Aviva Life Shield Platinum | Aviva Life Insurance Protection Plan

March 3rd, 2011

Aviva Life Shield Platinum, a unique protection plan to help you plan for your family in case you are not around.

Option A – Life Protection
Choose this option if you forecast a need for lump sum payment of large sum of money to your family in case you are not around. You can opt for additional health and Accidental Death Benefit rider

Option B – Income Replacement
Choose this option if you want to provide a regular monthly income to your family in your nonattendance. This amount increases by 5(%) p.a. compounded annually from the very first year of your policy to beat increase. Your premium obligation is limited to about 2/3rd of the policy term.

Option C – Loan Protection.
Choose this option to cover for higher financial liabilities and family responsibilities in the early years of your life, the Life Cover decreases consistently across the policy term. Your premium contract is limited to about 2/3^rd of the policy term.
This Insurance Plan offers rebate on your premium for higher levels of Sum Assured.

Specifications:

Entry age : 18-60 years, 55 years with Aviva Dread Diseases Rider, 50 years with Accidental Death Benefit Rider

Policy Term : 10 to 52 years, subject to the maximum maturity age of 70 years
60 years with Accidental Death Benefit Rider
65 years with Aviva Dread Disease Rider

Premium Payment Term :
Option A – equal to Policy Term
Option B & Option C – 2/3^rd of policy term, rounded down to nearest integer
e.g. for a 16 years term, paying term will be 10 years

Premium Payment Frequency: Annualy, Half-yearly, Quarterly or Monthly

Sum Assured: Minimum Rs 50,00,000, maximum no limit subject to underwriting

Riders Available (Option an only): Accidental Death Benefit and Aviva Dread Disease (DD) Rider (offered to non-smokers only).

Easy steps to your plan:

Step 1
Choose the nature of protection required

Option-A – Life Protection
Option-B – Income Replacement
Option-C – Loan Protection

Step 2
Choose the level of protection (Base Sum Assured) you want

Minimum Sum Assured : Rs. 50 lacs
Maximum Sum Assured: No limit

Step 3
Select riders for comprehensive protection (allowed under Option-A only)

Accidental Death Benefit Rider
Aviva Dread Disease (DD) Rider

Step 4
Arrive at the policy term by choosing the period for which you want protection

Policy Term: 10-52 years subject to:

	Entry Age	Maturity Age
All options(without any rider)	18-60 years	28-70 years
Option-A(with ADB rider / both riders)	18-50 years	28-60 Years
Option-A(with only Aviva DD Rider)	18-55 years	28-65 years

Premium Paying Term

Option A: equal to Policy Term
Option B & Option C: 2/3^rd of policy term (rounded down to nearest integer) e.g. for a 16 years term, paying term will be 10 years

Step 5
Select the Premium frequency

Yearly, Half-Yearly, Quarterly & Monthly frequencies

Step 6
Work out the premium payable along with our Financial Planning Advisor

Tabular Premium for the opted Base Sum Assured
Rebate for Large Sum Assured
Apply Modal Factors based on the premium payment frequency
Ensure that Premium should at least be equal to minimum premium
Apply Service Tax and Education Cess, as applicable

What are the benefits I will receive?

Death Benefit:

Option A: Life Protection.

The Sum Assured is paid out to the nominee as a lump-sum in case of your ill-timed death. In case you have opted for ADB Rider, the rider Sum Assured is paid out additionally in case of death by accident.

Option B: Income Replacement.

The nominee will receive monthly benefit amount chosen at start till the end of the policy term, this amount increases by 5(%) p.a. compounded annually from the very first year of the policy to beat inflation

Option C: Loan Protection.

Under this option, the Sum Assured (SA) reduces consistently over the Policy Term and the applicable Sum Assured as on the year of ill-timed death is paid to the nominee.

Rider Benefit:

Accidental Death Benefit (ADB) Rider:
Pays ADB rider Sum Assured in addition to the base death benefit, in the event of death due to an accident
Aviva Dread Disease (DD) Rider:
Pays DD rider Sum Assured on ill health because of contracting any of the 18 critical illnesses covered or on suffering Permanent Total Disability (PTD) due to illness or accident, while the policy continues with Death Benefit intact.

Maturity Benefit:

This is a pure insurance product and hence there is no maturity benefit payable under this plan

Surrender Benefit:

Option A: There is no surrender value
Option B & C: The policy will acquire surrender value after the premium payment term, if all due premiums have been paid

Tax Benefit:

Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change.

Know about more plans – Aviva Life Insurance

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