Aviva Credit Plus Insurance Plan and Policy - CreditPlus is a feature created mainly with micro finance organisations who offer loans to customers in semi-urban and rural areas, offering protection by mitigating the monetary losses that could potentially arise in case of one of the member’s untimely death. Members of the deceased’s family also receive financial security and loan protection.
Key Features - Aviva Credit Plus Insurance Plan and Policy:
Type |
Micro financial institution insurance plan |
Coverage |
Death Benefit – Financial security for the families of the member plus loan protection |
Basis |
Group |
Policy term |
1 year (renewable every year) |
Premium paying term |
1 year |
Premium payment frequency |
Yearly, half-yearly, quarterly or monthly |
Renewability |
The policyholder can decide whether or not to renew the contract, but the company reserves the right to accept or reject the policyholder’s decision by providing a written notice of the same at least three months prior to the policy anniversary. |
Loans |
NA |
Grace Period |
The company will allow a grace period of 30 days except for monthly frequency of premium payment wherein grace period will be of 15 days. |
Eligibility Details - Aviva Credit Plus Insurance Plan and Policy:
Entry Age |
|
Maturity Age |
Maximum maturity age of 65 years |
Policy Term |
1 year (renewable every year) |
Premium Payment Frequency |
Annually, half yearly, quarterly or monthly |
Annual Premium |
Dependent on the size of the member group, their age, their occupations and the outstanding balances |
Maximum Sum Assured Per Member |
Rs. 50,000 |
Benefits - Aviva Credit Plus Insurance Plan and Policy:
-
Elimination of the monetary losses that may be incurred owing to an eligible member’s untimely death
-
No financial pressure on the families of eligible members who have outstanding loans, in case of their untimely death
-
Loan protection and financial protection for the families of eligible member in case of untimely death of the member
-
Income for families of an eligible member through profit of their scheme by means of a credit against the following year’s premium
Aviva Group Life Insurance Plans and Policy |
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