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Aviva LifeShield Advantage

Eligibility  
Entry Age (years)  
Minimum 18
Maximum 55
Maximum Maturity Age (years) 65
Policy Variants Option A: Life Protection
Option B: Life Cum Disability Protection With Return of Premium
Policy Term (years)  
Minimum 10
Maximum 30
Sum Assured (Rs)  
Minimum 200000
Maximum Life Protection:No Limit
Life Cum Disability Protection With Return of Premium: 5000000
Premium Payment Frequency Yearly and Half-yearly; through ECS for Quarterly and Monthly
Premium Payment Term Single, Regular or equal to 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 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. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
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. 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
Paid Up Value In case of premium non payment after payment of the first three premiums, the policy does not lapse. It acquires a paid up value. In case of death, the nominee is paid sum assured equal to paid up value. Paid up Sum Assured = Sum Assured X (Number of premiums paid/ Number of premiums payable under the policy)
Surrender Value Allowed after three years. 30% of all basic premiums (excluding any extra premiums and first year premium) is guaranteed.
Special Surrender Value= Paid up Value X Surrender Value Factor. Surrender Value Factor will be decided by the company from time to time.
For Single Premium policies(applicable under Option A only): Surrender Value = 75% x (Outstanding Policy term in years) x Single Premium / Original Policy term in years. policies can be surrendered at any time after completion o first policy year.
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
Additions to the Plan  
Available Rider(s) 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. It is available with Option A Regular premium mode only.
Rider Conditions  
Entry Age (years)  
Minimum 18
Maximum 55
Maximum Maturity Age (years) 65
Rider Term (years)  
Minimum 10
Maximum 30
Sum Assured (Rs)  
Minimum 200000
Maximum 5000000
Rider Premium (Rs) Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the DD rider for Rs 5 lakh the premium works to Rs 1,390.