• Aviva Term Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Aviva Group Term Plans

    A group term insurance plan offers life cover to a certain number of people for a specific time period. The plans are typically for employer-employee groups or affinity groups. The plans offer to compensate for the financial loss to the member’s family against the risk of untimely death of the member. Aviva Life Insurance Company has created 5 group term insurance plans, each with varying features that the master policyholder can consider before making the purchase.

    Benefits of Aviva Group Term Plans

    • Free-look period: The insurer gives the master policyholder a certain time period at the inception of the policy to review the policy. In most cases, the free-look period is for 15 days. The master policyholder may return the policy to the insurer if he/she is unhappy with the terms.
    • Grace period: A fixed time period is given to the policyholder, starting from the due date of the premium payable, to pay the premiums. Most insurers provide 15 days or 30 days as the grace period for life insurance products.
    • Premium rebate on high sum assured: A few of the group schemes provide rebates on the premium payable if the master policyholder chooses a high sum assured.
    • Tax benefits: Tax benefits can be availed under section 80C of the Income Tax Act, 1961.

    List of Group Term Plans offered by Aviva Life Insurance Company

    Aviva offers 5 group term plans with unique features that set each plan apart from the rest.

    1. Aviva Group Credit Life

    This is a non-linked insurance plan for a group of minimum 50 members. This plan offers life cover for the members of the group and helps fund loans as well. There are two death benefit options, one with an additional terminal illness benefit and another with an accidental total permanent disability benefit. A joint life cover is available for the loan types – education loan, business/partnership loan, loan against property, and home loan. The joint life cover is for 2 lives at the most.

    The plan has 4 sum assured options:

    • Flat sum assured – The sum assured remains the same throughout the policy term.
    • Reducing sum assured – The sum assured will decrease on a monthly basis according to the loan schedule.
    • Reducing sum assured + Flat sum assured during moratorium period – The sum assured will remain the same during the moratorium period and begin to decrease on a monthly basis after the completion of the moratorium period.
    • Reducing sum assured + Increasing sum assured during moratorium period – During the moratorium period, the sum assured will increase based on the outstanding interest, and begin to decrease on a monthly basis after the completion of the moratorium period.

    The minimum sum assured option available for the plan is Rs.5,000. The maximum sum assured limit is Rs.10 crores for home loans and Rs.5 crores for other loan types.

    Benefits and features of Aviva Group Credit Life

    • Death Benefit: On the death of a member of the policy, the sum assured is payable as the death benefit to the nominee. The plan offers two options along with the death benefit.
    • Death benefit + Terminal Illness Benefit: In case a member is diagnosed with a terminal illness, he/she will receive the terminal illness benefit equal to 6 equated monthly instalments.
    • Death benefit + Accidental Total Permanent Disability Benefit: In case a member suffers from total and permanent disability caused by an accident, he/she will receive the sum assured as the accidental total permanent disability benefit.
    • Maturity Benefit: Since this is a term insurance plan, no maturity benefit is payable.
    • Surrender Benefit: A single premium policy can be surrendered any time during the policy term but a limited premium policy can be surrendered only after payment of premiums for 3 policy years.
    Plan name Entry age Maturity age Premium
    Aviva Group Credit Life Minimum: 15 years for education loan; 18 years for other loan types Maximum: 70 years Single premium: Minimum: 17 years for education loan; 20 years for other loan types Limited premium: Minimum: 23 years for education loan; 26 years for other loan types Maximum: 75 years The premium payable depends on the sum assured, group size, premium payment term, etc.
    1. Aviva Group Term Life

    This is a non-linked term insurance plan for employer-employee groups or affinity groups. It is a yearly renewable plan also available for employer-employee group schemes in lieu of EDLI (Employees Deposit Linked Insurance Scheme). A group under this plan is required to have a minimum 20 members in the case of employer-employee groups and a minimum 50 members in the case of non-employer-employee groups. The minimum sum assured for the policy is Rs.5,000 per member and Rs.20 lakh per scheme. For schemes in lieu of EDLI, the minimum sum assured is Rs.6.01 lakh.

