Aviva Signature Group Traditional Employee Benefit Plan
Aviva Signature Group Traditional Employee Benefits Plan-Non-Linked Non-Participating Group Savings Life
Aviva Signature Group Traditional Employee Benefits Plan is a single premium non-linked non-participating group savings life insurance plan which offers assured returns on the master policyholder’s contribution for a specified period chosen by the master policyholder (MPH) for each tranche the product will cater to employer-employee group schemes for employee’s benefits viz. Gratuity and Leave Encashment
Eligibility
| Entry Age (Last Birthday) | Minimum : 18 years last birthday Maximum: 85 years last birthday |
| Minimum / Maximum Maturity Age | Minimum : 19 Years last birthday Maximum : 86 Years last birthday |
| Minimum Group Size | 10 members |
| Sum Assured | Minimum/Maximum sum Assured per member would be Rs.5000 |
| Policy Term | Minimum/Maximum Policy Term: 1 year (The Policies shall be annually renewable. Policy to continue indefinitely until its surrender, or expiry of membership term of existing members and there are no new members.) |
| Premium Payment Term | Minimum/Maximum Premium payment Term: 1 year |
| Minimum and Maximum Premium | Minimum Premium (contribution) per Tranche: : Rs. 1,00,00,000 Maximum Premium (contribution) per Tranche: No Limit |
| Mode | Single Premium |
| Grace Period | This is a single premium policy hence grace period is not applicable. |
Policy Structure
This product is exclusively designed for employer-employee groups. Each contribution will represent a separate Tranche with respective interest rate based on the Specified Period, the minimum Specified Period being one year. Each tranche under the policy will carry a commencement date and an end date based on the chosen Specified Period.
For each contribution made, a new tranche number will be generated.
The Policy Account Value shall reflect the accumulation of premiums, net of withdrawals and Mortality Charges at declared interest for the Specified Period.
The number of members in a particular tranche is fixed as on commencement date of the tranche. Any new addition of members is not allowed in any existing tranche.
Policy commencement date will be the date when first contribution is received. Count of members will be maintained at policy and tranche level
Interest Rate Declaration:
The interest rates declared are for Specified Period applicable for a given tranche. The minimum specified period shall be one year.
Benefits available under this product
Death Benefit:
A Sum Assured of Rs. 5,000 will be paid to the MPH along with amounts payable in accordance with the Scheme Rules, if any, of the MPH from the Policy Account Value of the Tranche. Payment of Sum Assured shall not be deducted from the Policy Account Value. However, all other payments made as per Scheme Rules shall be deducted from the Policy Account Value of the Tranche.
Maturity Benefits:
The maturity amount shall be equal to the Policy Account Value at the end of the Specified Period for each Tranche.
At the end of specified period the policyholder shall have the following three options:
Option 1 (Default option): If the Master Policyholder has an existing traditional policy of this plan, the maturity amount should be transferred into that and in this case the tranche will be closed.
Option 2: The Master Policyholder can choose to reinvest the maturity amount in a new tranche of its choice at existing interest rates at that time. In this case the policy will continue with a new tranche created.
Option 3: The Master Policyholder can choose to withdraw the entire maturity/vesting amount. Once this benefit is paid, the existing tranche will be closed.
On maturity of the tranche, all benefits in respect of the member associated to that tranche will cease and there shall be no further benefit payable.
UIN NO: 122N151V01
AN Mar 68/24