A Non-participating non-linked group term insurance plan

Aviva Group Term Life

Aviva Group Term Life

A non-linked non-participating group term life insurance plan

Overview

Employer or Affinity group either ways you always want a fulfilling life for your employees/members and their loved ones. One of the individual’s prime concerns is the security and safety of their families. Aviva Group Term Life is a yearly renewable group insurance plan designed to provide life cover to Employer-Employee (including schemes in lieu of Employees Deposit Linked Insurance Scheme) and affinity groups.

Specification

Entry Age
(Last Birthday)

Minimum : 18 years
Maximum
Short Term Plan: 79 years
One Year Renewable Group Term Assurance (OYRGTA) Plan: Option A: 79 years, Option B: 74 years

Maximum Maturity Age
(Last Birthday)

Short Term Plan: 80 years
OYRGTA Plan: Option A: 80 years, Option B: 75 years

Minimum Group Size

10 for Employer-Employee Schemes;
50 for Non Employer-Employee Schemes

Sum Assured

 

Minimum Sum Assured

Per Member

Per Scheme

Rs. 5,000

For Employer Employee Scheme Rs. 50,000
For Non Employer Employee Scheme Rs. 250,000

Maximum Sum Assured
Maximum Sum Assured per member for a One Year Renewable Group Term Assurance (OYRGTA) Plan: No limit, subject to Board Approved Underwriting Policy
Maximum Sum Assured per member for a Short Term (Cover Term 1 to 11 months) Plan: Rs. 5,00,000, subject to Board Approved Underwriting Policy

Policy Term

Cover Term

Premium Payment Term

Benefit Allowed

1 to 11 months

Single Pay

Only Basic Death Cover

One Year Renewable Group Term Assurance

Annual (Premium Payment Term does not exceed 1 year for this plan)

Basic Death Cover and Terminal Illness benefit, if opted for

Minimum and Maximum Premium

Minimum Premium (per scheme): Short Term Plan: Rs. 2,500 and OYRGTA: Rs.25,000
No limit on maximum premium. It would depend upon the total Sum Assured under the scheme

Premium Payment Frequency

Short Term Plan (Cover Term <= 11 months): Single
OYRGTA Plan: The premium can be paid in yearly, half-yearly, quarterly or monthly frequencies.

Who is the Master Policyholder ?

The Master Policy Holder in the case of an "Employer Employee Group" is the Employer and for other groups it would be the entity with members who would not have come together solely for the purpose of buying insurance.

What are the benefit options available under this Product ?

Death Benefit
The plan offers two options.

  1. Short Term Plan where the coverage could be from 1 to 11 months with a Single Premium Payment and
  2. One Year Renewable Group Term Assurance (OYRGTA) Plan with Annual Premium Payment where annual premium can be paid on yearly, half yearly, quarterly or on monthly basis.

The OYRGTA plan provides following two types of benefit options.

  • Option A: Pure Term Cover-Lump Sum Benefit
    This option provides life insurance coverage in form of a lump sum benefit. In case of death of the insured member, Sum Assured is payable as a lump sum and coverage is terminated for that member.
  • Option B: Pure Term Cover with Terminal Illness Benefit
    This option is available only for Employer-Employee OYRGTA schemes. This option provides life insurance coverage along with accelerated benefit for Terminal Illness. In case of death of the insured member, Sum Assured is payable as lump sum. In case the insured member is diagnosed suffering from any terminal illness, 50% of the Sum Assured shall be accelerated and paid subject to maximum of Rs. 1 crore. Remaining amount of the Sum Assured is payable on the death of the insured member. In case death does not happen after Terminal Illness within the policy term, then the member will be eligible for the next renewal provided he/she satisfies the ‘actively at work’ clause at the time of renewal.

Lender-Borrower Schemes:
In case the Master Policy is issued under Lender-Borrower category to any of the ‘Regulated Entities’, the Member shall have an option to issue an authorization in favour of insurer to the effect that in the unfortunate event of the Member’s death during the Coverage Term, the claim amount, if any payable under the Master Policy shall first be utilized for payment to Master Policyholder for the outstanding loan amount as specified in Master Policyholder’s Credit Account Statement and the balance amount, if any, payable under the Master Policy will be payable to the Member’s Nominees / legal heirs or legal representatives (as applicable). Presently the list of Regulated Entities is as follows which can be amended from time to time by IRDAI.

 

  • Reserve Bank of India (RBI) regulated Scheduled Banks (including Co-operative Banks),
  • NBFC’s having certificate of registration from RBI,
  • National Housing Bank (NHB) regulated Housing Finance Companies
  • National Minority Development Finance Corporation (NMDFC) and its State Channelizing Agencies and Small Finance Banks regulated by RBI
  • Mutually Aided Cooperative Societies formed and registered under the applicable State Act concerning such Societies
  • Microfinance companies registered under section 8 of the Companies Act, 2013
  • Any other category as approved by the Authority.

For ‘Other Entities’ (other than the above Regulated Entities), on the unfortunate event of the Member’s death during the Coverage Term, the claim amount shall be payable to the Member’s
Nominee / legal heirs or legal representatives (as applicable).

Additional benefit Options available under this plan

Spouse Cover (OYRGTA Plan Only):
Under Option – A, Pure Term Cover-Lump sum Benefit’, primary Member of an employer-employee group can opt for spouse cover as an additional voluntary benefit by paying an additional premium. This option shall only be available at the time when primary member is being covered. If either of the lives dies first, the life insurance cover for 2nd life will continue till his/her death/exit or till next renewal date. No discount in premium is available for spouse cover.

Voluntary Cover (OYRGTA Plan Only):
In case any member covered under the Employer – Employee scheme would like to enhance the amount of coverage, he/she can buy an additional voluntary cover apart from the usual coverage provided as per the scheme rules, subject to Board Approved Underwriting Policy.

Surrender, Maturity payable
Survival / Maturity Benefit

No survival/maturity benefit is payable on the expiry of the membership of the scheme or on termination of the insurance.

Surrender Benefit

OYRGTA Plan
In case the group policy is surrendered by the master policyholder, the Insurer shall give an option to individual members of the group, on such surrender, to continue the coverage and the insurer shall continue to be responsible to serve such members till their coverage is terminated/expires.

Short Term Plan (Cover Term 1 to 11 months)In case the group policy is surrendered by the master policyholder, the Insurer shall give an option to individual members of the group, on such surrender, to continue the coverage and the insurer shall continue to be responsible to serve such members till their coverage is terminated/expires.

 

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UIN: 122N115V02

Advt No: Mar 50/21