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Aviva iShield Plan

Aviva iShield Plan is a term insurance plan which also has a maturity benefit. The premiums paid are returned if the life insured survives the chosen tenure of the plan. The plan, thus, provides the policyholder a lump sum benefit either in case of death or in case of maturity.

Key features of the plan

  • This is an online plan with a very easy application process.
  • An enhanced death benefit is paid if the life insured dies after 10 completed policy years
  • On maturity, 110% of the premiums paid are returned back to the policyholder.
  • If the chosen Sum Assured is Rs.20 lakhs and above, attractive premium discounts are available under the plan.
  • Any medical check-up required are free of cost. The company bears the cost of such medical tests.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, the term of the plan and the premium paying frequency.

Step 2 – Based on the life insured’s age and the above-mentioned factors, premiums are computed which are payable throughout the term of the plan.

Step 3 – in case of death of the life insured within the term of the plan, the death benefit is paid in lump sum.

Step 4 – If the plan matures and the life insured is alive, 110% of the premiums paid by the policyholder throughout the term of the plan are returned back.

Example

Ramesh, a non-smoker male aged 35 years, buys iShield Plan for a term of 20 years. He chooses a Sum Assured of Rs.20 lakhs and annual premium paying frequency. The premium charged from Ramesh is Rs.11, 760

Option 1 – If Ramesh dies during the 10th year of the plan, the death benefit would be paid. The death benefit is higher of the following:

  • 10 times the annual premium = 10*11760 = Rs.117, 600
  • 105% of all premiums paid till death = 105% * (11760*10) = Rs.123, 480
  • Amount payable on maturity = 110% * (11760*20) = Rs.258, 720
  • Assured Death Benefit = 110% of the Sum Assured = 110% of 25 lakhs = Rs.27.50 lakhs.

Thus, Ramesh’s nominee would get Rs.27.50 lakhs as death benefit.

Option 2 – If Ramesh survives the plan tenure of 20 years, the maturity benefit payable to him would be calculated as follows:

  • 110% * ((11760*20) = Rs.258, 720

Plan benefits

  • Death benefit – the death benefit is paid in case of death of the life insured during the plan tenure. The death benefit is defined as being higher of the following:
  • 10 times the annual premium
  • 105% of the total premiums paid till death
  • Assured Death Benefit
  • Amount payable on maturity (110% of all premiums paid)

The Assured Death Benefit would depend on the plan tenure in which the life insured dies and is calculated as follows:

Plan tenure when death occurs Assured Death Benefit
1-10th policy year 100% of the Sum Assured
11th-20th policy year 110% of the Sum Assured
21st-25th policy year 120% of the Sum Assured

Maturity Benefit – when the chosen tenure expires and the plan matures, 110% of the total premiums paid by the policyholder during the plan term is refunded back.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years 55 years
Age at maturity (in completed years) NA 65 years
Term of the plan 10 years 25 years
Premium paying options Regular pay
Premium Paying term Equal to the plan tenure
Sum Assured Rs.15 lakhs Rs.5 crores

What is not covered by the plan?

If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.

If the life insured dies due to suicide within one year of reviving a lapsed policy, higher of 80% of the premiums paid or the applicable Surrender Value in the plan would be payable as death benefit.

Premium Illustration

Below are the sample rates of premium payable by a non-smoking male for different combinations of age, Sum Assured and the chosen plan term. The premium is assumed to be paid annually.

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