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Aviva i-Shield plan is a term insurance plan carrying safety of a traditional plan while giving something extra in the form of maturity benefits. This plan shall take care of your family’s financial needs in the time of your absence and if you successfully survive the policy term, all the premiums paid by you shall be credited back to your account (110% of total paid premiums). One can use this amount to meet children’s education costs or other expenses. Let us understand how Aviva i-Shield plan functions.
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 – 55 years |
| Policy Term | 10 – 25 years |
| Maturity Age | 65 years |
| Premium Payment Term (PPT) | Same as Policy Term |
| Premium Payment Frequency | Annually, Quarterly or Monthly |
| Sum Assured | Rs. 15 Lakh – Rs. 5 Crore |
Features of Aviva i-Shield Plan
- Return of Premium: This Term Plan comes with return of Premium option and is available online.This means unlike usual term plans, there is inclusion of Maturity Benefit and amounts to 110% of the total paid premiums after deducting taxes and any extra premiums.
- Low Cost – High Cover: This is a plan involving nominal cost and provides high protection cover.
- Rebate on Premium: If a policyholder chooses a sum assured of Rs. 20 lakh and above, he will get rebate on premium.This means with higher coverage, you get to save more in the form of discounted premiums.
- Free Medical Test: Any medical examination that needs to be performed while issuance of Aviva i-Life Plan will be done at the company’s end. The policyholder does not have to spend a penny towards these tests at the time of inception.
- No Riders: The plan does not provide any additional rider.
- Grace Period: The policyholder is provided a grace period of 30 days for payment of each premium after the due date. During this period, the policyholder must pay the outstanding premium amount. The grace period of 15 days is offered to the policyholder who has opted for monthly premium payment mode.
- Free Look Period: The policyholder has a limited free look period of 30 This period is calculated from the date of issuing the policy. The policyholder can object to any of the terms and conditions and cancel the policy within the provided time-frame. The provider shall deduct a particular premium amount for the risk endured by the company along with stamp duty charges and medical examination charges. Rest of the amount is paid out to the policyholder.
Documents required for buying Aviva i-Shield Plan
- Identity Proof – Photo identity proof like Aadhar Card, Passport, Permanent Account Number or Driving License of the customer
- Three months’ salary slip of the customer applying for the policy
- Bank Account details of the customer
- Recent photographs
- Photocopy of Form 16 or the latest Income Tax Return
Claim Process
In case of disability or death, one would need to make claims. This can be done by informing the claims department by emailing, calling at the toll-free number or visiting the nearest branch office. This is followed by sending the duly filled in claims form and the required documents. After the proper scrutiny, the provider will either accept or reject the claims.
Cases where you Can’t Claim Aviva i-Shield Plan (Exclusions)
Death due to suicide: If the policyholder commits suicide within one year of the policy tenure, the provider shall pay the nominee – a) 80% of all premiums paid. All the taxes and extra premiums are excluded from it. OR b) higher of 80% of premiums paid & surrender value.
Advantages of Aviva i-Shield Plan
Death Benefit: If the policyholder dies during the policy term, the nominee shall receive the death benefit which will depend on the year of death.
| Year of Death (Range) | Amount of Death Benefit to be received |
| 1st – 10th | 110% of Sum Assured |
| 11th – 20th | 110% of Sum Assured |
| 21st – 25th | 120% of Sum Assured |
Maturity Benefit: This plan offers maturity benefit of 110% of premiums paid. Taxes and extra premiums, if any, are excluded from it.
Surrender Benefit: A policyholder can surrender the policy after his/her policy has completed three years of the policy. Also, the policyholder must have paid three years’ full premium to get the surrender benefit. This amount will be greater of Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV).
FAQs
Q1. Can I revive my Aviva i-Shield policy?
Yes, you can do so within 2 years from the date of first unpaid premium. A revival fee of Rs. 250 and interest at the rate of 9% p.a. compounding monthly on unpaid due premiums along with all due premiums shall be payable for policy revival.
Q2. What will happen if I stop paying the premium?
If a policyholder stops his payments for premium, the policy taken by him/her shall lapse without providing him/her any benefit. The policyholder can get the policy revived within 2 years from the due date of first unpaid premium.
Q3. Does the company charge any fine on the policy revival?
No, there is no fine. The policyholder has to pay a revival fee of Rs. 250 and interest at the rate of 9% p.a. compounding monthly on unpaid due premiums along with all due premiums for policy revival.