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Aviva New Corporate Life

Aviva New Corporate Life

Regardless of whether you are an employer or are affiliated with a specific group, it is imperative to prioritize the welfare and protection of your employees or members, as well as their respective families. The fundamental objective lies in securing their financial stability and ensuring the well-being of their loved ones, particularly in the face of unexpected circumstances.

Recognizing the significance of preserving the financial security of your employees or members, Aviva has introduced "Aviva New Corporate Life" – a comprehensive insurance plan specifically designed to provide life coverage for a collective of individuals. With a primary focus on instilling a sense of reassurance, this insurance policy offers a designated death benefit payout to the beneficiaries in the unfortunate event of the covered member's demise.

With "Aviva New Corporate Life", provide your employees or members with the essential life coverage they deserve, demonstrating your commitment to their well-being and overall welfare.

Terms and Conditions

  • The policy’s revival is available up to 180 days from the date of the first unpaid premium but within the policy term of one year.
  • A grace period of 30 days will be allowed from the premium due date for half-yearly and quarterly modes and 15 days for monthly mode. There will not be any grace period for the yearly mode.
  • In case the insured member is diagnosed as suffering from any terminal illness, 50% of the sum assured shall be accelerated and paid subject to a maximum of Rs. 2 crores. The remaining amount of the sum assured is payable on the death of the insured member in case the death happens during the policy term.
  • There will not be any suicide exclusion for compulsory employer-employee schemes for the basic death benefit.
  • Nomination is permitted per Section 39 of the Insurance Act, 1938, as amended from time to time.
  • The assignment is permitted per Section 38 of the Insurance Act, 1938, as amended from time to time.
  • No survival/maturity benefit is payable on the expiry of the membership of the scheme or on termination of the insurance.
  • Sections 41 and 45 of the Insurance Act, 1938 is applicable to the Aviva New Corporate Life policy.

Eligibility

Any employer or affinity group can leverage Aviva Corporate Life Insurance Policy for their employees or loved ones. The minimum age of the members at the time of entry must be 18 years.

Minimum Entry Age18 years
Maximum Entry Age79 years (in case of terminal illness it will be 74 years)
Maximum Maturity Age80 years (in case of terminal illness it will be 75 years)
Minimum Policy Term1 year
Minimum/Maximum Sum Assured per memberRs. 5000

Regardless of whether you are an employer or are affiliated with a specific group, it is imperative to prioritize the welfare and protection of your employees or members, as well as their respective families. The fundamental objective lies in securing their financial stability and ensuring the well-being of their loved ones, particularly in the face of unexpected circumstances.

Recognizing the significance of preserving the financial security of your employees or members, Aviva has introduced "Aviva New Corporate Life" – a comprehensive insurance plan specifically designed to provide life coverage for a collective of individuals. With a primary focus on instilling a sense of reassurance, this insurance policy offers a designated death benefit payout to the beneficiaries in the unfortunate event of the covered member's demise.

With "Aviva New Corporate Life", provide your employees or members with the essential life coverage they deserve, demonstrating your commitment to their well-being and overall welfare.

Terms and Conditions

  • The policy’s revival is available up to 180 days from the date of the first unpaid premium but within the policy term of one year.
  • A grace period of 30 days will be allowed from the premium due date for half-yearly and quarterly modes and 15 days for monthly mode. There will not be any grace period for the yearly mode.
  • In case the insured member is diagnosed as suffering from any terminal illness, 50% of the sum assured shall be accelerated and paid subject to a maximum of Rs. 2 crores. The remaining amount of the sum assured is payable on the death of the insured member in case the death happens during the policy term.
  • There will not be any suicide exclusion for compulsory employer-employee schemes for the basic death benefit.
  • Nomination is permitted per Section 39 of the Insurance Act, 1938, as amended from time to time.
  • The assignment is permitted per Section 38 of the Insurance Act, 1938, as amended from time to time.
  • No survival/maturity benefit is payable on the expiry of the membership of the scheme or on termination of the insurance.
  • Sections 41 and 45 of the Insurance Act, 1938 is applicable to the Aviva New Corporate Life policy.

Eligibility

Any employer or affinity group can leverage Aviva Corporate Life Insurance Policy for their employees or loved ones. The minimum age of the members at the time of entry must be 18 years.

Minimum Entry Age18 years
Maximum Entry Age79 years (in case of terminal illness it will be 74 years)
Maximum Maturity Age80 years (in case of terminal illness it will be 75 years)
Minimum Policy Term1 year
Minimum/Maximum Sum Assured per memberRs. 5000

Benefits of Aviva New Corporate Life

    • Death Benefit
      It offers two options:

      Basic Death Cover
      In case of the death of the insured member, the sum assured is payable as a lump sum, and coverage is terminated for that member.

