Aviva LifeShield Platinum plan
Aviva LifeShield Platinum plan is a unique plan that allows its customers the flexibility to select the protection and coverage option that suits their needs. From loan coverage to monthly income to a lump sum payout, the policyholders have a varied choice to fulfill their financial needs and secure the protection of their loved ones in their absence.
Aviva LifeShield Platinum – Key Features
High life coverage is given at nominal costs.
Three different payout options are available in the event of the demise of the life insured.
This policy offers payout in the form of a lump sum for the nominees or even as a regular monthly income. The policy can also be taken as a cover for a loan.
The maximum Sum Assured has no limit so the insured can choose high a level of a cover according to their budget and needs.
Two options are available for premium payment. These are:
Option A – in which the premium payment term is equal to the policy term.
Options B and C – in which premium payment is equal to two-thirds of the policy term.
Details About Premium
Aviva LifeShield Platinum – Policy Details
Grace period: A limited 30 days grace period is offered to the insurance holder during which he/she can pay off the due premiums. For monthly premium mode, the grace period is of 15 days. It is important to note that the payment of the premium is compulsory during this time. Failing this can result in policy lapse.
Policy Termination or Surrender Benefit: The policy acquires Surrender Value only after the premium payment term. After the Premium payment term, if the whole premiums have been paid by the insured under Option B or Option C a special Surrender Value is payable on surrender of the policy. If the plan is not reinforced during the renewal period, then it is terminated. The policy also comes to the termination after the death benefit is paid the insurer.
Free Look Period: A limited 15 days free look period from the date of issuing policy is provided by the insurer. During this period the policyholder can cancel the policy if he/she is not satisfied with the coverage provided by the policy. Once the policy is canceled a particular amount of premium for the risk endured by the company is deducted and the rest policy premium is paid to the insured.
Additional Features or Riders
A lapsed policy can be renewed if the insurance holder submits an application for reinforcement within a 2 years time period from the initial period of the first unpaid premium. Along with the interest, the policyholder will have to pay all unpaid premiums.
The tenure of the insurance cover is nullified if the insured person, commits suicide in one year from initial date of the policy. Only 80% of the premiums paid excluding all taxes and extra premium is refunded to the beneficiary of the policy. In case, the policy owner commits suicide in 1 year of the policy reissued then a higher of 80% of the premiums paid or the Surrender Value is refunded by the insurance company.
Frequently Asked Questions
1.How many days of free look period is offered by the policy?
A 15 days free look period is provided by the insurer from the date of policy issued under which the insured can cancel the policy if he/she is dissatisfied with the policy terms and conditions.
2.How long is the duration of grace period provided by the policy?
A 30 days grace period is provided by the policy during which the insured can duly pay off the entire pending premium amount. Failing this, the term of the insurance policy will lapse.
3.What is the minimum and maximum entry age of the policy?
The minimum entry age of the policy is 18 years. Whereas, the maximum entry age of the policy is 60 years.
4.What is the premium paying frequency of the policy?
The premium paying frequency of the policy is yearly, half-yearly, quarterly and monthly.