sum Assured chosen is Rs. 20 lakhs or above.

    3. What is the minimum Sum Assured under this plan?
    4. The minimum Sum Assured is Rs. 15 lakhs while the maximum Sum Assured is Rs. 5 crores (subject to underwriting).

    5. Are there any riders available under this plan?
    6. No. There are no riders available under this plan.

  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.