Aviva LifeShield Platinum Plan

Aviva LifeShield Platinum is a protection plan by Aviva Life that comes with the flexibility to choose the type of cover you require. You can choose from loan protection, income protection and death benefit options as per your needs. The plan is ideal to secure your family against future financial uncertainty in case something unfortunate were to happen.

Aviva LifeShield Platinum Plan is Available in 3 Options:

  • Option A – Life Protection: This plan pays the Sum Assured as lump sum to nominees.
  • Option B – Income Replacement: This plan will provide monthly income to your dependents till maturity of policy, with 5% p.a. increase in payments compounded annually.
  • Option C – Loan Protection: This plan will provide a reducing cover toward your financial liabilities like home loans.

Eligibility Criteria for Aviva LifeShield Platinum

  • Minimum age of entry: 18 years
  • Maximum age of entry: 60 years
  • Minimum maturity age: 28 years
  • Maximum maturity age: 70 years
  • Minimum premium amount: Rs.3,200

Features of Aviva LifeShield Platinum

This plan is packed with features including:

  • Policy term: You can choose a policy term between 10-52 years subject to limits of maturity age.
  • Premium payment term: Equal to Policy Term for Life Protection option, 2/3rd of Policy Term for Income Replacement and Loan Protection.
  • Premium payment frequencies: Yearly, half-yearly, quarterly and monthly.
  • Sum Assured: Minimum of Rs.50,000, no maximum limit.
  • Rebate: Rebated on large sum assured. Preferential rates for females and male non-smokers.
  • Nomination: Provision for nominees.

Benefits of Aviva LifeShield Platinum

There are several benefits associated with this plan:

  • Death benefits: This is available as per the Option chosen. Option A will provide lump sum to the nominees in case of your unfortunate demise. Option B will provide monthly income till end of Policy Term, which will also appreciate at 5% p.a. compounded annually to match rising cost of living. Option C will provide a reducing cover to help your family deal with liabilities such as home loans.
  • Tax benefits: Tax benefits are available as per relevant sections of the Income Tax Act, 1961.
  • Surrender benefits: Surrender benefits available for Options B and C once the premium payment term has been completed. Maturity benefits are not provided.


Suppose Mr Singh has chosen Option A of Life Protection. He paid Rs.8,220 as yearly premium for 20 years for a Sum Assured of Rs.60 lakhs. In case something unfortunate happens to him during the policy tenure of 20 years, his family will receive Rs.60 lakhs as lump sum benefits.

Suppose Mr Kumar opts for Option B of Income Replacement. He paid Rs.10,057 as annual premium for 13 years (2/3rd of policy term of 20 years) for a Sum Assured of Rs.60 lakhs. In case of his unfortunate demise in the 7th year of policy tenure, his nominees will receive Rs.35,178 per month for the next 13 years till the policy expires. This amount will also appreciate by 5% p.a. on a compounded basis so that the income payable in the 20th year will potentially be Rs.63,174 per month.

Suppose Mr Gupta goes for Option C of Loan Protection. He pays Rs.8,220 as premium for 13 years of a 20 year policy tenure. If he unfortunately expires in the 7th year, loans up to Rs.42 lakhs will get covered thereby reliving his dependents from the financial hardships arising out of his loans.


  1. Will I receive maturity benefits in case the policy matures?

    No, there are no maturity benefits as this is a protection plan.

  2. Can I revive the policy?

    Yes, you can revive the policy by paying unpaid premiums plus interest within 2 years of last premium payment.

  3. What is grace period for making premium payment?

    You will receive a grace period of 30 days in case of yearly and half-yearly premium payments and 15 days in case of quarterly and monthly premium payment frequencies.

  4. Are there any additional taxes on the amounts mentioned?

    Yes, you will have to pay Service Tax and Swachh Bharat Cess as applicable.

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