The Aviva Sampoorna Suraksha Rural Plan is a non-participating, non-linked, life insurance policy. This plan not only provides policyholders a risk cover, but also gives them substantial returns on their investments. The Sampoorna Suraksha policy is a low-cost policy with annual premiums starting from Rs.750. Under this plan, policy buyers can choose an 8-year, 9-year, 10-year, or 15-year policy tenure, for a coverage term that best suits their needs.
In order to purchase this plan, you need to meet the eligibility criteria that is set by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||50 years|
|Maximum age at maturity||65 years|
Note: Ages mentioned above are as on the policy buyer’s last birthday.
You will have to choose your Sum Assured at the time of purchasing your policy, and this amount will in turn decide your premiums for the policy tenure. For the Aviva Sampoorna Suraksha Rural Plan, the minimum and maximum Sum Assured will vary, based on your policy term.
|Minimum Sum Assured||
|Maximum Sum Assured||Rs.3 lakh|
You will have to pay a premium to the insurer to keep your policy benefits active. The minimum and maximum premium that you can pay will be based on your policy term.
|Policy Term||8 years, 9 years, 10 years, or 15 years|
|Premium Payment Term||
|Premium Payment Mode||Annual or Bi-Annual The premium for the bi-annual mode will be 51.08% of the premium amount for the annual payment mode.|
|Minimum Premium Amount||
|Maximum Premium Amount||
*Premiums vary based on age, location, plan term, GST, and other factors.
Listed below are the benefits that the policyholder or his/her nominee are eligible to receive from Aviva Life:
|Maturity Benefit||Policyholders will receive a maturity benefit or a maturity sum assured from the insurer if they survive till the completion of the policy tenure. The maturity sum assured will vary as per your entry age and policy term.|
|Death Benefit||If the policyholder passes away during the policy term, the insurer will pay a Death Sum Assured to the nominee.
Additional riders cannot be purchased by policyholders under the Aviva Sampoorna Suraksha Rural Plan.
The Aviva Sampoorna Suraksha Rural Plan has a suicide exclusion. If the life assured, whether sane or insane, happens to commit suicide within 12 months from the date of the policy purchase, no death benefit will be paid by Aviva. The insurer will return 80% of the premiums paid to the nominee. However, if the policyholder commits suicide within 12 months after he/she revives the policy, the nominee will be paid either the Surrender Value or 80% of the premiums, whichever is the highest.
|Grace period||If you have missed paying your premium, you will be provided a grace period of 30 days by Aviva Life, to pay the due premium.|
|Free-look period||If the policy terms and conditions do not appeal to you, you can return the policy to the insurer, within the free-look period. The free-look period for the Aviva Sampoorna Suraksha Rural Plan is 15 days.|
|Policy Lapse||If you haven’t completed two policy years and have missed paying a subsequent premium, your policy will lapse.|
|Paid-Up Policy||If you have completed two policy years and have paid all your past premiums regularly, but have missed the subsequent premium payment, your policy will become a Paid-Up Policy. The benefits for Paid-Up Policies are not the same as your regular policy benefits.|
|Policy Revival||To revive your policy, you need to pay your due premiums with an interest of 9% p.a.|
|Surrender Value||Policyholders who are enrolled under a Single Premium Plan can surrender their Sampoorna Suraksha Rural Plan anytime, but those who have opted for Limited Premium Payment Plans need to have paid premiums for at least 2 years, before they can surrender their policy. The Surrender Benefit you will be paid will be the highest of the Special Surrender Value or the Guaranteed Surrender Value.|
|Loan||You can’t take a loan against this policy.|
|Nomination||Nomination facility is provided under this policy.|
|Assignment||Assignment is also permitted under this policy.|
The Aviva Sampoorna Suraksha Plan is a low-cost plan that offers policy buyers a lot of flexibility in terms of the policy tenure. The benefits paid by the insurer will ensure that your family’s immediate and long-term financial goals can be met, even if something untoward happens to you in the future. Further, Aviva Life Insurance Company is one of the most preferred insurers in the country. The joint venture company has a large number of branches, over 13,500 financial advisors and a high claim settlement ratio of 90.60%, for the financial year 2016-2017.
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