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Aviva LifeShield Platinum- Income Replacement


This policy ensures a monthly income for the family on unfortunate demise of breadwinner of the household.

What does it do?

As the name suggests, this policy pays death benefit as monthly payouts just like you provide for your family with monthly income. The monthly payments will continue till the end of policy term.
Monthly benefit increases by 5 per cent on each anniversary of the policy. Policyholder may surrender the policy after completing two-third of the policy tenure.


Policies with sum assured higher than Rs 1 crore can avail rebate on premiums.
Women can avail discount on premium, as they have lower mortality rate.
The policy can be surrendered.
Annual increase in monthly payouts helps meet rising expenses.


The minimum sum assured is fixed at Rs 50 lakh, which makes this policy  unsuitable for anyone with lesser needs.

Suited for

This policy is designed for salaried individuals, who run households on monthly income.

Our View

This policy is useful if your family members cannot manage a lump sum amount deftly.
Though the policy offers an increasing sum assured, such policies usually come at a higher cost as compared to simple term policies. You must assess your insurance needs before buying a policy.

Entry Age (years) 
Maximum Maturity Age (years)70
Policy Term (years) 
Sum Assured (Rs) 
MaximumNo Limit
Minimum Premium (Rs) 
Premium Payment FrequencyYearly and Half-yearly; through ECS for Quarterly and Monthly
Premium Payment TermLimited (2/3rd of the policy term)
Premium Factor (multiply with annual premium)Half Yearly: 0.5108 times annual premium; Quarterly: 0.2591 time annual premium; Monthly: 0.0871 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 (15 days for quarterly and monthly). If a due premium is not received within the grace period, 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 ValueSurrender is allowed provided all due premiums have been paid fully. Surrender value will be decided from time to time by the company.
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
Annual Premium Option for Male
Policy Term (in Years)Age (in years)
Figures indicate annual premiums on a Rs 50 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)
Figures indicate annual premiums on a Rs 50 lakh policy for an age over different policy tenures exclusive of service tax