Aviva Credit Assure

Overview

This group term life insurance plan compensates the financial crisis arising on death of the insured member.  Plan is primarily targeted to members of non employer- employee groups.

Option for member to cover spouse as well, if opted by master policy holder at scheme level.

Specification

  • Master Policyholder: Non employer employee groups
  • Minimum Proposed Member Required : 50
  • Entry age: Members between age of 18 and 69 years
  • Policy Term: Yearly renewable plan
  • Premium Payment Frequency: Annually, half yearly, quarterly or monthly
  • Premium: Dependent on the size of member group, their age, their occupations and the cover amount
  • Criteria of Sum Assured: The Master Policyholder has the option to select different levels of sum assured for their members, subject to underwriting requirements of the company.
  • Minimum Sum Assured:   5,000 (per member)
  • Maximum Sum Assured: 10,00,000 (per member)

What will the employees / members get?

Death Benefit

In case of death of the insured member, the applicable Sum Assured shall be payable to the nominee/beneficiary of the member.

The claim payout is made to the nominee/beneficiary directly. In Lender Borrower schemes, in cases where specific authorization is received from the member, outstanding Loan amount is settled in favour of Master Policyholder & Balance Claim amount if any is paid directly in favour of nominee/beneficiary of the deceased member of the Group Policy.

What is institution going to get

Goodwill created for the institute. For Lender-borrower cases the loan given to a member by the master policyholder is secure in case of the death of the member.

Download Brochure    T&C and Policy Schedule

UIN: 122N112V01

ARN: Jan 11/17