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Aviva LifeShield Term Plan

Objective

This term plan allows the policyholder to increase the sum assured once on two- occasions- within three months of marriage and within three months of birth of a  child.

Our View

A pure risk term plan is a definite buy for everyone.
This policy is useful for those who are yet to bear financial responsibilities of a family.

Suited for

This policy is suitable for those under 40 years of age, expecting a need to increase the sum assured with increase in dependents after marriage and children.

What does it do?

The nominees receive death benefit in the event of death of policyholder. No riders are available with this plan and the sum assured can be increased only up to 50 per cent with a Rs 10 lakh limit. The insurance cover can be increased only if the policy has at least five years to maturity.

Pros

There is an option to increase sum assured at a later date. One can avail a premium rebate on sum assured above Rs 10 lakh.

There is an additional discount in case policyholder also takes Aviva Pension Plus policy.

It offers 40 years of policy term, which is way above the average 30 years offered by other policies.

Cons

The sum assured is limited to Rs 50 lakh and there are no riders in the policy.

There are no premium discounts for women.

Eligibility

Entry Age (years)

Minimum
18
Maximum
55
Maximum Maturity Age (years)
65

Policy Term (years)

Minimum
5
Maximum
40

Sum Assured (Rs)

Minimum
500000
Maximum
5000000

Minimum Premium (Rs)

Yearly
2000
Premium Payment Frequency
Annually, Semi Annually, Quarterly ,Monthly (via ECS only)
Premium Payment Term
Regular (equal to policy term)
Policy Cover
Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation
In 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 Period
You are allowed to pay premiums within 15 days for monthly and within 30 days for other premium modes from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement
You 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 Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Address
Aviva 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 On
1800-180-22-66 between 8 am to 8 pm; Monday to Saturday

Cost Details

Annual Premium Option for Male and Female who is not an Aviva Pension Plus policyholder
Policy Term (in years)Age (in years)
25303540455055
55160530062207880103401568023820
105160532064808440120201846028220
1552005780724099601456022280NA
205380624082401168017240NANA
2557607060960013760NANANA
306380812011240NANANANA
3572209400NANANANANA
408200NANANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual premium Option for Male and Female who is an Aviva Pension Plus policyholder
Policy Term (in Years)Age (in years)
25303540455055
5469848285679721494901442921959
104698484659197732110441700126029
1547355272662291381339320534NA
204902569775471072915872NANA
2552536456880512653NANANA
305827743610322NANANANA
3566048620NANANANANA
407510NANANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax