Aviva Pravasi Bhartiya Jeevan Bima Yojana
Single Premium Group Term Life Insurance
Instant Processing
Protection at affordable cost
Aviva Pravasi Bhartiya Jeevan Bima Yojana
Aviva Pravasi Bhartiya Jeevan Bima Yojana is a non-linked, non-participating single premium group term life insurance plan. As it is a non-linked term plan, the sum assured is guaranteed and not affected by market conditions. The minimum group size for this term plan is 50, and every member needs to pay the premium once in a lump sum when purchasing the policy.
This life insurance plan is exclusively for persons going for overseas employment as per extant emigrant rules and regulations issued by the Ministry of External Affairs, Government of India.
Terms and Conditions
- The risk cover commences from the date when the insured finally leaves India for the overseas journey , subject to that it is within 15 days of the policy's inception date, as mentioned in the Certificate of Insurance.
- The life insurance coverage period could be for 2 or 3 years, depending upon the visa tenure granted by the Ministry of External Affairs.
- In case the insured member leaves India after 15 days, the insurance cover will be null and void and the single premium received by the insurer shall be refunded back without any interest/Taxes on intimation about the same by the insured/master policyholder to the insurer.
Termination of the cover
The insurance cover on the insured life will cease upon the earliest occurrence of the following events:
- Return of the Certificate of Insurance under the Free Look option ,or
- Death of the Insured Member, or
- Surrender of the Insurance Cover in exchange for the unexpired risk premium value, if any
- Expiry or maturity of the cover term, or
- In case the insured member leaves India after 15 days, the insurance cover will be null and void and the single premium received by the insurer shall be refunded back without any interest/Taxes on intimation about the same by the insured/master policyholder to the insurer.
Eligibility
This is a group term plan which requires a minimum of 50 members. Each member only needs to pay a one-time premium.
For Cover Term =2 Years: Rs.
For Cover Term =3 Years: Rs. 3095*
*Taxes if any shall be charged separately
| Minimum Entry Age | 18 years (Age last birthday) |
| Maximum Entry Age | 50 years (Age last birthday) |
| Minimum Maturity Age | For Cover Term=2 Years: 20 Years Last birthday For Cover Term=3 Years: 21 Years Last birthday |
| Maximum Maturity Age | For Cover Term =2 Years: 52 Years Last birthday For Cover Term =3 Years: 53 Years Last birthday |
| Premium Payment Term | Single Pay |
| Cover Term | Fixed Cover Term: 2 Years or 3 Years |
| Sum Assured | Rs. 10,00,000 (Ten lakhs only) |
Why should you buy Aviva Pravasi Bhartiya Jeevan Bima Yojana
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This plan offers financial protection at an affordable cost.
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It has easy processing and enrolment with no medical examination.
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The plan provides life insurance coverage as a lump sum benefit. In case the insured member dies during the policy period, the sum assured is payable to the nominee as a lump sum.
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If the master policyholder surrenders the group policy, the insurer will provide individual members of the group with the option to continue their coverage. In such cases, the insurer will remain responsible for serving those members until their coverage is terminated or expires.
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The master policyholder has a free look period of 15 days from the date of receipt of the policy document and period of 30 days in case of electronic policies and policies obtained through distance mode, to review the terms and conditions of the policy and where the master policyholder disagrees to any of those terms or conditions, he has the option to return the policy to the insurer for cancellation, stating the reasons for his objection, then he shall be entitled to a refund of the premium paid subject only to a deduction of a proportionate risk premium for the period of cover and the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges.
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Insured members can also opt for free-look cancellation within 15 days of receiving the Certificate of Insurance (COI).
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There are no exclusions on death benefit other than death in case of suicide.
FAQs - Aviva Pravasi Bhartiya Jeevan Bima Yojana
Single premium term insurance requires you to pay the entire premium once in a lump sum, at the time of policy purchase. Whereas in the case of regular premium plans the amount is paid in fixed intervals through installments.
Non-participating plan, also known as a non-par plan, does not pay any dividends. In simple terms, it is a non-profit sharing plan where policyholders do not share in the profits of the life insurance provider.
The free look period refers to the designated timeframe provided to policyholders to evaluate and review the policy document. During this period, individuals or the Master Policy Holder have the opportunity to thoroughly assess the policy terms and conditions before making a final decision.
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AN Oct 69/23, UIN: 122N147V02
