Corporate Life Plus Group Term Plan is a group term insurance plan designed to provide protection to employees by their corporate sectors. The employer or the head of the group is the master policyholder. The member can enjoy benefits such as tax benefits and also death benefit if the insured dies unfortunately. The payment of premiums are flexible and depending on ones choice can be paid on a yearly, half-yearly, quarterly or monthly basis. The minimum number of members required are 50 and the minimum sum assured is Rs.10,000 for each member and maximum being Rs.1 crore per scheme. The minimum entry age is 18 years and maximum age of entry being 69 years.
In order to purchase this plan, you need to meet the eligibility criteria that are set by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||69 years|
Note: Ages mentioned above are as on the policy buyer’s last birthday.
Sum Assured will be the minimum amount to be paid to the insured by the insurer. Relevant information regarding Sum Assured for this plan is given in the table below:
|Minimum Sum Assured||Rs.10,000 per employee|
|Maximum Sum Assured||1 crore per scheme|
The premium to be paid will be chosen by the master policyholder depending on the size of the group, occupation and the sum assured chosen by each individual. Relevant information on premiums as per this plan is given below in the table below:
|Master Policyholder||The head of the group will be the master policyholder.|
|Minimum Group Size||A group of minimum 50 people|
|Policy Term||1 year. Renewable on a yearly basis.|
|Premium Payment Term||Same as the policy term|
|Premium Payment Mode||
|Half-Yearly Premium Amount||0.5108 times the Annual Premium|
|Quarterly Premium Amount||0.2591 times the Annual Premium|
|Monthly Premium Amount||0.0871 times the Annual premium|
*Premiums vary based on age, location, plan term, GST, and other factors.
Listed below are the benefits that the policyholder or his/her nominee are eligible to receive from Aviva Life:
|Maturity Benefit||There is no maturity benefit payable in this plan|
|Death Benefit||In the event of an unfortunate death of the insured, the nominee will be paid the sum assured.|
This particular plan provides upto three rider plans which are:
This particular has a suicide exemption. If the insured commits suicide within a year of the purchase of the policy, no benefit will be payable.
There won’t be any death benefit payable for the first 45 days from the date of the individual becoming a member except if he/she dies in an accident.
|Grace period||A period of 30 days is provided to the master policyholder to pay the premiums or else the policy will lapse.|
|Free-look period||A free-look period of 15 days are provided.|
|Reinstatement||If the premium is unpaid, the policy will lapse, but it can be reinstated within six months from the date of lapse.|
|Nomination||This policy provides nomination facility|
You are eligible to get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Since, tax laws are subject to amendments, one should consult a tax advisor incase of any queries
Along with tax benefits, this particular plan also provides various other benefits as well.
The Corporate Life Plus Group Term Plan is a simple and traditional insurance policy which has been specifically designed to provide protective cover to the employees working in corporate sector. There are three rider plans to choose from which adds an extra layer of protection. Apart from that, one can also enjoy various tax benefits too which makes it a popular choice for those wanting to purchase a group insurance plan.
Aviva Life Insurance is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, two of the oldest financial institutions in their own right. Aviva boasts of having more than 40 million customers across 20 plus countries. Dabur Invest Corp is a flagship company of Dabur International, a company known to produce traditional health products in India. Aviva Life Insurance which is a recipient of various awards boasts of having 100% success in grievance addressing and has a extensive customer support available for its customer 24x7.
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