AEGON iTerm Insurance Plan and Policy
Aviva Group Life Protect Insurance Plan and Policy - Aviva has designed a life insurance plan that offers life cover for policyholders. It’s a single premium group term policy that is primarily aimed at aiding customers of credit societies, financial institutions and corporative banks by offering personal loans, home loans, education loans, two wheeler loans, car loans, tractor loans, loans against property. The Aviva life policy also covers recurring deposit and credit card holders. The sum assured is usually determined by the master policyholder’s requirements, and the policy also offers cover against risk of death.
Key Features - Aviva Group Life Protect Insurance Plan and Policy:
Type |
Single premium group term policy for customers of credit societies, financial institutions and corporative banks |
Master Policyholder |
Bank / Credit Society / Financial Institution |
Coverage |
At least 50 members |
Basis |
Group |
Policy term |
1 year to 30 years, not fixed |
Type of Sum Assured offered |
On a monthly reducing basis, or flat sum Sum Assured throughout the term |
Premium payment frequency |
Single premium payment to be made at the starting of the cover |
Grace Period |
The company reserved the right to terminate the policy for new loan clients by providing a notice to the master policyholder at least 90 days in advance, but the policy shall endure for existing customers |
Eligibility Details - Aviva Group Life Protect Insurance Plan and Policy:
Entry Age |
· Minimum – 18 years · Maximum – 69 Years |
Maturity Age |
70 years |
Loan Term |
1 year to 30 years |
Premium Payment Frequency |
Since it is a single premium policy, the premium must be paid only once at the start of the cover |
Minimum Sum Assured Per Individual Member |
Rs. 1,000 |
Maximum Sum Assured Per Individual Member |
No limit, subject to medical underwriting requirements |
Benefits / Advantages - Aviva Group Life Protect Insurance Plan and Policy
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Compensation to dependants/family members for the monetary loss incurred owing to the death of a recurring deposit or credit card holder or loanee of the credit society or financial institution or bank.
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Protection with simple formalities excluding medical test (in case the Sum Assured for an individual member is the same or lower than a predetermined limit as agreed upon by the company and the master policyholder).
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Under Section 80C of the Income Tax Act, 1961, the premium paid can be eligible for tax rebate. Please note that tax benefits are subject to change at regular intervals.
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The company has the power to make other deductions as it finds appropriate and necessary from benefits it may receive under the policy due to any tax or related payment enforced by any regulation, order, legislation or otherwise upon the nominee, master policyholder or company.
Death Benefits - Aviva Group Life Protect Insurance Plan and Policy
- If it is a loan, when a member dies, the amount payable is the same as the outstanding loan as agreed when taking membership, based on the loan schedule.
- If it is a recurring deposit, the amount payable is the sum assured due on the date of the member’s death.
Aviva Group Life Insurance Plans and Policy |
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| Aviva Group Insurance Plans |
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| Aviva Credit Plus |
| Aviva Credit Suraksha |
| Aviva Group Life Protect |
| Aviva Rural Insurance Plans |
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| Aviva Jana Suraksha Insurance Plan |
| Aviva Child Life Insurance Plans |
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| Aviva Young Scholar Secure |
| Aviva Sampoorna Suraksha |
| Aviva Young Scholar Advantage |
| Aviva Retirement Insurance Plans |
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| Aviva Annuity Plus Insurance Plan |
| Aviva Next Innings Pension Plan |
| Aviva New Family Income Builder |
| Aviva Affluence Insurance Plan |