Aviva Nayi Grameen Suraksha is a non-linked, non-participating term insurance plan that will secure the future of the dependants and beneficiaries of a policyholder, in case something untoward happens to the policyholder. Being a low-cost and highly affordable plan, premiums start from as low as Rs.500. Premiums paid towards the policy are also eligible for tax benefits as per the prevailing laws of the Income Tax Act, 1961. The key benefit of this plan is that in the event of an untimely demise of the policyholder, the insurer will pay the Sum Assured to the dependants.
An individual needs to fulfill the following eligibility criteria to avail the plan and enjoy its various benefits:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||50 years|
|Maximum age at maturity||
The Sum Assured for the Aviva Nayi Grameen Suraksha Plan is based on the length of the policy term and annual premiums. Listed below are the minimum and maximum sum assured for this policy by Aviva:
|Minimum Sum Assured||Rs.10,000 per life|
|Maximum Sum Assured||Rs.50,000 per life|
The premium is a certain sum of money that the policyholder pays to the insurer in order to be covered under the insurance policy. The Aviva Nayi Grameen Suraksha plan, being an inexpensive and affordable plan, can be paid in single premiums that range between Rs.500 and Rs.5,000.
|Minimum term of the policy||5 years|
|Maximum term of the policy||10 years|
|Premium Payment Mode||Single Premium|
|Minimum Single Premium Amount||Rs.500|
|Maximum Single Premium Amount||Rs.5,000|
*Tax laws are subject to change, from time to time, as levied by the Government.
*Single premium excludes any amount that may have been paid as extra premium and/or taxes, if any.
The Aviva Nayi Grameen Suraksha Plan has been specially tailored to provide you and your beneficiaries with the maximum benefits.
Post being enrolled under the policy, if the policyholder happens to pass away, the nominees of the insured will receive the Sum Assured from the insurer. Here are the benefits provided under the Aviva Nayi Grameen Suraksha Plan:
|Death Benefit||A lump-sum amount will be paid as the guaranteed death benefit to the nominee if the insured passes away during the policy term. The Death Benefit is equal to the Sum Assured, and this is in turn affected by the entry age of the insured at the time of taking the policy.|
|Maturity Benefit||The policy does not provide Maturity Benefits.|
If the policyholder commits suicide within one year from the date of the commencement of the policy, the insurer will be liable to pay 80% of the single premium paid by the policyholder, to the nominee, excluding any extra premiums and taxes.
Knowing certain important features and terms of the Aviva Nayi Grameen Suraksha Plan can help you make an informed decision.
|Free-look period||The policy comes with a free-look period of 15 days, within which you can return it, if you are unsatisfied with the policy terms.|
|Surrender value||The policy can be surrendered any time after the first year. The Surrender Value will be paid only if it is equal to or higher than Rs.250, else no Surrender Value will be paid.|
|Loan||Loan facility will not be provided against this policy by Aviva.|
|Nomination||Under this policy, Nomination is permitted in accordance with Section 39 of the Insurance Act, 1938.|
|Assignment||Under this policy, Assignment is allowed in accordance with Section 38 of the Insurance Act, 1938.|
|Acceptance||Receipt of the completed proposal and initial payment does not make Aviva liable to accept any risk, until the insurer has issued the policy.|
Any premiums paid by the policyholder towards the Aviva Nayi Grameen Suraksha Plan are eligible for tax benefits under the prevailing laws of the Income Tax Act, 1961. Tax laws are subject to change without prior notice.
Aviva, one of the oldest Insurance companies in the world, served over 31 million customers across 16 countries, as of March 2015. Aviva Life Insurance Company India Limited currently has 108 branches spread across the country, a varied product portfolio and over 13,500 Financial Planning Advisors in India, making the company and its many products easily accessible to the growing consumer base. For the financial year 2016-2017, Aviva Life has a Claim Settlement Ratio of 90.60%. The company is committed to offering its customers superior insurance management experience and maximum benefits for policyholders and their nominees.
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