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Aviva Lifeshield Platinum Case Study

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Aviva LifeShield Platinum – Overview
Aviva LifeShield Platinum is a non-Linked, non-participating term insurance plan that allows securing the family's future today. This unique protection plan offers the flexibility to decide the type of protection based on individual requirements and personal circumstances. One can choose from 3 options – a pure term cover, an income replacement option or use it to pay off a loan and other financial liabilities.

Why Buy This Plan?
One should buy this plan if:
• One wants comprehensive protection for the family at a nominal cost
• One wants a choice of life protection, income protection, or loan protection
• One wants to avail tax benefits on all the premiums paid

Key Features
• Nominal Cost: This competitively priced term insurance plan offers affordable protection
• …show more content…

compounded annually on each policy anniversary to beat inflation
 The Sum Assured equals the monthly benefit amount chosen at inception x Policy Term x 12 o Option C: Loan Protection
The life cover (Sum Assured) reduces uniformly on each policy anniversary over the term of the policy. The applicable Sum Assured on the year of the unfortunate death of the life insured is paid to the nominee.
• Maturity Benefit: Since this is a pure protection life insurance plan, there is no maturity benefit payable
• Surrender Benefit: The policy does not acquire any Surrender Value or Paid-up Value for any of the 3 options during the premium payment term. o Option A: There is no surrender value o Option B & C: After the premium payment term, provided all due premiums have been paid for Option B or Option C, a special Surrender Value decided by the insurance company is paid on premature surrender of the policy
• Tax Benefit: Tax benefits apply as per the relevant sections of the Income Tax Act, 1961

Product Specifications

Minimum Maximum
Nature of Required Protection Option A: Life Protection
Option B: Income

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