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Aviva i-Shield Insurance Plan and Policy

Aviva i-Shield Insurance Plan and Policy -

Aviva iShield Plan is an online Term Plan with Return of Premium Option on maturity. It is a Traditional Plan without Bonus facility.
How it works – In this plan, premium needs to be paid for the entire policy tenure. This is a pure Protection Plan with Return of Premium Option.
In this plan, 110% of all the premiums are paid to the policyholder on survival till policy maturity and the policy terminates. However, if the Life Insured dies within the Policy Tenure, then 100%-120% of the Sum Assured is paid to the nominee as Death Benefit, which depends upon the year of death and the policy terminates.
There are no additional riders in this plan.

Key Features - Aviva i-Shield Insurance Plan and Policy:

  • This is an online Term Plan with Return of Premium option
  • Thus, this plan provides high protection cover at nominal cost
  • In this plan, 110% of the premiums paid back as Maturity Benefits
  • In this plan, if the Life Insured dies within the policy tenure, 100%-120% of the Sum Assured is paid to the nominee as Death Benefit, which depends upon the year of death
  • In this plan, there is a rebate on premium for choosing Sum Assured of Rs. 20 Lacs and above
  • This policy provides for free medical examination at inception of the policy

Eligibility Details - Aviva i-Shield Insurance Plan and Policy:

 
Minimum
Maximum
Sum Assured (in Rs.)
15,00,000
5 crores
Policy Term (in years)
10
25
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
55
Age at Maturity (in years)
-
65
Payment modes
Yearly, Half-Yearly and Monthly

Benefits - Aviva i-Shield Insurance Plan and Policy:

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets an assured amount as Death Benefit which depends upon the year of death and the policy terminates.
 
Policy Year When Life Insured Dies
Assured Death Benefit
1st - 10th
100% of Sum Assured
11th - 20th
110% of Sum Assured
21st - 25th
120% of Sum Assured
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets 110% of all premiums paid, excluding taxes and extra premium, if any as Maturity Benefit and the policy terminates.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

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Aviva i-Shield Insurance Plan
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Aviva LifeShield Platinum Insurance Plan
Aviva LifeShield Plus Insurance Plan
Aviva Extra Cover Insurance Plan
Aviva i-Life Secure Insurance Plan
Aviva i-Life Total Insurance Plan
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Aviva Jana Suraksha Insurance Plan

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