     

    Benefits and features of Aviva Group Term Life

    • Death Benefit: The Aviva Group Term Life plan comes with 3 death benefit options:
    • Death benefit as lump sum: On the death of the life assured, the nominee will receive the sum assured as the death benefit.
    • Death benefit as Regular monthly payout: Depending on the payout period chosen by the master policyholder, the death benefit is paid as regular monthly payouts compounded at 5% per annum.
    • Death benefit+Terminal illness benefit: Along with the death benefit, the life assured is eligible to receive 50% of the base sum assured if diagnosed with a terminal illness.
    • Maturity Benefit: No maturity benefit is payable since this is a pure term plan.
    • Surrender Benefit: This policy does not acquire a surrender value.
    Plan name Entry age Maturity age Premium
    Aviva Group Term Life Minimum: 18 years Maximum: 69 years for employer-employee groups; 59 years for non- employer-employee groups Maximum: 70 years for employer-employee groups; 60 years for non-employer-employee groups The premium payable depends on the sum assured, group size, premium payment term, etc.
    1. Aviva Corporate Life Plus

    This plan has been specifically designed for employer-employee groups with minimum 50 members. The plan helps compensate the financial loss incurred by family members due to the unfortunate death of the employee. Each employee receives a life cover of minimum Rs.10,000 and each scheme for minimum Rs.1 crore. The plan offers three riders that the master policy may choose to add by paying an extra premium – Group Permanent Total Disability rider, Group Double Accident Benefit rider, and Group Critical Illness rider.

    Benefits and features of Aviva Corporate Life Plus

    • Death Benefit: If the life assured expires during the term of the policy, the sum assured is payable as the death benefit. If the death was caused by an accident, an additional Double Accident Benefit rider sum assured is paid along with the death benefit, provided the master policyholder opted for the rider at the inception of the policy.
    • Maturity Benefit: No maturity benefit is payable since this is a term plan.
    • Surrender Benefit: No surrender benefit will be payable.
    Plan name Entry age Premium
    Aviva Corporate Life Plus Minimum: 18 years Maximum: 69 years The premium payable depends on the sum assured, group size, premium payment term, etc.
    1. Aviva Corporate Shield Plus

    The Aviva Corporate Shield Plus is a yearly renewable term insurance plan created for corporates to provide life cover to their employees. Each scheme is required to have at least 20 members. This plan acts as an alternative to life insurance covers in lieu of EDLI. The plan also offers Group Double Accident Benefit as a rider. While the minimum sum assured for the plan is Rs.3.6 lakh, the maximum is Rs.10 lakh.

    Benefits and features of Aviva Corporate Shield Plus

    • Death Benefit: On the death of a member of the group, the sum assured with respect to that member is payable as the death benefit.
    • Maturity Benefit: No maturity benefit is payable because this is a pure life insurance product.
    • Surrender Benefit: No surrender benefit is payable for this plan.
    Plan name Entry age Maturity age Premium
    Aviva Corporate Shield Plus Minimum: 18 years Maximum: 74 years Maximum: 74 years The premium payable depends on the sum assured, group size, premium payment term, etc.
    1. Aviva Credit Assure

    This is a non-linked group term insurance plan designed for non-employer-employee groups. It is a yearly renewable plan that allows members to cover their spouses if the option has been opted by the master policyholder. The size of the group is required to be 50. The minimum sum assured is Rs.5,000 per member and the maximum sum assured is Rs.10 lakh per member.

    Benefits and features of Aviva Credit Assure

    • Death Benefit: On the death of a member of the scheme, the sum assured is payable to the beneficiary.
    • Maturity Benefit: No maturity benefit is payable since this is a pure term plan.
    • Surrender Benefit: This plan does not acquire a surrender value.
    Plan name Entry age Maturity age Premium
    Aviva Credit Assure Minimum: 18 years Maximum: 69 years Maximum: 70 years The premium payable depends on the sum assured, group size, premium payment term, etc.

    Why you need Aviva Group Term Plans

    Aviva Life Insurance Company was formed by the coalition of Dabur Invest Corp and Aviva International Holdings Limited. The company has over 33 million customers across the globe. They have a wide range of life insurance products to choose from and have more than 107 branches scattered in India. The 100% grievances solved ratio for the FY 2016-17 proves the efficiency of the working of the life insurance company. The group term plans offered by Aviva are simple, affordable and have features that suit the requirements of the groups.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    *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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.