Aviva Nayi Grameen Suraksha is a pure protection plan that comes with a single premium payment. It provides security to the family through payment of sum assured for the family’s immediate needs in the event of the death of the life insured.
Eligibility Criteria for Aviva Nayi Grameen Suraksha
- Entry age (last birthday) - 18 years to 50 years
- Maximum maturity age (last birthday) - 60 years
- Should belong to rural region
Features of Aviva Nayi Grameen Suraksha
The insurance plan offered by Aviva Nayi Grameen Suraksha for people living in rural regions of the country, comes with some attractive features. A few of the features are mentioned below:
- Protection with a premium as low as Rs 500
- Payment of Sum Assured for family’s immediate needs in the event of death of the life insured
- Single Premium plan with flexibility to choose from two Policy term options
- Policy Term (PT) - 5 years (Minimum) and 10 years (Maximum)
- Premium Payment Term - Single premium
- Minimum Single Premium - Rs 500
- Maximum Single Premium - Rs 5,000
- Minimum Sum Assured - Rs 10,000
- Maximum Sum Assured - Rs 50,000 per life
Benefits of Aviva Nayi Grameen Suraksha
Getting a policy from Aviva term life insurance comes with a number of benefits. A few advantages of the plan are mentioned below:
- Lump-sum benefit will be paid to the nominee in case of the death of the life insured during the Policy term. This amount will be equal to Sum Assured of the Policy and will depend as per the entry age of the policyholder.
- The insurance policy also offers tax benefits according to the prevailing laws of the Income Tax Act, 1961.
- The policy comes with a Surrender Value, which means it can be surrendered any time after the first policy year.
Aviva Nayi Grameen Suraksha FAQs
- Are there any exclusions in the Aviva Nayi Grameen Suraksha plan?
In case the life insured commits suicide within one year from the date of commencement of the policy, the nominee will be paid 80% (excluding tax and extra premium) of the single premium, without any benefits.
- What if I cancel my policy?
The policy comes with a free look period of 15 days from the date of receipt of the policy document. In case you cancel the policy, post the free look tenure you will get a refund of the single premium paid, after deducting charges if any.
- Is there a maturity benefit?
No this policy does not come with a maturity benefit.
- What happens if I do not pay the premiums on time or discontinue payment completely?
In case payments are not done within the given time frame, the policy might require a paid up value. Sometimes, the policy may lapse depending on the company’s policies. In case 2-3 years’ worth premiums have been paid, the policy may have a paid up value and reduced benefits will be payable.
- Does age affect the premium?
Yes. The sum assured is influenced depending on the age of the life insured.