The Aviva Group Life Protect Plan is a single premium group term plan which aims to provide life cover to the customers of banks and financial institutions. This plan requires a minimum of 50 members and there are two kinds of sum assured one can choose from. The sum assured will ultimately depend on the master policyholder to choose. Apart from this, this plan also provides various tax benefits to its customers as well.
Before buying this plan, it is important to know the eligibility criteria:
|Master Policyholder||Bank, Financial Institution|
|Minimum age at entry||18 years|
|Maximum age at entry||69 years|
|Minimum group size||50 members|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured is the minimum amount that the insured will get from the insurer. The sum assured won’t contain any benefits or bonuses that the policyholder might be entitled to. All the relevant information on sum assured for this plan is given in the table below:
|Minimum Sum Assured||Rs.1,000/member|
|Maximum Sum Assured||No Limit|
|Types of Sum Assured offered||There are two kinds of sum assured offered. They are:
Premiums to be paid will be decided at the inception of the policy. The premium payable will depend on your sum assured and premium payment term. Since this is a single term plan, the total premium will be paid in the beginning. All the relevant information on premiums for this plan is given in the table below:
|Premium Amount||Based on the sum assured|
|Premium Payment Term||Single Term|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
* Premiums will vary based on age, location, plan term, GST, and other factors.
|Death Benefit||In the unfortunate event of the insured’s death, the death benefit payable will be:
There are no rider or add-on plans.
|Grace Period||There is no grace period available for this plan.|
|Free-Look Period||A free-look period of 15 days is provided.|
|Surrender Value||Incase the insured surrenders his/her policy, the master policyholder will be eligible to be paid a guaranteed surrender value.|
Under this plan, 80% of the single premium will be payable if:
You are eligible for various tax benefits under Section 80C of the Income Tax Act,1961. Since, tax laws are subject to change, it is important that an individual consults a tax advisor before making any tax related decisions.
Apart from the policy benefit, one is also eligible for various other benefits as well.
The Aviva Group Life Protect Plan is a single premium group term plan which aims to provide life cover to the customers of banks and other financial body. This particular plan also provides various benefits including tax benefits which makes it a popular choice among the people.
Aviva Life Insurance is a joint venture between Aviva International Holdings Ltd. and Dabur Invest Corp, two of the oldest financial organisations functioning today and is considered to be one of the best insurers in the country. It is also known to be the best when it comes to taking care of its customers as it enjoys a 100% success rate in addressing its consumers’ grievances. It is also recipient of various awards which only goes onto establish its status as one of the top notch insurance companies in India.
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