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
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Entry Age (Last Birthday) |
Minimum : 18 Years last birthday |
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Maturity Age |
Maximum Maturity Age : 80 Years last birthday |
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Number of lives in a scheme |
Minimum number of lives in a scheme: 5 |
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Cover Term |
Minimum Cover Term :3 Months Cover Term can be chosen:
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Premium |
Min Premium(per scheme): Rs.1000/- Max Premium (per scheme): Rs. No Limit, subject to Board Approved Underwriting Policy |
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Premium Payment Term |
Single Premium |
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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 |
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Premium Payment Frequency |
Single Premium |
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Revival |
NA |
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Grace Period |
Grace 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.
UIN: 122N143V01
AN: Sep 63/22
Why should you buy Aviva Group Micro Insurance Plan
Aviva Group Micro Insurance Plan is that one plan which offers you both, wealth creation and financial security, with added convenience.
Benefits of Aviva Group Micro Insurance Plan
Plan options
Eligibility
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