Aviva LifeShield Plus plan
Aviva LifeShield Plus plan provides a way for people to give comprehensive protection to their families and loved ones at very nominal costs. With premium rates as low as Rs.2000 a year and no limit on the maximum annual premium, this simple insurance policy is suited for all pockets. With a policy term range of ten to thirty years, policyholders can plan their savings and ultimately provide protection for their loved ones in their absence.
Low premiums and affordable premium rates are available.
No limit on the maximum Sum Assured, so policyholders can choose as high a level of cover as they want.
The policy offers 100% Sum Assured as a lump sum on death of the policyholder.
The policy offers a single premium payment or regular payments over the policy term, as per the convenience of the policyholder.
Details About Premium
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. If premiums are not paid within the Grace Period, the policy will lapse.
Policy Termination or Surrender Benefit: The policy does not acquire Surrender Value when on Regular Premium mode. For the Single Premium mode, the policy acquires Surrender Value after completion of the first policy year and may be surrendered any time after that. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit.
Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
Additional Features or Riders
The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums paid, excluding any payment for taxes and extra premiums. If the person insured commits suicide within one year of the policy reinstatement then the company will refund an amount that is higher of 80% of the premiums paid or the Surrender Value as on the date of demise.