Aviva Life Shield Platinum - Income Replacement

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Aviva LifeShield Platinum- Income Replacement

	Objective		This policy ensures a monthly income for the family on unfortunate demise of breadwinner of the household.
What does it do?		As the name suggests, this policy pays death benefit as monthly payouts just like you provide for your family with monthly income. The monthly payments will continue till the end of policy term. Monthly benefit increases by 5 per cent on each anniversary of the policy. Policyholder may surrender the policy after completing two-third of the policy tenure.
Pros		Policies with sum assured higher than Rs 1 crore can avail rebate on premiums. Women can avail discount on premium, as they have lower mortality rate. The policy can be surrendered. Annual increase in monthly payouts helps meet rising expenses.
Cons		The minimum sum assured is fixed at Rs 50 lakh, which makes this policy unsuitable for anyone with lesser needs.
Suited for		This policy is designed for salaried individuals, who run households on monthly income.
Our View		This policy is useful if your family members cannot manage a lump sum amount deftly. Though the policy offers an increasing sum assured, such policies usually come at a higher cost as compared to simple term policies. You must assess your insurance needs before buying a policy.

 

	Eligibility
Entry Age (years)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		70
Policy Term (years)
Minimum		10
Maximum		52
Sum Assured (Rs)
Minimum		5000000
Maximum		No Limit
Minimum Premium (Rs)
Yearly		3200
Half-Yearly		1634
Quarterly		828
Monthly		278
Premium Payment Frequency		Yearly and Half-yearly; through ECS for Quarterly and Monthly
Premium Payment Term		Limited (2/3rd of the policy term)
Premium Factor (multiply with annual premium)		Half Yearly: 0.5108 times annual premium; Quarterly: 0.2591 time annual premium; Monthly: 0.0871 time annual premium
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date (15 days for quarterly and monthly). If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender Value		Surrender is allowed provided all due premiums have been paid fully. Surrender value will be decided from time to time by the company.
Customer Service
Address		Aviva Life Insurance Company India Ltd. Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V, Sector 43, Gurgaon 122 003, Haryana

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