Term insurance means only your nominee gets the benefit on your death and in case you survive, you wont get a dime. If you don’t like pure term insurance then Aviva has a plan for you that gives financial protection to your family, in case of your death and if you survive till the maturity you get the 110% of your premiums back. Aviva i-Shield is an online term insurance plan that returns the premium paid as survival benefit and protects your family in case you are not around.
Features at glance:
- High protection cover at reasonable cost
- Guaranteed, 110% of the premium return on survival.
- Premium rebate: on Sum Assured of Rs. 20 Lacs and above.
- Free Medical examination on start of the policy.
- Plan can be bought online
In case of policy holder’s death, nominee will get sum assured as mention below.
- 1st – 10th year: 100% of Sum Assured
- 11th – 20th year: 110% of Sum Assured
- 21st – 25th year: 120% of Sum Assured
If policy holder survive till maturity and policy is in force, policy holder will get 110% of all premiums paid, excluding taxes and extra premium, if any.
The premiums you pay will be eligible for Tax Benefits as per prevailing tax laws.
Eligibility conditions and restriction of Aviva i-Shield :
- Entry Age: 18-55 years (last birthday)
- Max Maturity Age: 65 years (last birthday)
- Policy Terms: 10-25 years
- Min. Sum Assured: Rs.15 lakhs
- Max. Sum Assured: Rs.5 crores
For a 30 year old male, the premium for Aviva I-Shield would to around Rs.36,803/- annual or Rs.3205/- Monthly for 1 cr. cover and 25 years policy term.
Pro: Good plan, if you don’t want to waste your money and do not want to go for a pure term insurance.
Cons: Aviva i-Shield Premiums are little higher than pure term plan.