• Aviva Group Life Protect Rural Credit Protection 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 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.

    Eligibility- Who is the Aviva Group Life Protect Plan for

    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 and Premium Range- What you get and what it costs

    Sum Assured

    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:
    • Reducing Sum Assured
    • Flat Sum Assured

    Premiums*

    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.

    Plan Coverage- What does the Aviva Group Life Protect Plan cover?

    Death Benefit In the unfortunate event of the insured’s death, the death benefit payable will be:
    • The nominee will be eligible to receive the flat sum assured if applicable or
    • The nominee will be eligible to receive the reduced sum assured if applicable.
    Maturity Benefit NA

    Riders/Add-On Plans – Additional coverage under the Aviva Group Life Protect Plan

    There are no rider or add-on plans.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    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.

    Exclusions - What the Group Life Protect Plan doesn’t cover?

    Under this plan, 80% of the single premium will be payable if:

    • If the member commits suicide within one year of the purchase of the policy.
    • If the member dies due to any accident within 45 days of the effective member date.

    Tax Benefits – How you can save with the Aviva Group Life Protect Plan

    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.

    Other Benefits of Aviva Life Insurance

    Apart from the policy benefit, one is also eligible for various other benefits as well.

    • Information about various products: You can find various information online on the products offered by Aviva.
    • Buy your plan online: You can also purchase this plan from Aviva’s official website.
    • Manage your policy: You can take care of your policy from the comfort of your home. Whether it is paying your premium, or settling your claims, you can manage your policy the way you want.
    • Planning: Aviva helps you in planning for your future. Whether it is calculating the money required to lead your current standard of living post retirement or computing your children’s education, Aviva helps you calculate your needs as per your financial capability and accordingly make decisions.
    • Customer Service: Aviva boasts of an extensive customer care support service available 24x7. You can call them on their toll-free number or mail them on their official email id. You can even ask them to call you back by providing your contact details.

    Why you should buy the Aviva Group Life Protect Plan

    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.

    *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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