      Basic Death Cover with an Accelerated Terminal Illness Benefit
      This option provides life insurance coverage along with accelerated benefits for terminal illness.

      • In case of the death of the insured member, the sum assured is payable as a lump sum.
      • In case the insured member is diagnosed as suffering from any terminal illness, 50% of the sum assured shall be accelerated and paid subject to a maximum of Rs. 2 crores. The remaining amount of the sum assured is payable on the death of the insured member in case the death happens during the policy term.
      • Terminal illness claim arising from suicide shall be excluded during the first policy year of coverage from the risk commencement date or from the reinstatement date, whichever is later.

      (In case death does not happen after terminal illness within the policy term, then the member will be eligible for the next renewal provided, provided he/she satisfies the ‘actively at work’ clause at the time of renewal).

    • Additional benefits
      Members of an Employer-Employee scheme also have the option to enhance their insurance coverage voluntarily by paying additional premiums as determined using Premium Rating Document.

    • Claim Procedure
      The Master Policyholder needs to provide us with the death certificate and claim forms. The company, however, reserves its right to call for further documents for claim evaluation purposes.

    • Tax benefit
      Tax benefits under the policy may be available as per the prevailing tax laws (which are subject to change from time to time).

    • Additional benefits
      Members of an Employer-Employee scheme also have the option to enhance their insurance coverage voluntarily by paying additional premiums as determined using Premium Rating Document.

    • Conditions on revival
      Revival is available up to 180 days from the date of the first unpaid premium but within the policy term of one year. The revival shall be subject to the following:

      • The Master Policyholder gives the company a written request for revival and a proposed date of revival.
      • The company agrees to revive the policy, for which purpose the Master Policyholder shall comply with any requests for information and documentation made by the company as per Company’s Board Approved Underwriting Policy.
      • The Master Policyholder makes payment of all outstanding premiums due from the last date of receipt of the Premium to the proposed date of revival.
      • The revival of the policy shall only be effective from the date on which the company has issued a written endorsement confirming the revival of the policy.
      • The Master Policyholder understands and agrees that there is no obligation on the company to revive the policy or to revive it on the same terms. And the revival is subject to the underwriting requirements of the company as applicable from time to time, as per their Board Approved Underwriting Policy.

    • Claim Procedure
      The Master Policyholder needs to provide us with the death certificate and claim forms. The company, however, reserves its right to call for further documents for claim evaluation purposes.

    • Conditions on revival
      Revival is available up to 180 days from the date of the first unpaid premium but within the policy term of one year. The revival shall be subject to the following:

      • The Master Policyholder gives the company a written request for revival and a proposed date of revival.
      • The company agrees to revive the policy, for which purpose the Master Policyholder shall comply with any requests for information and documentation made by the company as per Company’s Board Approved Underwriting Policy.
      • The Master Policyholder makes payment of all outstanding premiums due from the last date of receipt of the Premium to the proposed date of revival.
      • The revival of the policy shall only be effective from the date on which the company has issued a written endorsement confirming the revival of the policy.
      • The Master Policyholder understands and agrees that there is no obligation on the company to revive the policy or to revive it on the same terms. And the revival is subject to the underwriting requirements of the company as applicable from time to time, as per their Board Approved Underwriting Policy.

Frequently Asked Questions - Aviva New Corporate Life

The Master Policyholder 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.

In a group term insurance policy, the nominee is typically chosen by the individual who is covered under the policy. The nominee is the person or entity designated to receive the death benefit in the event of the insured person's demise. It could be a family member, spouse, child, or even a trust or organization.
The purpose of designating a nominee is to ensure that the death benefit is paid out to the intended recipient as per the insured person's wishes.

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

If death does not occur after terminal illness within the policy term, the member remains eligible for the next renewal, subject to meeting the 'actively at work' requirement.

The grace period means the time granted by the insurer from the due date for the payment of premium, without any penalty or late fee. During this time, the policy is considered to be in force with the risk cover without any interruption, as per the terms and conditions of the policy.
A grace period of 30 days will be allowed from the premium due date for half-yearly and quarterly modes and 15 days for monthly modes. There will not be any grace period for the yearly mode. If death occurs during the grace period, the death benefit payable shall be sum assured after deduction of the due unpaid premiums for the year.

The Master Policyholder has a 15-day freelook period (30 days for electronic and distance mode policies) to review and disagree with any terms or conditions. They can return the policy to the insurer for cancellation, providing reasons for objection, and receive a premium refund. Only a proportionate risk premium, medical examination expenses, and stamp duty charges will be deducted.

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AN May 44/23, UIN: 122N149V01
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