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Aviva LifeShield Platinum is a unique protection plan that helps customers get financial protection for their family in case of their sudden death. As the name suggests, this plan is an upgraded version of usual term plans offered by Aviva India. As it’s a platinum plan, the policyholder is provided with as many as 3 options to choose from in order to customise the plan according to their preference. Let us understand how Aviva LifeShield Platinum works.
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 – 60 years |
| Maturity Age | 70 years |
| Policy Term | 10 – 52 years |
| Premium Payment Term | Option A – Equal to policy term
Option B & C – 2/3 of the term of policy (rounded of to next integer) Example: The payment term will be 10 years for 16 years of policy term.
|
| Premium Payment Frequency | Annually, Semi-annually, Quarterly, Monthly |
| Sum Assured | Rs. 50,00,000 – No Limit |
Documents Required
- Identity Proof – Aadhar Card, Passport, Permanent Account Number or Driving License of the customer
- Address Proof where the customer is residing presently
- Bank Account Details of the customer
- Recent photographs
- In some cases, a medical examination and income proof might be asked for
Features of Aviva Life Shield Platinum
- Option to customise: Different people have different financial needs. Thus with this plan, one has the option to customise the plan as per their preference. Death benefit can be received in lump sum format or in monthly instalments. One can also choose for ‘Loan Protection’ format.
- Rewards for healthy lifestyle: For non-smokers and healthy non-smokers, Aviva India offers lower premium rates. This way customers are encouraged to lead a healthy lifestyle leading to extra savings.
- Premium Discontinuance: Sometimes policyholders aren’t able to pay premiums even after the given grace period,after which the policy ceases to continue. But with this feature, one has the option to reinstate the policy within a time period of 2 years, starting from the date of first non-payment of premium. Needless to say, on reinstatement, all due premiums need to be paid.
- Grace Period: A policyholder is offered a limited grace period of 30 days. During this period, he/she can pay off the outstanding premiums. The grace period of 15 days is offered for the monthly premium mode. The policyholder has to take into account that it is compulsory to pay the premium during this time. If the premium payment remains unpaid, the policy shall lapse.
- Free Look Period: The policyholder is provided a free look period of 15 days which is calculated from the date of issuing the policy. The policyholder can cancel the policy within the above time-frame. In such a condition of policy cancellation, the company deducts a particular premium amount for the risk endured by the company. The amount left after deduction is paid off to the policyholder.
Cases where you Can’t Claim Aviva LifeShield Platinum Plan (Exclusions)
If a policyholder commits suicide within one year of the policy tenure, the policy is terminated. The nominee of the policyholder gets 80% of the premium paid. All the taxes and extra premium is excluded from it. If the policyholder commits suicide within one year of the policy reissued, then the insurance company pays above 80% of the premium to the beneficiary.
Advantages of Aviva LifeShield Platinum
Surrender Benefit: Option A – This option does not provide any surrender benefit.
Option B & C – After the premium payment term, the surrender value is acquired, if the customer has paid the outstanding premium.
Death Benefit: Option A – Life Protection
This option is the best if the customer is planning for a lump sum payment of heavy amount. The plan provides preferred rates for non-smokers and non-smokers. These special rates for non-smokers are finalised after he/she undergoes the required test. Rates are slightly higher for smokers.
Option B – Income Replacement
For the set of customers who believe in regular income flow for better management of finances, this is the option to go with. By choosing this option, one can be sure of a regular income flow for their family in their absence. It will help in overcoming the increasing inflation, as the income increases by 5% p.a. compounded annually.
Option C – Loan Protection
This option helps customers to plan and meet financial liabilities and responsibilities towards family during early stages of his/her life. Under this option, the Life Cover decreases evenly across the policy term. The premium obligation of the customer is limited to about 2/3 of the policy term.
FAQs
Q1. Can I renew my Aviva LifeShield Platinum plan?
Yes, you surely can do so. You have to submit an application to revive the policy within two years from the initial period of the first unpaid premium. You will be required to pay all the outstanding amount of the unpaid premium along with the interest.
Q2. How can one discontinue the policy? Can one surrender his/her policy before maturity?
Yes, one can surrender the policy before the maturity date. The policy gets terminated after the surrender value is paid out to the policyholder. The specific product category and features of the policy define the surrender value and payout of the policy.