Preferred rates for PensionPlus policy holders Aviva Life Insurance today announced the launch of LifeShield a pure term insurance plan. LifeShield guarantees a lump sum amount in the unfortunate event of the death of the life insured during the term of the policy.
Aviva Life Insurance today announced the launch of LifeShield a pure term insurance plan. LifeShield guarantees a lump sum amount in the unfortunate event of the death of the life insured during the term of the policy.
However a key feature of the policy is the offering of preferred rates to Aviva’s PensionPlus policy holders. While PensionPlus provides financial security to the policy holder post-retirement, LifeShield offers financial security to the family members in the event of the death of the individual during his working life. Hence a combination of LifeShield and PensionPlus is an ideal investment combining savings post retirement and protection in the eventuality of death.
Key features of the policy are:
- The policy offers a minimum sum insured of rupees five lakhs, while there is no limit to the maximum sum insured.
- The LifeShield policy can be purchased for any life between 18 to 55 years for a term of 5 years to 40 years.
- A unique feature of the policy is that it allows you to increase the sum insured (only up to 40 years of age) once by 50 per cent within three months of marriage or a child birth (subject to maximum increase of Rs 1000,000) during the term of the policy, without submitting any evidence of good health, for standard lives.
The policyholders of LifeShield are eligible for tax rebate under Section 88 of the Income Tax Act. In the unfortunate event of the death of the policyholder during the policy term, the sum insured will be given to his nominee.
Speaking on the occasion of the launch of LifeShield, Mr Stuart Purdy, Managing Director, Aviva India said: “One of the most fundamental aspects of life insurance is protection against death. LifeShield seeks to provide that blanket of protection in the event of 'death in service' of the individual. This protection is also offered as a special package to PensionPlus policy holders to protect their dependents in the eventuality of their death.”
Aviva offers modern and contemporary unitised products that offer unique customer benefits like flexibility to choose cover levels, protecting the real value of the policy against inflation and partial withdrawals. Aviva’s products include whole life (LifeLong), endowment (LifeSaver), single premium (LifeBond), regular savings personal pension plan (PensionPlus) and a term insurance with premium back plan (SecureLife).
Aviva Life Insurance is a leading bancassurer in the country and has partnered with Canara Bank, The Lakshmi Vilas Bank, ABN AMRO Bank and American Express Bank to distribute its products. Aviva’s bancassurance tie-ups give Aviva access to over 2600 bank branches serving over 28 million customers across India.
About Aviva
- Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva plc is the UK’s largest insurance group. Aviva plc is the new name of CGNU plc. Aviva is the world’s oldest insurance group, with a history dating back to 1696. Today, it is the seventh largest insurer worldwide, with 25 million customers and assets under management in excess of US $300 billion.
- Founded in 1884, Dabur is one of India’s oldest and largest group of companies with annual sales in excess of Rs 1,200 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
For further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt Ltd
tel: 91124 2804141 ext: 5406
e-mail: preeti.bakaya@avivaindia.com
Abhishek Mahapatra
IPAN
tel: 011-2332 6200
e-mail: abhishek@ipan.c