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Aviva Credit Suraksha Insurance Plan and Policy

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

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.

Basis

Group

Policy term

1 year

Premium paying term

Same as policy term

Premium payment frequency

Yearly, half-yearly, quarterly or monthly

Payment frequency

Factor

Half Yearly

0.5108

Quarterly

0.2591

Monthly

0.0871

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.

Loans

NA

Grace Period

Grace period of 30 days is offered to master policyholder. Policy shall relapse in non-receipt of premium during the grace period.

Free Look Period

NA

Eligibility Details - Aviva Credit Suraksha Insurance Plan and Policy:

Entry Age

  • Minimum – 18 years

  • Maximum – 64 Years

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

  • Maximum Sum Assured of Rs.1 lakh per member

  • Minimum Sum Assured of Rs.20 lakhs per group

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

  • Eliminate or reduce effects of financial losses arising out of the unfortunate event of death of a borrower.
  • Families of covered members receive assistance to cope with the financial pressures arising out of unpaid loans.
  • Financial protection offered to families of members on top of the loan protection.
  • Option spouse inclusion plan in the same policy.

Aviva Group Life Insurance Plans and Policy

 

Aviva Group Insurance Plans
Aviva Credit Plus
Aviva Credit Suraksha
Aviva Group Life Protect
Aviva Term Protection Plans
Aviva i-Life Insurance Plan
Aviva i-Shield Insurance Plan
Aviva LifeShield Advantage Insurance Plan
Aviva LifeShield Platinum Insurance Plan
Aviva LifeShield Plus Insurance Plan
Aviva Extra Cover Insurance Plan
Aviva i-Life Secure Insurance Plan
Aviva i-Life Total Insurance Plan
Aviva Rural Insurance Plans
Aviva Jana Suraksha Insurance Plan

Aviva Child Life Insurance Plans
Aviva Young Scholar Secure
Aviva Sampoorna Suraksha
Aviva Young Scholar Advantage
Aviva Retirement Insurance Plans
Aviva Annuity Plus Insurance Plan
Aviva Next Innings Pension Plan
Aviva New Family Income Builder
Aviva Affluence Insurance Plan