Aviva Group Life Protect Yojna is a single premium group term life insurance plan which provides life cover. It is primarily targeted to customers of financial institutions, banks, cooperative banks and credit societies providing home loan, loan against property, education loan, car loan, two wheeler loan, tractor loan and personal loan. It also coverscredit card and recurring deposit holders and their sum assured will depend on requirements of the master policyholder.
Master Policyholder: Bank/Financial Institution/Credit Society
Coverage: At least 50 employees
Entry age: 18 to 69 years (last birthday)
Type of Sum Assured offered: Reducing, Flat
Minimum Sum Assured: Rs. 1,000 (per member)
Maximum Sum Assured: No limit
Loan Term: 1 year to 30 years
What is the member going to get?
In case of loan, the amount payable on the death of the member is equal to the loan outstanding as per the loan schedule finalized at the outset of taking the membership.
In case of recurring deposit, sum assured due as on date of death will be payable.
What is the master policyholder going to get?
Tax benefits are as per the provisions of the Income Tax Act, 1961. Tax laws are subject to change.
Advt No: sep 62/16