Aviva Affinity Group Term Life

In an unpredictable world, the strength of a community is defined by how well it protects its members. The Aviva Affinity Group Term Life is a Non-Linked, Non-Participating Group Pure Risk Life Insurance Plan (UIN: 122N160V01) specifically designed to provide a robust financial safety net for Non-Employer Employee groups. Whether you are a professional association, a co-operative society, or a lending institution, your members' primary concern is the safety and security of their families.

This plan aims to:

• Compensate financial loss to family members arising due to untimely death.
• Offer protection with minimum formalities.

It is suitable for associations, societies, financial institutions, and other organised affinity groups where members have come together for a purpose other than buying insurance.

This plan ensures that in the unfortunate event of a member's demise, their loved ones receive a lump-sum death benefit, helping them maintain their standard of living and achieve their long-term goals. With flexible coverage tenures, simplified onboarding, Aviva Affinity Group Term Life is the ultimate tool for building stronger, more resilient teams.

An Affinity Group, in the context of insurance, refers to a "Non-Employer Employee" group where members have come together for a common purpose other than purchasing insurance. Unlike traditional corporate plans where the employer-employee relationship is the bond, an affinity group could be:

• Professional Bodies: Associations of doctors, engineers, or architects.
• Financial Entities: Customers of a bank, credit card holders, or microfinance borrowers.
• Social Groups: Cultural societies or NGOs.

The Aviva Affinity Group Term Life acts as a Master Policy issued to the entity (the Master Policyholder), allowing them to offer life insurance benefits to all eligible members. It provides the advantage of wholesale pricing; offering high-value life cover at premiums significantly lower than individual term plans, making it an essential value-added benefit for any association.

To cater to diverse group needs, the Aviva Affinity Group Term Life offers three flexible structures:

1. Short Term Plan: Designed for temporary risks or short-lived associations. This plan covers members for a duration of 1 to 11 months. It requires a Single Premium payment and is ideal for seasonal projects or event-based groups.
2. One Year Renewable Group Term Assurance (OYRGTA): The most popular choice for ongoing associations. The policy is renewed annually, and members have the flexibility to pay premiums Yearly, Half-yearly, Quarterly, or even Monthly.
3. Long Term Plan: Perfect for loan protection or long-term memberships. It offers a fixed tenure ranging from 12 to 60 months. A Single Premium is paid at the start, ensuring uninterrupted protection for the entire duration without the need for yearly renewals.

1. Flexible Plan Options: Choose protection that fits your timeline: pick a Short-term plan (up to 11 months), a Yearly Renewable plan, or a Long-term plan (up to 5 years).
2. Life Cover for Non-Employer Employee Groups: You don’t need to be an employee to be covered. This plan is specially built for groups like professional associations, bank customers, or loan borrowers.
3. High Maximum Sum Assured: Ensure your family's future with high coverage amounts. Members can get a payout of up to ₹1 Crore (subject to eligibility).
4. Minimum Group Size: Big benefits for small groups! You can start this plan with as few as 10 members.
5. Flexible Premium Payment Modes(under OYRGTA): Manage your budget easily by choosing to pay your premiums Monthly, Quarterly, Half-yearly, or Yearly.
6. Financial Safety Net: Guaranteed lump-sum payout to the nominee in case of the member's untimely death.
7. Lender-Borrower Customization: Lender-borrower group insurance schemes will be in compliance with extant regulatory provisions
8. Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C, and death benefits are tax-exempt under Section 10(10D) of the Income Tax Act, 1961.

The primary goal of this plan is to provide immediate financial support when it’s needed most. Here is a simple breakdown of how the coverage works:

1. Comprehensive Death Benefit

If an insured member passes away during the policy term, Aviva pays the full Sum Assured (insurance amount) as a lump sum to their nominee.

• Total Peace of Mind: Once the payment is made, the family has the funds to handle immediate expenses.
• For Installment Payers (OYRGTA): If the member was paying premiums in parts (Monthly, HalfYearly or Quarterly), any remaining payments for that year will be deducted from the final payout to the family.
• End of Coverage: Once the benefit is paid for a member, their specific insurance cover comes to an end.

2. Lender-borrower group insurance schemes will be in compliance with extant regulatory provisions

This plan is designed to be simple and transparent, with no hidden exclusions or complicated fine print. Whether the death is due to natural causes or an accident, the members are covered.

The Only Exception: The Suicide Clause

The only scenario where the full insurance amount is not paid is in the case of suicide.

In case the insured member dies due to suicide, within 12 months from the date of joining the scheme, at least 80% of premiums paid in respect of insured member shall be paid. However, the Company may pay higher amount, but not more than the sum assured of the deceased insured member under a particular group scheme, in view of the past claim experience and the profile of the group scheme members.