• Aviva Credit Assure Group Term Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Aviva Credit Assure is a non-linked, non-participating group term plan that offers coverage to group members of the non-employer – employee groups. This insurance policy will compensate the insured's dependents or family for any financial loss that arises out of the unfortunate demise of the insured person.The Aviva Credit Assure is a term insurance plan that can be renewed on a yearly basis. If the Master Policyholder opts for the spouse cover, then it can be availed by the members too.

    Eligibility – Who is the Aviva Credit Assure for?

    In order to buy the Aviva Credit Assure, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 69 years
    Maximum age at maturity 70 years
    Term of the policy Renewable every year
    Duration of the policy Renewable on a yearly basis subject to underwriting
    Minimum size of the group 50 members

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that the nominee of the insured gets upon the unfortunate demise of the insured individual. Under the Aviva Credit Assure plan, the nominee of policyholder can avail a minimum sum assured of Rs.5,000. The maximum sum assured that can be availed is Rs.10 lakh.

    Minimum Sum Assured Rs.5,000 per member
    Maximum Sum Assured Rs.10 lakh per member

    Premiums – It is the amount that the policyholder pays in order to keep the policy active and running. The premium payment modes that can be availed under the Aviva Credit Assure plan are monthly, quarterly, half-yearly and yearly.

    Premium payment modes Monthly, quarterly, half-yearly and yearly
    Modal factor for monthly mode 0.0871
    Modal factor for quarterly mode 0.2591
    Modal factor for half-yearly mode 0.5108

    *Premiums may vary depending upon factors like term of the plan, location, age and applicable taxes/GST.

    Plan Coverage – What the Aviva Credit Assure covers

    Death Benefit In the event of the death of the insured person, the nominee or beneficiary of the insured will receive the death benefit.

    Riders / Add-on Plans – Additional coverage under the Aviva Credit Assure

    Riders or Add-on Plans cannot be availed by the policyholder under Aviva Credit Assure.

    Exclusions – What the Aviva Credit Assure does not cover

    Suicide Exclusion – In case the insured member commits suicide within a period of 12 months from the date of commencement of the Aviva Credit Assure policy, whether insane or sane, 80% of the premiums paid except the extra premium and taxes is payable to the nominee.

    Other Key Features

    Surrender The Aviva Credit Assure is a pure protection plan. The insurer will refund the premium on a pro-rata basis if a member ceases to be an assured member during the policy year.
    Free-look period The insured person or the master policyholder can enjoy a free look period of 15 days. If the master policyholder does not like the term and conditions of the plan, he/she can cancel the policy within this free-look period.

    Tax Benefits – How you can save under the Aviva Credit Assure

    Tax benefits are available with the Aviva Credit Assure plan under the prevailing tax laws.

    Why you should buy the Aviva Credit Assure from Aviva

    Aviva is one of the top insurance companies in the country. It was born out of a joint venture between Aviva International Holdings Limited and Dabur Invest Corporation. The company offers insurance solutions that cater to the needs and requirements of a wide customer base. The insurance products from Aviva are highly innovative and flexible. In addition to this, Aviva can boast of a high claim settlement ratio and a high level of customer satisfaction.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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