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.
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 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|
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.
|Death Benefit||On the unfortunate death of a member, the beneficiary will be paid the sum assured, gratuity benefit and rider benefits, if any.|
There are two rider plans available under this insurance plan. They are:
|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:
|Reinstatement||A lapsed policy can be reinstated within 5 years from the date of lapse of the policy.|
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.
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:
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.
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