A Non-Linked Non-Participating Group Term Life Insurance Plan
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 New Group Term Life is a yearly renewable group insurance plan designed to provide life cover to Employer-Employee.
Minimum: 18 years
Maximum: 79 years
Maximum Maturity Age
|Minimum Group Size||50 members|
|Policy Term||10 for Employer-Employee Schemes;
50 for Non Employer-Employee Schemes
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. 1000 (in 000’s), subject to Board Approved Underwriting Policy
|Minimum and Maximum Premium||
Minimum Premium (per scheme): Short Term Plan: Rs. 2,500 and OYRGTA: Rs.25,000
Maximum Premium (per scheme): Rs. No Limit, subject to Board Approved Underwriting Policy
|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 ?
The plan offers two options:
- Short Term Plan :The plan 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.
- OYRGTA Plan : The plan 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, after deducting due unpaid premiums (if any) for the year and coverage is terminated for that member. Cover for Spouse shall only be available under Non-Employer Employee scheme on individual life basis.
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
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.
No surrender value is available under this plan.
AN Oct 70/23