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Aviva LifeShield Term Plan
Objective | This term plan allows the policyholder to increase the sum assured once on two- occasions- within three months of marriage and within three months of birth of a child. | |||
What does it do? | The nominees receive death benefit in the event of death of policyholder. No riders are available with this plan and the sum assured can be increased only up to 50 per cent with a Rs 10 lakh limit. The insurance cover can be increased only if the policy has at least five years to maturity. | |||
Pros | There is an option to increase sum assured at a later date. One can avail a premium rebate on sum assured above Rs 10 lakh. | |||
Cons | The sum assured is limited to Rs 50 lakh and there are no riders in the policy. | |||
Suited for | This policy is suitable for those under 40 years of age, expecting a need to increase the sum assured with increase in dependents after marriage and children. | |||
Our View | A pure risk term plan is a definite buy for everyone. | |||
Eligibility | ||||
Entry Age (years) | ||||
Minimum | 18 | |||
Maximum | 55 | |||
Maximum Maturity Age (years) | 65 | |||
Policy Term (years) | ||||
Minimum | 5 | |||
Maximum | 40 | |||
Sum Assured (Rs) | ||||
Minimum | 500000 | |||
Maximum | 5000000 | |||
Minimum Premium (Rs) | ||||
Yearly | 2000 | |||
Premium Payment Frequency | Annually, Semi Annually, Quarterly ,Monthly (via ECS only) | |||
Premium Payment Term | Regular (equal to policy term) | |||
Policy Cover | Cover remains fixed for the tenure of the policy | |||
Other Features | ||||
Free Look Cancellation | In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. | |||
Grace Period | You are allowed to pay premiums within 15 days for monthly and within 30 days for other premium modes from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated. | |||
Lapsed Policy Reinstatement | You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any. | |||
Tax Benefits | Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. | |||
Exclusions | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. | |||
Customer Service | ||||
Address | Aviva Life Insurance Company India Ltd. | |||
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
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