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Aviva Group Micro Insurance Plan

Aviva Group Micro Insurance Plan

Aviva Life Insurance presents the Aviva Group Micro Insurance Plan which is designed to take care of the needs of the people in the lower income groups. It is a plan that covers loan funding, in case the borrower is not around. It safeguards the loan and let the family enjoy the assets created through loans and hard-earned savings without any worries.

Specification

Entry Age

(Last Birthday)

Minimum : 18 Years last birthday               
Maximum: 79 years last birthday (if cover term is less than equal to 12 months)
Maturity AgeMaximum Maturity Age : 80 Years last birthday
Number of lives in a schemeMinimum number of lives in a scheme: 5               
Minimum/maximum Premium and Sum Assured: No Limit, subject to Board
Cover Term

Minimum Cover Term :3 Months               
Maximum Cover Term: 60 Months

Cover Term can be chosen:

  • in multiple of one month up to Cover Term of 12 months or
  • in multiple of three months for Cover Term from 12-36 months or
  • in multiple of six months for Cover Term from 36-60 months
Premium

Min Premium(per scheme): Rs.1000/-

Max Premium (per scheme): Rs. No Limit, subject to Board Approved

Underwriting Policy

Premium Payment TermSingle Premium
Sum Assured

Minimum sum Assured per member: Rs.1,000

Minimum sum Assured per group:Rs.1,00,000

Maximum Sum Assured per member: Rs.2,00,000

Maximum Sum Assured per group: No Limit, subject to Board Approved Underwriting Policy

Premium Payment FrequencySingle Premium
RevivalNA
Grace PeriodGrace period is not applicable under this plan

What will the employees / members get?

Death Benefit               
In case of death of the life insured, Sum Assured of the respective member will be payable.

 

Joint Life Cover

The cover can be offered on a ‘Joint Basis’ wherein the borrowers are jointly insured for 100 percent of the sum assured. On the first occurrence of the insured event viz. Death on any life, the sum assured shall be paid and the insurance cover for the surviving joint borrower will cease immediately. In case of occurrence of insured event (Death) simultaneously on the lives of joint borrowers, the sum assured shall be payable in respect of single life only. The maximum number of joint borrowers that can be covered, will be two subject to insurable interest between them. For risk cover on “Joint Basis”, the premium for the individual members will depend on their individual entry ages. However, a rebate of 5% would be given on the premium chargeable in respect of the younger life.

Aviva Life Insurance presents the Aviva Group Micro Insurance Plan which is designed to take care of the needs of the people in the lower income groups. It is a plan that covers loan funding, in case the borrower is not around. It safeguards the loan and let the family enjoy the assets created through loans and hard-earned savings without any worries.

Specification

Entry Age

(Last Birthday)

Minimum : 18 Years last birthday               
Maximum: 79 years last birthday (if cover term is less than equal to 12 months)
Maturity AgeMaximum Maturity Age : 80 Years last birthday
Number of lives in a schemeMinimum number of lives in a scheme: 5               
Minimum/maximum Premium and Sum Assured: No Limit, subject to Board
Cover Term

Minimum Cover Term :3 Months               
Maximum Cover Term: 60 Months

Cover Term can be chosen:

  • in multiple of one month up to Cover Term of 12 months or
  • in multiple of three months for Cover Term from 12-36 months or
  • in multiple of six months for Cover Term from 36-60 months
Premium

Min Premium(per scheme): Rs.1000/-

Max Premium (per scheme): Rs. No Limit, subject to Board Approved

Underwriting Policy

Premium Payment TermSingle Premium
Sum Assured

Minimum sum Assured per member: Rs.1,000

Minimum sum Assured per group:Rs.1,00,000

Maximum Sum Assured per member: Rs.2,00,000

Maximum Sum Assured per group: No Limit, subject to Board Approved Underwriting Policy

Premium Payment FrequencySingle Premium
RevivalNA
Grace PeriodGrace period is not applicable under this plan

What will the employees / members get?

Death Benefit               
In case of death of the life insured, Sum Assured of the respective member will be payable.

 

Joint Life Cover

The cover can be offered on a ‘Joint Basis’ wherein the borrowers are jointly insured for 100 percent of the sum assured. On the first occurrence of the insured event viz. Death on any life, the sum assured shall be paid and the insurance cover for the surviving joint borrower will cease immediately. In case of occurrence of insured event (Death) simultaneously on the lives of joint borrowers, the sum assured shall be payable in respect of single life only. The maximum number of joint borrowers that can be covered, will be two subject to insurable interest between them. For risk cover on “Joint Basis”, the premium for the individual members will depend on their individual entry ages. However, a rebate of 5% would be given on the premium chargeable in respect of the younger life.

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UIN: 122N143V01, AN: Sep 63/22
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