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.
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 – 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.
|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 or Add-on Plans cannot be availed by the policyholder under Aviva Credit Assure.
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.
|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 are available with the Aviva Credit Assure plan under the prevailing tax laws.
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.
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