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

Death Benefit:
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

Maturity Benefit:
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.

Tax Benefits:
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

Premium Example:
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.