Aviva LifeShield Platinum Insurance Plan, Policy, Premium and Maturity Calculator
Aviva LifeShield Platinum Insurance Plan, Policy, Premium and Maturity Calculator - Aviva LifeShield Platinum plan is a unique plan that allows its customers the flexibility to select the protection and coverage option that suits their needs. From loan coverage, to monthly income to a lump sum payout, the policyholders have a varied choice to fulfil their financial needs and secure the protection of their loved ones in their absence.
Key Features - Aviva LifeShield Platinum Insurance Plan and Policy
- High life coverage is given at nominal costs.
- Three different payout options are available in the event of the demise of the life insured.
- This policy offers payout in the form of lump sum for the nominees or even as a regular monthly income. The policy can also be taken as a cover for a loan.
- The maximum Sum Assured has no limit so the insured can choose high a level of cover according to their budget and needs.
- Two options are available for premium payment. These are:
Option A – in which the premium payment term is equal to the policy term.
Option B and C – in which premium payment is equal to two-thirds of the policy term.
Eligibility Details - Aviva LifeShield Platinum Insurance Plan and Policy
|
Minimum |
Maximum |
Entry Age of the Life Assured(Last Birthday) |
18 years |
60 years |
Maturity Age (Last Birthday) of the Life Assured |
|
70 years |
Policy Term (PT) in years |
10 years |
52 years |
Premium Paying Term (PPT) in years |
Two-thirds of policy term |
Equal to policy term |
Premium Paying Frequency |
Yearly, Half-yearly, Quarterly, Monthly |
|
Annual Premium |
Rs. 3200 |
No limit |
Sum Assured |
Rs. 50,00,000 |
No limits |
Benefits - Aviva LifeShield Platinum Insurance Plan and Policy
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Policyholders can pay premium rates as low as Rs. 3200 p.a.
-
Lower premium rates are offered to non-smokers and preferred rates are offered to those who are non-smokers and in good health.
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The tenure of the policy varies from minimum ten years to maximum fifty-two years, so policyholders can set their financial goal and plan their savings accordingly.
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In order to secure the future of the family members, the policyholders can choose from three options as the Death Benefit. These options are as follows :-
- Option A in which there is Life protection, which is the most cost effective option. In this option, the beneficiary is paid the Sum Assured, on the sudden demise of the life insured. The premium rates for this plan are nominal for large life cover options.
- Option B in which there is Income Replacement. The nominee receives a monthly income on the demise of the policyholder. The Monthly Benefit increases by 5% p.a. compounding annually on each policy anniversary. The Sum Assured is the Monthly Benefit chosen at the policy inception x policy term x 12.
- Option C in which there is Loan Protection. The life cover under this option reduces every year throughout the policy term. The policyholder can to a great extent ease out liability of his or her family arising out of mortgage loan.
- The higher sum assured amount provides discounts.
- On death benefit and premium paid, the insured can avail tax benefit under section 80 (C) and 10(10D) of Income Tax Act.
Policy Details - Aviva LifeShield Platinum Insurance Plan and Policy
Grace period: A limited 30 days grace period is offered to the insurance holder during which he/she can pay off the due premiums. For monthly premium mode, the grace period is of 15 days. It is important to note that the payment of the premium is compulsory during this time. Failing this can result in policy lapse.
Policy Termination or Surrender Benefit: The policy acquires Surrender Value only after the premium payment term. After the Premium payment term, if the whole premiums have been paid by the insured under Option B or Option C a special Surrender Value is payable on surrender of the policy. If the plan is not reinforced within the renewal period, then it is terminated. The policy also comes to the termination after the death benefit is paid the insurer.
Free Look Period: A limited 15 days free look period from the date of issuing policy is provided by the insurer. During this period the policyholder can cancel the policy if he/she is not satisfied with the coverage provided by the policy. Once the policy is canceled a particular amount of premium for the risk endured by the company is deducted and the rest policy premium is paid to the insured.
Additional Features or Riders - Aviva LifeShield Platinum Insurance Plan and Policy
A lapsed policy can be renewed if the insurance holder submits an application for reinforcement within a 2 years’ time period from the initial period of the first unpaid premium. Along with the interest the policyholder will have to pay all unpaid premiums.
Exclusions - Aviva LifeShield Platinum Insurance Plan and Policy
The tenure of the insurance cover is nullified if the insured person, commits suicide in one year from initial date of the policy. Only 80% of the premiums paid excluding all taxes and extra premium is refunded to the beneficiary of the policy. In case, the policy owner commits suicide in 1 year of the policy reissued then a higher of 80% of the premiums paid or the Surrender Value is refunded by insurance company.
Documents Required - Aviva LifeShield Platinum Insurance Plan and Policy
The documents required while filling the application form for Aviva LifeShield Platinum Plan are identity proof, address proof, bank account details and a recent photograph. Medical examination and income proof can also be required in some cases.
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