Aviva Credit Plus
CreditPlus is a feature created mainly with micro finance organisations who offer loans to customers in semi-urban and rural areas, offering protection by mitigating the monetary losses that could potentially arise in case of one of the member’s untimely death. Members of the deceased’s family also receive financial security and loan protection .
Eligibility Conditions of Aviva Credit Plus
Entry Age |
|
Maturity Age | Maximum maturity age of 65 years |
Policy Term | 1 year (renewable every year) |
Premium Payment Frequency | Annually, half yearly, quarterly or monthly |
Annual Premium | Dependent on the size of the member group, their age, their occupations and the outstanding balances |
Maximum Sum Assured Per Member | Rs. 50,000 |
Key Features of Aviva Credit Plus
Type | Micro financial institution insurance plan |
Coverage | Death Benefit – