Aviva LifeShield Advantage Term Plan. Need review.

POSTED BY Deepali ON July 25, 2011 11:12 am COMMENTS (6)

I am thinking to go for this plan (Option B) for my husband. He has already a term plan from SBI (SBI Life Shield) and thinking to get one more term plan to cover all the responsibilities. Is Aviva good option for life insurance?

Need opinion about this plan.

6 replies on this article “Aviva LifeShield Advantage Term Plan. Need review.”

  1. jignesh says:

    Please go through the link
    https://www.jagoinvestor.com/2009/04/return-of-premium-term-insurance-is-it.html
    Go to comment 85 to 92

    Note: No online term plan consideration for calculation.
    Thanks

    1. Ramesh says:

      Thanks Jignesh for the particular link.

      Aviva LifeShield Plus= Life insurance + accidental death benefit + dread-disease rider (already included)
      Aviva LifeShield Advantage = return of premium after excluding tax, extra premium and rider premium (<– important in my opinion). option A=life insurance option B=life insurance + disability
      Also, you get the return of premium money without interest (again important). And you get it only and only if you have paid all premiums throughout. In case you surrender it earlier, you dont get that money.
      Aviva Lifeshield Platinum= Differential plan for smokers / non-smokers plus options for Loan protection and Income generation, etc.

      Illustration for 35 year old male, 30 year, 1crore.
      LSP=40,360
      LSA= option A (dread disease rider) = 43867
      option B max=50lakhs 27265
      LSP= option A (ADB, ADD) =20105 (non-smoker)
      (ADB) no ADD 31776 (smoker)
      so, make an informed decision.

      The online i-LIFE plan for aviva, premium should be even lesser (but that is not in the consideration, hence not checked).
      Hope this helps
      Ramesh

      1. CJ says:

        Hi Ramesh,

        Premiums for i-life are much lesser compared to Life shield. As i-Life being an online term plan.

  2. jignesh says:

    Ramesh,

    At some instance with some different case This mentioned ROP policy is excellent and cheap even if you compare MF+TERM PLan.
    I have selected this product on some criteria.
    I am an NRI and online policy is not offered to NRI. Also i fall in smoker category.

    When i bought this policy in March 2011, i calculated with available offline term plan + MF return . and surprisingly this ROP POLICY beat those MF returns in run of 30 to 35 Years.

    Benefit : upto 30 lac SA , you can obtain it without Medical..
    You may find the calculations in the post of Return of premium policy by Manish.
    Thanks

    1. Ramesh says:

      Jignesh,

      give the details and your analysis.
      Thanks.

  3. Ramesh says:

    Why are looking at a premium-returning policy? Go with a simple no-return life insurance policy.

    There will be atleast 2x-3x difference in premium between the two. For online policies, there are multiple options from icici, aviva, kotak and aegon-religare. For offline policies, kotak’s preferred term plan is a good option.

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