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Aviva LifeShield Platinum- Loan Protection

Objective

This plan aims to pay the outstanding loan in case something unfortunate happens to the insured person.


What does it do?

Loan protection plan protects family members from loan liability of the insured. The policy reduces the sum assured uniformly on each policy anniversary to match the outstanding loan.
There is no maturity benefit in this plan. Policyholder may surrender the policy after completing the premium payment term.


Pros

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.


Cons

The minimum sum assured is fixed at Rs 50 lakh which makes this plan unsuitable for those who need lower life cover.


Suited for

This policy is suitable for those with a loan liability or those who plan to take a  loan.


Our View

One must have a loan protection cover to safeguard family members from the burden of repaying loan if something unfortunate happens to the breadwinner.

Eligibility
Entry Age (years) 
Minimum18
Maximum60
Maximum Maturity Age (years)70
Policy Term (years) 
Minimum10
Maximum52
Sum Assured (Rs) 
Minimum5000000
MaximumNo Limit
Minimum Premium (Rs) 
Yearly3200
Half-Yearly1634
Quarterly828
Monthly278
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 decreases over the time period
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]avivaindia.com
Call On1800-180-22-66 between 8 am to 8 pm; Monday to Saturday
Annual Premium for Male
Policy Term (in Years)Age (in years)
25303540455055
104750510066009650149502360036150
154300480063509450148002340036100
20440050506850103001610025400NA
254550535073501115017400NANA
3047005600780011850NANANA
35485058508200NANANANA
4050006050NANANANANA
455100NANANANANANA
Figures indicate annual premiums on a Rs 50 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium for Female
Policy Term (in Years)Age (in years)
25303540455055
104000430055508050124001965029950
153600405053007850122501940029850
2037004250570085501335021050NA
25385044506150925014450NANA
303950470065009800NANANA
35405049006800NANANANA
4042005050NANANANANA
454250NANANANANANA
Figures indicate annual premiums on a Rs 50 lakh policy for an age over different policy tenures exclusive of service tax