Group Term Life Insurance Plan by Aviva India | Benefits & Coverage

Aviva New Group Term Life

Strengthening your workforce with protection that lasts.

  • Lumpusum benefit for dependents
  • Easy annual renewal
  • Affordable group coverage

Aviva New Group Term Life


 

A Non-Linked Non-Participating Group Term Life Insurance Plan

 

Ensuring the financial security of your employees or group members is a cornerstone of responsible organizational leadership. One of an individual’s prime concerns is the security and safety of their families in their absence. Aviva New Group Term Life is a non-linked, non-participating, yearly renewable group insurance plan specifically designed to provide a robust life cover to Employer-Employee and Affinity groups.

 

Specification of Aviva New Group Term Life

Entry Age

(Last Birthday)

Minimum: 18 years

Maximum: 79 years

Maximum Maturity Age 

(Last Birthday)

 80 years
Minimum Group Size 50 members
Policy Term 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. 1000 (in 000’s), subject to Board Approved Underwriting Policy
Policy Term
Cover Term Premium Payment Term
1 to 11 months Single Pay
One Year Renewable Group Term Assurance Annual (Premium Payment Term does not exceed 1 year for this plan)
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 ?

 

Death Benefit

The plan offers two options:

  1. 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.
  2. 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.

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.

  1. Reserve Bank of India (RBI) regulated Scheduled Banks (including Co-operative Banks),
  2. NBFC’s having certificate of registration from RBI,
  3. National Housing Bank (NHB) regulated Housing Finance Companies
  4. National Minority Development Finance Corporation (NMDFC) and its State Channelizing Agencies and Small Finance Banks regulated by RBI
  5. Mutually Aided Cooperative Societies formed and registered under the applicable State Act concerning such Societies
  6. Microfinance companies registered under section 8 of the Companies Act, 2013
  7. 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).

 

Voluntary Cover (OYRGTA Plan Only):

 

Under Employer-Employee schemes, members have the flexibility to enhance their coverage. If an individual feels the standard group cover is insufficient for their personal needs, they may opt for additional voluntary cover, subject to the company’s Board Approved Underwriting Policy.

 

Surrender, Maturity payable:

In alignment with the nature of pure term insurance:

  • Survival/Maturity Benefit: There is no maturity or survival benefit payable at the end of the membership or policy term.
  • Surrender Value: This plan does not offer any surrender value, as the premiums are utilized strictly for providing life risk cover.

 

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Disclaimer:
Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. Tax benefits are subject to changes in tax laws.

UIN: 122N141V03

 

AN Oct 70/23