Term Insurance 332 views September 9, 2021

Aviva Life Shield Premium Plan helps you protect your family’s financial future in case of your absence. It is a non-linked, non-participating individual pure-risk life insurance plan that ensures your family achieves their goals even in your absence. The best part is that the plan comes with a variety of sum assured options. You can thus choose the best one from the available options.

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Before we move to the next section, check out its key features mentioned below.

  • Flexible Sum Assured Options
  • Pay Premiums for a Limited Time and Enjoy Cover till the Age of 80
  • Multiple Claim Payout Choices – Lump sum, Income or a combination of both
  • Availability of Add-on Covers
  • Flexible Policy and Premium Payment Term Options
  • Multiple Premium Payment Frequencies
  • Tax Benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  • A 15 or 30-day Free Look Period

Go through this page to understand these features in detail so that you can make a better decision. Let’s start without any further delay.

Let’s Understand the Features and Benefits of Aviva Life Shield Premium Plan in Detail

We have talked about the several features of this plan from Aviva Life Insurance below. Read those features carefully and make the right call.

What is the Policy Term?

Under the Aviva Life Shield Premium Plan, the maximum policy term can be 62 years. However, the minimum policy term depends on the sum assured chosen. For flat or decreasing sum assured, it stands at 10 years, while for increasing sum assured, it can be 26 years.

Note: For Limited Pay options – 5 Pay and 10 Pay – the minimum policy term will be 10 years and 15 years, respectively

What are the Premium Payment Term Options?

The premium payment term will depend on the policy type chosen by the policyholder. To know more, check the below table.

Policy TypePremium Payment Term (In Years)
Single 
Limited5/10/ 60 years minus entry age 
Regular (Only for Offline Channels)Equal to Policy Term

Flexible Sum Assured Options

Under the Aviva Life Shield Premium Plan, policyholders can choose from three types of sum assured options at inception – Flat, Increasing and Decreasing Sum Assured. We have talked about each of them below.

Flat Sum Assured – As clear from the name, the sum assured will remain the same during the policy term under this option.

Increasing Sum Assured – Under this option, the sum assured will increase by 10% after completion of every 5th policy anniversary year up to 50%. To know more about increasing sum assured offers, check the below table.

Policy YearSum Assured Amount
1st to 5th100% of the original sum assured
6th to 10th110% of the original sum assured
11th to 15th120% of the original sum assured
16th to 20th 130% of the original sum assured
21th to 25th 140% of the original sum assured
26th onwards150% of the original sum assured

Decreasing Sum Assured – Under this cover type, the sum assured will decrease uniformly on each policy anniversary by an amount equal to the ‘Sum Assured divided by the Policy Term’.

Minimum and Maximum Sum Assured Options

You can get all the information about minimum and maximum sum assured in the below table.

Cover TypeSum Assured (In INR) 
MinimumMaximum (Per Life)
Death Sum Base Assured (In Base Plan)Offline Channel - 25,00,00050,00,00,000
Online Channel - 50,00,000
ADB Add-on Cover5,00,00050,00,000
Waiver of Premium Add-on Cover194641,00,00,000

Death Benefit

If the life insured dies during the policy term, the plan will provide an in-force sum assured as on the date of death. The death benefit will not be less than seven times the annualized premium for limited and regular premium policies. However, for single premium policies, it will not be less than 1.25 times the single premium, subject to a minimum of 105% of the total premium paid till death.

Note: For decreasing sum assured type, the minimum death benefit of 105% will not be applicable.

Option to Enhance Your Protection with Add-on Covers

Aviva Life Shield Premium also offers two types of add-on covers on your base plan – Accidental Death Cover and Waiver of Premium Cover due to Accidental Permanent Total Disability.

What will be the Annualized or Single Premium?

The minimum and maximum annualized or single premium under the plan depends on the cover type. We are discussing all the information in the below table.

Cover TypeMinimum Amount (In INR) Maximum Amount (In INR) 
Annualized PremiumSingle PremiumAnnualized PremiumSingle Premium
Base Plan (Online Channel)3679178141,79,51,1008,05,89,800
Base Plan (Offline Channel)3639169352,13,32,0508,97,99,150
ADB Add-on Cover35026801365060500
Waiver of Premium Add-on Cover7NA30900NA

Aviva Life Shield Premium Plan Eligibility Criteria

Please check the important conditions of the plan mentioned in the below table.

Policy TypeMinimum Entry Age (In Years)Maximum Entry Age (In Years)Maximum Maturity Age (In Years)
Single1865 for all options except Increasing Sum Assured Option

54 for Increasing Sum Assured Option
80
Limited4980
Regular (Only for Offline Channels)6580

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