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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

  • 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.
  • 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).
  • 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.
  • 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

 

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