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Aviva LifeShield Plus

Objective

This is a pure term insurance plan with death benefits. One can choose two riders with the policy- dreaded disease and accident death.


What does it do?

The nominees receive death benefit on demise of the policyholder and there is no maturity benefit available. The two riders can be availed only with the regular premium payment option.


Pros

The combination of accident death benefit and dreaded disease enhance the scope of cover in this plan.
Dreaded disease rider provides extra protection on 18 listed diseases.
Policies with sum assured greater than Rs 25 lakh are can avail rebate on premium.
Women can avail premium at rates lower than men, as they have lower mortality rate.
With the combination of accident and dreaded disease rider; the policyholder can maximise deductions under Section 80C and Section 80DD on premiums paid.


Cons

The minimum sum assured in this plan is Rs 10 lakh.


Suited for

This policy is suitable for those looking for high value term plans because there is no limit on the sum assured.


Our View

A pure risk term plan is a definite buy for everyone. Although there is a single premium option available in the plan, which also comes with surrender value, we would recommend you to avoid it. Single premium plan may prove to be expensive as compared to regular premium payment option as you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company. The dreaded disease and accident death benefit rider enhance the scope of cover. The dreaded disease rider qualifies for deductions under Section 80D. The rider will automatically terminate if policyholder develops any of the 18 listed diseases.

Eligibility
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
Minimum1000000
MaximumNo limit
Minimum Premium (Rs) 
Yearly2000
Single10000
Premium Payment FrequencySingle, Yearly and Half-yearly. Quarterly and Monthly via ECS only
Premium Payment TermSingle or equal to policy tenure
Premium Factor (multiply with annual premium)Half Yearly: 0.5108 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 time annual premium
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender Value75% X (Outstanding Policy Term in Years / original policy term in years) X Single Premium (excluding taxes and extra premium, if any)
Customer Service 
AddressAviva Life Insurance Company India Ltd.
Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V, Sector 43, Gurgaon 122 003, Haryana
Mail To[email protected]
Call On1800-180-22-66 between 8 am to 8 pm; Monday to Saturday
Available Rider(s)Accidental Death Benefit (ADB): Death due to an accident.
Aviva Dread Disease (DD): The diseases covered are Heart Attack, Stroke, Cancer, End stage Kidney failure, Major Organ Transplant, Coronary Artery Bypass Surgery, Benign Brain Tumor, Deafness, Blindness, Aorta Graft Surgery, Heart Valve Surgery, Paraplegia, Motor Neurone Disease, Multiple Sclerosis, Coma, End stage Liver Disease, End Stage Lung Disease, Aplastic Anaemia, and Permanent Total Disability. There is a waiting period of 180 days for any claim admission under this rider.
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)60 in case of ADB Rider and 65 in case of DD Rider
Rider Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
Minimum<=30% of base plan premium in case of ADB Rider; 200000 in case of DD Rider
Maximum5000000
Rider Premium (Rs)Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider for Rs 20 lakh, the annual premium works to Rs 1,200 and for DD rider for Rs 5 lakh the premium works to Rs 1,390.
Annual Premium Option for Male
Policy Term (in Years)Age (in Years)
25303540455055
10274029803840554085601354020940
1528403280444066801036016200NA
20304037605360810012520NANA
253360442064209720NANANA
30388052807700NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy Term (in Years)Age (in Years)
25303540455055
10260028203620518080001262019500
152680310041806240966015100NA
20288035405020758011680NANA
253180416060209100NANANA
30364049407220NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in Years)Age (in Years)
25303540455055
101950021980290204232065920103340157740
1527520333604612069780107780166080NA
20365604678067580102240156080NANA
25472406372093020139820NANANA
306072083800122360NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in Years)Age (in Years)
25303540455055
10184202074027300396606162096480147220
1526000314204330065320100740155200NA
2034500440206338095680145980NANA
25445405986087180130940NANANA
305718078680114780NANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax