Term insurance is a cheapest in all life insurance product which provides the financial protection at the uncertainties of the life. Aviva LifeShield Plus is one of the cheapest term insurance product available in the market offered by Aviva Life Insurance. It provides the sum assured to the beneficiary in the event of death of the life assured during the term of the policy. It also has a provision of the double the sum assured in case of accidental death. This is a pure insurance product, hence there is no maturity benefit payable.
Aviva Lifeshield offers two riders-Aviva Dread Disease(DD) Rider and Accidental Death Benefit (ADB) Rider at a nominal extra cost. Aviva Dread Disease Rider provides the comprehensive protection against 18 dread diseases and also from Permanent Total Disability arising due to illness or accidents. Accidental Death benefit rider provides the double sum assured to the beneficiary in case of accidental death of the life assured. The policy also offers lower premium rates for women lives and rebate on sum assured of Rs.25 Lakh and above.
Premium paid for the policy is eligible for tax benefit under section 80C and benefit received under this policy is exempt from tax under section 10(10D) of the Income tax Act,1961. Premium paid for the riders is eligible for tax benefit under section 80D.
The policy is available for the people age group between 18 and 55 years. The maximum age at the maturity is 65 years. The policy term ranges from a minimum of 10 years to a maximum of 30 years. The minimum sum assured is Rs.10Lakh and no upper limit for the maximum sum assured. The premium can be paid by annual, half annual, quarterly and monthly mode. Single premium payment option is also available under this plan.