AVIVA INDIA LAUNCHES AVIVA LIFE SHIELD PREMIUM!
The comprehensive, hyper-personalized term insurance plan helps a customer choose from a gamut of options around sum assured, premium payment term and frequency, claim payout among others
7th June ’21: Aviva Life Insurance, India’s most trusted private insurance company, today announced the launch of Aviva Life Shield Premium, a Non-Linked Non-Participating Individual Pure Risk Life Insurance Plan. It is a comprehensive term life insurance plan that can be personalized as per the needs of every individual and his family to ensure that one enjoys the protection of a term life cover on their own terms. Towards this goal, Aviva has launched the campaign #OnYourTerms and the product has been designed to enable customers to choose and customize options around the sum assured, premium payment term and frequency, claim payout methods, among others.
Mr. Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance said “Our single-minded focus on delivering a comprehensive and differentiated proposition suite is rooted in our vision to work towards our long-term strategy. We understand customer demands and our teams have been working to launch new and more relevant products to ensure that our customers’ future is secured. Aviva Life Shield Premium plan can be personalized as per the financial needs and provides protection to the loved ones We are confident that this product will cater to the increasing demand for Term Life Insurance but will also ensure that more customers choose to enjoy the benefits of insurance by insuring themselves.”
Vinit further added “At Aviva, we have always kept the customer at the centre of every endeavour and are continually driven by our purpose of With You Today, For a Better Tomorrow. This is a promise that each one of us lives through every day at work to ensure good customer outcomes at every step of the way.”
Aviva Life Shield Premium comes with policy term up to 62 years and provides customers optional payment term of Regular, Limited and Single Premium payment term and Annual, semi-annual or monthly Premium payment frequency. This product allows customers to balance their financial portfolio with multiple payout methods ranging from lump sum, income and 50:50. Another advantage is that customers get an additional protection against Accidental Death and Permanent Total Disability due to an accident.
Some key differentiators of Aviva Life Shield Premium are:
The plan offers opportunity to choose increasing or decreasing sum assured as per customers’ financial needs.
Customers can pay a limited premium for as less as 5 years and enjoy coverage till the age of 80.
Aviva Life Shield Premium lets customers enjoy freedom to tailor-make the plan to suit their family.
To know more about the product and its features, please refer to the Annexure 1 or visit: http://www.avivaindia.com
About Aviva Life Insurance:
Aviva Life Insurance Company India Limited is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK based insurance group, whose association with India goes back to 1834. By choosing Aviva Life Insurance, you benefit from the management experience of one of the world’s oldest insurance groups, with a history dating back to 1696. Today, Aviva Group has 33 million customers in 16 countries (as on 1stJanuary 2019)
Website:www.avivaindia.com
Annexure 1
Aviva Life Shield Premium– Plan at a glance!
Parameter Criterion
Minimum Entry Age 18 years last birthday
Maximum Entry Age
Policy Type Premium Payment Term (PPT) Maximum Entry Age
Single 1 Year 65 Years for all options except Increasing SA option
54 years for Increasing SA option
Limited 5 Years
10 Years
60 Years minus Entry Age (the maturity age is fixed at 80 years) 49 Years
Regular (Only for offline channels) Equal to Policy Term 65 Years
Minimum Policy Term
Flat or Decreasing Sum Assured: 10 years
Increasing Sum Assured: 26 years
(For Limited Pay options, 5 Pay and 10 Pay, the minimum policy term will be 10 years and 15 years respectively)
Maximum Policy Term 62 years
Premium Payment Term (PPT) (in Years)
Policy Type Premium Payment Term (PPT) Sum Assured (SA) Type
Flat SA Increasing SA Decreasing SA
Single 1 year
Limited 5 Years
10 Years
60 Years minus Entry Age (provided the maturity age is fixed at 80 years)
Regular
(Only for offline channels) Equal to Policy Term
: PPT is permissible, : PPT is not permissible
Maturity Age 80 years last birthday
Minimum Annualized Premium (Rs.)
Cover type Minimum
Annualized Single
Base Plan (Online Channel/Web Aggregator) 3,679 17,814
Base Plan (Offline Channel) 3,639 16,935
ADB Add-On Cover 350 2,680
Waiver of Premium Add-On Cover 7 NA
These premium amounts are in respect of Standard Life excluding the taxes, rider/add-on premiums, underwriting extra premiums and loading for modal premiums, if any.
Maximum Annualized Premium (Rs.)
Cover type Maximum
Annualized Single
Death Sum Assured in Base Plan (Online Channel/Web Aggregator) 1,79,51,100 8,05,89,800
Death Sum Assured in Base Plan (Offline Channel) 2,13,32,050 8,97,99,150
ADB Add-On Cover 13,650 60,500
Waiver of Premium Add-On Cover 30,900 NA
These premium amounts are in respect of Standard Life excluding the taxes, rider/add-on premiums, underwriting extra premiums and loading for modal premiums, if any.
Minimum / Maximum Sum Assured (Rs.)
Cover type Sum Assured
Minimum Maximum
(per life)
Death Sum Assured in Base Plan Offline Channel: 25,00,000
Online Channel: 50,00,000 50,00,00,000
ADB Add-On Cover 5,00,000 50,00,000
Waiver of Premium Add-On Cover 19,464 1,00,00,000
Sum Assured Shall be in multiple of Rs.1,00,000 only for base plan
Maximum Sum Assured is subject to Board Approved Underwriting Policy
Premium Payment Frequency Single, Yearly, Half-Yearly or Monthly
For monthly mode, only ECS/ Direct Debit is allowed
Add-on Covers Option of following add-on covers:
Accidental Death Cover and
Waiver of Premium Cover due to Accidental Permanent Total Disability
