The Aviva Credit Suraksha insurance policy is a comprehensive scheme that offers financial security to members of unorganized groups and their families. The plan does it via risk cover that might be linked, graded or flat. The member can avail option life coverage for his/her spouse. The Master Policyholder for the Aviva Credit Suraksha insurance policy can be any bank or Micro Finance Institution.
In order to buy the Aviva Credit Suraksha, 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||64 years|
|Minimum size of the group||100|
|Master Policyholder||Micro financial institution|
|Term of the policy||1 year|
Sum Assured – It is the amount that the nominee or beneficiary of the policyholder receives after the unfortunate demise of the insured person. The sum assured under the Aviva Credit Suraksha stands at Rs.1 lakh per person. For each scheme, the sum assured under this plan is Rs.20 lakh.
|Maximum sum assured (per member)||Rs.1 lakh|
|Maximum sum assured (per scheme)||Rs.20 lakh|
Premiums – It is the amount that the policyholder pays to the insurer in order to keep the plan active and running. Under the Aviva Credit Suraksha, the premium payment frequency that can be availed are monthly, quarterly, half-yearly and yearly.
|Premium payment frequency||Monthly, quarterly, half-yearly and yearly|
|Modal factor for half-yearly premium||0.5018|
|Modal factor for quarterly premium||0.2591|
|Modal factor for monthly premium||0.0871|
*Premiums may vary depending upon factors like age, location, term of the plan and applicable taxes/GST.
|Death Benefit||The Master Policyholder will receive the death benefit upon the unfortunate demise of the member. In case the sum assured is more than the outstanding loan amount, the Master Policyholder will deduct that amount and the nominee will receive the remaining amount as death benefit.|
Riders or Add-on Plans cannot be availed by the policyholder under Aviva Credit Suraksha.
There are no exclusions under the Aviva Credit Suraksha plan.
|Reinstatement||The Aviva Credit Suraksha Policy can be reinstated within a period of 6 months from the lapse date.|
|Grace period||A grace period of 30 days can be availed by the policyholder under this plan. If the policyholder fails to pay the premiums within this period, then the plan will lapse.|
|Policy Renewal||The Aviva Credit Suraksha insurance policy can be renewed every year.|
Tax benefits can be availed by the policyholder with the Aviva Credit Suraksha under the prevailing tax laws.
Aviva Life Insurance Company is one of the leading insurance service providers across the country. The insurance solutions offered by Aviva come with great benefits and features. They are tailored to meet the changing requirements and needs of the customers. This company is the joint venture of Aviva International Holdings Limited and Dabur Invest Corporation. The organisation serves 31 million customers spread across 16 different countries. The claim settlement ratio for Aviva Life Insurance Company is very high. The Aviva Credit Suraksha plan offers financial security to members of unorganized groups and their families.
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