LifeShield Advantage from Aviva Life Insurance is a dual benefit policy that offers life cover which is intended to work as a financial support for your family in case of any unfortunate contingency. At the same time, the policy also returns the premium thus deposited in case of survival of the life insured. The plan can be applied for online and purchased offline. Though the sum assured amounts through this policy are high, the premium amounts are quite affordable. The policy has an option of protection against Accidental Permanent Total Disability (APTD) which makes the base policy more comprehensive.
Eligibility Criteria of Aviva LifeShield Advantage
The basic eligibility criteria of this plan can be mentioned as follows -
- Age at Entry –
- Minimum – 18 years
- Maximum – 55 years
- Age at Maturity – 65 years
All ages mentioned are as per the last birthday.
Features of Aviva LifeShield Advantage
Aviva LifeShield Advantage’s conditions and features can be summarised as follows –
Policy Conditions –
- Term of Policy –
- Minimum – 10 years
- Maximum – 30 years
- Premium payment term – Regular pay (equal to policy term) is available only for the base policy. In case the additional APTD is opted for, one can only choose the regular premium payment option
- Premium payment frequency – Single premium, Annual, Semi-annual, Quarterly and Monthly
- Sum assured – (in multiples of 25000 rupees only)
- Minimum – INR 1500000
- Maximum – INR 5 crores
General Features –
- A term insurance policy by Aviva Life which returns premiums on survival
- Online insurance application and offline purchase reduces a lot of paperwork
- Affordable insurance plan with easy premium payment terms
- Life cover through the plan is till the age of 65 years
Benefits of Aviva LifeShield Advantage
The benefits of this unique insurance plan are as follows –
- Maturity Benefit – In case of survival of the insured life till the policy’s maturity, all the premiums are duly returned for both options of the policy, excluding extra premiums and taxes
- Death Benefit – The policy features a death benefit option that is equal to the Sum Assured chosen at the inception. If APTD option is also chosen, the benefits as per the same will also be paid either to the policyholder or the nominee
- Tax Benefit – Premiums paid can avail tax benefit under Section 80C and the pay-out could possibly avail benefits under Section 10(10D)
- Ease of Purchase – The plan can be applied for online and that eliminates a lot of paperwork
Example of Aviva LifeShield Advantage
Aged 30 years, Suresh plans to opt for Aviva LifeShield Advantage along with the Accidental Permanent Total Disability option. He pays premium of INR 20550 per year for 30 years. Upon surviving till the age of 60, the maturity benefit would be INR 20550 x 30 years or in other words, INR 616500.
But if Suresh unfortunately meets with an accident and passes away, his nominee would receive a death benefit of INR 5616500.
All the rates and figures in this example are for illustrative purposes only and do not include service taxes or other charges that might be levied by the insurer. Interested people should confirm the rates and offers before proceeding with the policy.
Frequently Asked Questions about Aviva LifeShield Advantage
- As a term insurance policy, does the plan have any maturity benefits?
Unlike conventional term insurances, this policy does offer maturity benefits which allows one to receive the entire amount of the premiums paid, less service tax and other charges as deemed fit by the company.
- What is the minimum sum assured under the policy?
The minimum sum assured should be INR 15 lakhs. While the base policy has no upper limit of the Sum Assured, the APTD option limits the Sum Assured to a maximum of INR 50 lakhs
- What is the minimum policy term?
The minimum term of the policy will be 10 years.
- Does one have to pay any extra taxes or service charges?
The policy requires one to pay the Swachh Bharat Cess and Service Tax.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017