• Aviva Rural Credit Protection Plans

    Life Insurance
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    Aviva Rural/Credit Protection Plans

    Every individual has financial goals which he/she wants to achieve over a period of time and hence they choose various tools which play a role in them trying to achieve their dreams. Loans, recurring deposits and credit cards are some of the basic instruments which help us in trying to fulfill those requirements. Nobody can predict the future and so is death, hence, Aviva offers special plans which enables an individual to see his/her dreams become a reality irrespective of whether he/she is there or not. Rural/Credit Protection Plans are group schemes which aim to cover people who have taken loans or instruments similar to it.

    Benefits of Aviva Rural/Credit Protection Plans

    Some of the benefits provided by Rural/Credit Protection Plans are:

    • Free-Look Period: A free-look period of 15 days is provided.
    • Death Benefit: Death benefit will be payable under each of the plans. The death benefit will be settled with the master policyholder who will then pay it to the beneficiary after deducting the outstanding loan/balance in the insured’s account.
    • Tax Benefit: Tax benefits are available under Income Tax Act,1961 for each of the Rural/Credit Protection Plans.

    List of Rural/Credit Protection Plans offered by Aviva

    There are two Rural/Credit Protection Plans offered by Aviva.

    1. Aviva Group Life Protect Plan: This is a single term insurance  available for those who are consumers of any financial organisation or have availed any loans. The plan also provides coverage to people with credit cards. It also acts as a protective cover incase the member of this plan dies due to any unforeseen circumstances. This plan requires a minimum of 50 people with the minimum age being 18 years and maximum age 69 years. The minimum sum assured that a member can be eligible for is Rs.1,000 while there is no limit on maximum sum assured. The members of this plan are also eligible for benefits which includes the tax benefits as well.

    Benefits of Aviva Group Life Protect Plan

    • Death Benefit: Death benefit will be payable incase of death of one of the member under this plan. If the insured has availed any loan, the insurer will pay the master policyholder the sum assured who will deduct the outstanding loan amount before paying the rest of the amount to the beneficiary. The same process will be applied incase the member is a credit card holder or has a recurring deposit account to his name.
    • Tax Benefit: The member of the plan will be eligible for various tax benefits under Income Tax Act,1961.
    Plan name Entry Age Premium
    Aviva Group Life Protect Plan Minimum- 18 years Maximum-69 years The premium payable will calculated on the given formula: 16.08x total loan amount/1000
    1. Aviva Credit Suraksha: It is a group insurance plan which provides financial security to groups which are smaller and unorganised in nature such as affinity groups. The plan provides an economical method of offering risk cover to its members which also includes a spouse cover. The plan is handled by a master policyholder who may be a representative of any financial institutions including a bank. The sum assured can either be flat or equal to the bank balance available in the member’s account. The scheme aims to cover any outstanding loan amount the individual may require to pay as well as provides death benefits to the nominee registered under this scheme. The minimum sum assured under this plan is Rs.1 lakh per member and minimum sum assured for a group as a whole is Rs.20 lakh.

    Benefits of Aviva Credit Suraksha

    • Tax Benefit:  A member of this plan can avail various tax benefits under Income Tax Act. 1961.
    • Death Benefit: In case of death of a member under this plan, the death benefit will be paid to the master policyholder who will then disburse the loan amount and credit the rest to the beneficiary’s account.
    • Discount: The member can be eligible for a discount on the premium payable depending on the sum assured chosen.
    • Spouse Cover- This plan also provides the member the option to avail coverage for his/her spouse as well.  
    Plan name Entry Age Premium
    Aviva Credit Suraksha Minimum- 18 years Maximum- 64 years Premium payable will depend on various factors such as age of the members, sum assured, group size etc.

    Why do you need Aviva Rural/Credit Protection Plans?

    You all have dreams which you want to fulfill for your family and near and dear ones. Hence, you take loans and other similar instruments in order to achieve your goals. Since, nobody can predict the future, death is an imminent event which could happen anytime, you require a tool so as to ensure that the payment of loan is done in a smooth manner and also to protect your family from the loan sharks regardless of whether you are there or not. Aviva offers group plans called Rural/Credit Protection Plans which aim to provide cover and help clear pending loans incase you are not there in future.

    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 Life Insurance is considered to be one of the top insurers in India and offers a variety of products to its customers. It is also one of the best when it comes to taking care of their customers as it boasts of having a 100% success rate in addressing their consumers’ grievances. They are also the recipient of various awards which only goes on to establish their image as one of the biggest and best insurance companies in the country right now.

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