Aviva Life Term Insurance Plans
Aviva’s Life term insurance plan is ideal for policyholders to provide complete protection for their families when they are not around. It is a comprehensive plan that aims at securing insured life with more features. The term insurance policy allows policyholders to customize the coverage based on their choices to help them accomplish their goals significantly. Moreover, it offers two main options for a policyholder to choose the right one for their family’s needs. While it is a pretty straightforward plan, there are a few things one should know off to weigh the differences and make a better decision.
Aviva LifeShield Advantage Term Plan Options:-
Option A: Life Protection
Under this option, the policyholder gets dual benefits of insurance coverage for the entire term and survival benefit in the form of a refund of the entire premium amount at the end of the term. The return on the premium is only valid if all the premiums have been paid in full and in a timely manner.
Option B: Life-cum-disability Protection Along with Return of Premium
Under the disability option, the person insured gets all the benefits of the term plan, including the return on premium. However, another added feature here is that the person insured gets the assured sum in the unlikely case of disability arising due to an accident or mishap.
Aviva Life Term Insurance Eligibility Criteria:
|Option A: Death Benefit||Option B: Death & Disability|
|Entry age||18 years||55 years||18 years||55 years|
|Sum assured||35 lakhs||No limit||35 lakhs||50 lakhs|
|Policy term age||28 years||65 years||28 years||65 years|
|Premium payment terms||Single, Yearly, Half-Yearly, Quarterly, and Monthly||Yearly, Half-Yearly, Quarterly, and Monthly|
Features of Aviva Life Shield Advantage Term Plan
- Payment of Life Cover (Sum Assured) – The full sum assured is paid to the survivors of the insured person’s family in case of untimely death. This is available in option A.
- Additional Protection Against Accidental Permanent Total Disability – The full sum assured is paid to the survivors of the insured person’s family in case of untimely death and permanent disability resulting due to an accident.
- Return of the Money Paid Towards the Base Premium on Survival – The entire premium paid towards the policy is returned to the person insured as a survival benefit at the end of the term. This benefit can be further increased up to 125 percent of the total premium paid if the insurer pays the premium upfront as a single payment.
- Rebate on Premium for Higher Levels of Sum Assured – The premium is considerably reduced in case the insured person opts for a higher sum assured for the term plan.
Why opt for Aviva Life Shield Advantage Term Plan?
- Affordable premium rates.
- Rebates for premiums while choosing high ranges of sum assured.
- Tax exemptions on the premium paid by the policyholders as per section 80C and 10(10(D)) of Income Tax Act, 1961 to help save more money.
- Five percent lesser premium rates for women when compared to premium rates for men.
- Policyholders can buy the policy online at their convenience.
What are the essential features of the Aviva Life Shield Advantage Term Plan?
- The plan offers coverage for policyholders with two options that help protect their family from financial struggles to lead a stress-free and debt-free life.
- Coverage for death or permanent disability arising due to an accident.
- Maturity benefit is available for policyholders that return up to 125% of the premium paid by the policy holder s survival benefit.