Aviva Credit Suraksha Insurance Plan and Policy - The Aviva Credit Suraksha Plan is a group insurance plan that is aimed at providing financial security to family members of the scheme members. The groups are unorganized in nature like affinity groups. The aviva life plan offers an economical way of offering risk cover for scheme members (along with optional spouse cover). The life cover is either flat or equal to the bank account balance of members. The master policyholder (usually a bank or a micro finance institution) can use the scheme as a means to cover outstanding or original loan amount lent to group members. This scheme provides death cover on a group basis and does not offer surrender or maturity benefits.
Key Features - Aviva Credit Suraksha Insurance Plan and Policy:
Type |
Group term insurance plan |
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Coverage |
Death Benefit – In the unfortunate event of death during the policy term, the master policyholder will receive the Sum Assured as per the chosen policy terms. If Sum Assured is greater than outstanding loan amount, the excess amount will be credited to the beneficiary of the deceased member. |
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Basis |
Group |
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Policy term |
1 year |
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Premium paying term |
Same as policy term |
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Premium payment frequency |
Yearly, half-yearly, quarterly or monthly
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Renewability |
If the policy is relapsed due to non-payment of premium, the master policyholder can reinstate the plan within 6 months of relapse date. |
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Loans |
NA |
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Grace Period |
Grace period of 30 days is offered to master policyholder. Policy shall relapse in non-receipt of premium during the grace period. |
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Free Look Period |
NA |
Eligibility Details - Aviva Credit Suraksha Insurance Plan and Policy:
Entry Age |
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Maturity Age |
Maximum maturity age of 65 years |
Policy term |
1 year (renewable) |
Minimum premium |
Premium rate is dynamic and decided upon considering various factors such as size of group, age distribution of members, Sum Assured, occupation of members etc. |
Group Size |
Minimum group size should be 100 life insured. |
Sum Assured |
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Advantages - Aviva Credit Suraksha Plan
Tax Benefits |
Tax benefits can be availed by the corporate entity by treating policy expenses as business expenses as per respective sections of the Income Tax Act, 1961. You should consult your financial advisor regarding taxation. |
Riders |
NA |
Discounted for high Sum Assured |
Discounts can be availed on premium based on the total Sum Assured as follows: Rebate per Rs.1,000 of Sum Assured = Min {0.00072225*total Sum Assured(in rupees crores), 0.14} |
Mid Term joiners |
Mid term joiners can be included in the plan till expiry of the scheme. Premium charged is on a pro-rated basis. |
Benefits - Aviva Credit Suraksha Plan
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Eliminate or reduce effects of financial losses arising out of the unfortunate event of death of a borrower.
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Families of covered members receive assistance to cope with the financial pressures arising out of unpaid loans.
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Financial protection offered to families of members on top of the loan protection.
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Option spouse inclusion plan in the same policy.
Aviva Group Life Insurance Plans and Policy |
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