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  • Aviva New Group Leave Encashment Gratuity Leave Encashment 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

    Aviva Group Gratuity Advantage Plan is a group unit-linked product which aims to provide gratuity payment and financial cover to people working in the corporate sector. Gratuity  is a mandatory payment made by the company, which increases with the salary and employees’ tenure. Since, it may become difficult for an organisation to pay the gratuity from their main revenue fund, this plan acts as a resource for the company to successfully pay their employees gratuity.

    Eligibility - Who is the Aviva Group Gratuity Advantage Plan for?

    Before you decide to avail this plan, it is important to know the eligibility criteria for this plan. The eligibility criteria for are given in the table below:

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 74 years
    Minimum Maturity Age NA
    Maximum Maturity Age NA

    *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 is the minimum amount that the insured will get from the insurer. The sum assured won’t contain any benefits or bonuses the insured might be entitled to. Below in the table is the relevant information regarding the sum assured for this plan:

    Minimum Sum Assured Rs.1,000 per employee
    Maximum Sum Assured Rs.1 crore per employee

    Premiums*

    Premium to be paid by the master policyholder will depend on various factors such as the number of members under the plan, sum assured, frequency of premium payments, etc. The relevant information regarding the premium for this plan is given in the table below:

    Master Policyholder Head of the institution
    Minimum group size 10
    Policy Term 1 year and renewable every year
    Premium Payment Term (PPT) Single Term
    Minimum Premium Rs.1 lakh

    * Premiums will vary based on age, location, plan term, GST, and other factors.

     

    Plan Coverage – What does the Aviva Group Gratuity Advantage Plan cover?

    Death Benefit On the unfortunate death of a member, the beneficiary will be paid the sum assured, gratuity benefit and rider benefits, if any.
    Maturity Benefit NA

    Riders/Add-On Plans – Additional coverage under the Aviva Group Gratuity Advantage Plan

    There are two rider plans available under this insurance plan. They are:

    • Group Double Accident Benefit Rider
    • Group Permanent Disability Rider

    Other Key Features – Free-Look Period, Grace Period, Partial Withdrawal, etc.

    Grace Period There is no grace period available with this plan since the premium payment term is single.
    Free-Look Period A free-look period of 15 days is given during which the master policyholder can return back the policy if he/she does not agree with the terms and conditions.
    Investment Funds The master policyholder has the option to invest in upto seven-funds. They are:
    • Pension Cash Fund
    • Pension Debt Fund
    • Pension Secure Fund
    • Pension Growth Fund
    • Pension Balanced Fund
    • Pension Short Term Debt Fund
    • Pension Income Fund
    Reinstatement A lapsed policy can be reinstated within 5 years from the date of lapse of the policy.

    Tax Benefits – How you can save with the Aviva Group Gratuity Advantage Plan

    You will be eligible for various tax benefits as per this plan under the Income Tax Act, 1961. Benefits paid on death are exempted from tax.

    • Premiums paid equivalent upto 8.33% of a member’s salary package will be exempted from tax.
    • Gratuity equivalent to six month’s average salary for each year of service will be exempted from tax under Section 10(10D).

    Other Benefits of Aviva Life Insurance

    Aviva Life Insurance not only provides you with various benefits that you are entitled to, but also presents you with various other non-policy benefits as a customer of Aviva Life Insurance. Some of the benefits provided are:               

    • Information about various products: You can find information on various products offered by Aviva before zeroing down on the product of your choice.
    • Buy your plan online: You can purchase the plan of your choice online thus saving you time and making the whole process a hasslefree one.
    • Manage your policy: Whether its paying your premium or filing a claim, you can manage your policy by visiting Aviva’s official website all from the comfort of your home.
    • Planning: Aviva helps you in planning for your future. Whether it is planning for your life post retirement, or computing the cost of your children’s education, Aviva helps you make the right calculations as per your financial requirements.
    • Customer Service: Aviva boasts of an extensive customer care service. You can call them on their toll free number or mail them on their official email id in case of any queries. Aviva customer care support executives are there to address all your grievances 24x7 whenever you want, irrespective of time and place.

    Why you should buy the Aviva Group Gratuity Advantage Plan?

    Aviva Group Gratuity Advantage Plan aims to ensure that the gratuity is paid to the employees who have worked in the organisation for five years. The master policyholder has the option of investing in upto seven funds and allocate the investments in proportions of his/her choice. A member also gets the option of reinstating his/her master policy incase it gets lapsed due to whatever reason. The plan also offers various tax benefits which makes it a sought after group unit-linked insurance plan. This particular plan also provides rider options which adds an extra layer of protection as well.

    Aviva Life Insurance is a joint venture between Aviva International Holdings Limited and Dabur Invest Corp, two of the oldest financial institutions functioning today. Aviva boasts of having more than 40 million customers spread across 20 plus countries. Dabur Invest Corp is a flagship company of Dabur International. Aviva is also considered to be one of the best companies known for taking care of their customers as it boasts of having 100% success in addressing their consumers grievances. Aviva is also a recipient of various awards including ‘Certificate of Excellence’ at the PR Week Asia Awards 2014 in Hong Kong.

    *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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