Aviva LifeShield Advantage plan
Aviva LifeShield Advantage plan ensures prosperity to the customers and well-being for their loved ones. This policy offers a comprehensive coverage at a nominal premium rate and provides the option to the customers to choose a suitable insurance coverage, policy premium term, and premium payment frequency according to their needs. Policyholders also have an additional advantage of choosing enhanced protection against disabilities caused by accidents.
Aviva LifeShield Advantage – Key Features
Low premium rates are available.
Two options for life coverage are available for policyholders depending on their choice of coverage.
No limit on the maximum sum assured in case of Option A i.e. life protection, so the insured can go for a high level of a cover according to their suitability.
The policy offers 100% sum assured as a lump sum on death of the policyholder in case of life protection. For life cum disability protection, the policy offers 100% sum assured plus the return of premiums.
There is an option of coverage for total permanent disability caused by accidents.
The policy offers a single premium payment option or regular payment option over the policy term, as per the convenience of the policyholder.
Details About Premium
Aviva LifeShield Advantage – Policy Details
Grace period: A 30 days grace period is offered to the insured during which he/she can duly pay all the unpaid premiums. In case, due to any reason the insured is not able to pay within the grace period, the policy will lapse.
Policy Termination or Surrender Benefit: For Single Premium policies, applicable under Option A, the policy can be surrendered after the first policy year. For Regular Premium policies, the policy acquires Surrender Value only after payment of premiums for the first three policy years. The policy is terminated, if it is not restored within the revival period. Besides, once the insurer pays off the death and maturity benefit, the policy period comes to termination.
Free Look Period: The policy provides a free look period of 15 days from the date of policy issued during which the insured can cancel the policy if he/she is not satisfied with the coverage, terms and conditions of the policy. On cancellation of the policy, the policyholder is provided with a policy premium minus a proportionate premium for risk borne by the company.
Additional Features or Riders
A lapsed policy can be revived if the policyholder submits a request for restoration within 2 years of timeframe from the date of first unpaid premium. In order to reinstate the policy, the insured will have to duly payoff all the premiums along with interest.
The policy acquires Paid-up Value if the premiums are not paid after three policy years.
The term of the life insurance plan is nullified if the person insured commits suicide within a year from the initials of policy cover. In such cases, only 80% of the premium paid, excluding any payment for taxes and extra premium is refunded. A higher of 80% of the premium is paid or surrender value is refunded to the beneficiary if the insured commits suicide within one year of policy reinstated.
The Permanent Total Disability benefit is not payable if the disability has been caused directly or indirectly due to drug abuse or alcohol, failure to follow medical advice, engaging in any kind of dangerous racing, etc.
Frequently Asked Questions
1. How can renew your policy online?
For the renewal of the policy, the insured can log on to Aviva account and select the option of pay renewal premium now and can complete the process of renewal in a simple and hassle-free way.
2. How to make a claim for your policy?
In order to file a claim, firstly the insured have to fill up a claim form and provide every detail like policyholder name, policy number, and client ID. Based on the claim made, an appropriate document needs to be submitted along with the attested photocopies. Once, these formalities are completed the beneficiary can submit it to the nearest branch office and can get the claim done.
3. How many days of the grace period is provided under the policy?
A 30 days grace period is provided under the policy.
4. What are the minimum and maximum entry age of the policy?
The minimum entry age of the policy is 18 years and maximum entry age of the policy is 55 years.