Aviva LifeShield Advantage: Features & Reviews

Updated: 05-09-2023 05:27:26 AM

Aviva LifeShield Advantage plan is a perfect protection policy, providing financial security to the family of the person insured. The customer can purchase the term plan online or can contact the branch or an agent to purchase it offline. The plan offers high sum assured amounts; at the same time, it has affordable premium amounts. The plan offers protection against Accidental Permanent Total Disability which the customer feels more comprehensive. The plan takes care of the financial uncertainties that the family of an insured person might face after his/her demise. Let us know more about the plan.

Eligibility Criteria

The table summarises the eligibility options of Aviva LifeShield Advantage plan:

Particulars	Details
Entry Age	18 – 55 years
Policy Term	10 – 30 years
Maturity Age	28 – 65 years
Premium Payment Term (PPT)	Option A Single Premium	Option B Regular Premium
Premium Payment Frequency	Single, Annually, Semi-Annually, Quarterly or Monthly
Sum Assured	Option A Rs. 2,00,000 – No Limits	Option B Rs. 2,00,000 – Rs. 50,00,000
Minimum Premium	Single Pay Mode: Rs. 12,000 Annually: Rs. 2,400 Semi-Annually: Rs. 2,500 Quarterly: Rs. 650 Monthly: Rs. 250

Documents Required

Following documents are required to buy the policy:

• Identity Proof – Photo identity proof like Aadhar Card, Passport, Permanent Account Number or Driving License of the customer
• Bank Account Details of the customer
• Address proof that bears recent photograph of the customer
• Income and medical examination proof (in some cases)

Features of Aviva Life Shield Advantage Plan

• Premium Return Option:This term Plan comes with premium return option which means all the money you pay towards the policy will be returned at the time of maturity of the plan.
• Easy to Buy: A customer can apply it online. Customer can also visit any branch or contact agent to purchase it offline.
• Added Protection: Accidental Permanent Total Disability(PTD) is also covered under this plan. In this rider, if in case the policyholder suffers from permanent disability due to an accident, and is not able to earn anymore, Aviva will provide them with  PTD Benefit. This amount will be equal to Sum Assured plus the total of all the premiums paid till the date of maturity.

The same amount will be paid to the nominee if the policyholder dies before the maturity of the policy term.

• Dual Premium Payment Options:The plan offers the policyholder to choose single premium payment or regular premium payment option.
• Grace Period: A 30-day time-frame is provided to the policyholder. This duration is termed as grace p During this period, the policyholder must pay the outstanding premium amount. If the policyholder fails to clear the outstanding amount, the policy will lapse.
• Free Look Period:The policyholder has a limited free look period of 15 days from the date of policy issued. The policyholder can raise objection to any of the terms and conditions and cancel the policy within the free look period. If the policy gets cancelled under such condition, the company deducts a proportionate premium amount for the risk endured by the company. Rest of the amount is paid back to the policyholder.
• Discounts: The policyholder gets discounts if he/she chooses larger sum assured.

Riders available with Aviva LifeShield Advantage

• Under riders, the policyholder has the flexibility to revive a policy by submitting a requestwithin 2 years from the date of policy activation. The policyholder has to clear the due premium amounts towards the company with interest.
• If the policyholder fails to pay the outstanding premiums after three policy years, the policy taken by him/her acquires Paid-up Value.

Cases where You Can’t Claim Aviva LifeShield Advantage plan (Exclusions) 

• If the person insured commits suicide within one year of the policy tenure, the company invalidates the term of the life insurance term plan. The nominee gets 80% of the premium paid. All taxes and extra premiums are excluded from this paid-out amount.
• The nominee of the policyholder gets a higher of 80% of the premium paid if the person insured commits suicide within one year of the policy revival, if any.
• The person insured is not entitled to the Permanent Total Disability benefit if the disability arises out of his involvement in drug or alcohol. The person insured is not entitled to the benefit if his total disability is due to engagement in any kind of dangerous racing.

Advantages of Aviva LifeShield Advantage plan

Policy Termination Benefit/Policy Surrender Benefit:

• Under option A, if the policyholder has opted for a single premium payment mode, he/she can surrender the policy after the 1^stpolicy year
• If the policyholder has selected regular premium policy, the policy can be surrendered only after the completion of first 3 policy years
• If the policyholder is not able to get the policy revived within the revival period, the policy gets terminated
• In case the policyholder dies during the policy term, the nominee will get the death benefit amount and the policy will get terminated

Maturity Benefit: If the policyholder survives the policy term, he will get the maturity benefit, according to the maturity benefit clause in the policy. This is applicable for both options available under the policy. The amount returned to the policyholder excludes extra premiums and taxes.

Death Benefit: One can choose any of the following two death options as per their financial needs.

Option A: Life Protection

Under this option, the nominee will get the sum assured, if the policyholder dies during the policy tenure. Once the death benefit is paid, the policy terminates.

Option B: Life-cum-disability protection along with return of premium

In case of unfortunate death of the policyholder, the nominee will get the sum assured in the policy and the sum of all premiums paid till the death of the policyholder. Once the nominee gets the death benefit, the policy will be considered terminated.

Also Read: Aviva LifeShield Platinum Plan | Aviva Life Bond Advantage Plan

FAQs  

Q1. What will happen if I stop paying the premium?

If the payments are stopped by the policyholder, even after constant reminders and expiry of grace period, the policy shall lapse without providing any benefit.

Q2. How do I get higher discounts on premiums paid?

You can enjoy higher discounts when the sum assured selected by you is higher. Thus, to avail rebate on premiums, all you need to do is select the sum assured from the higher range.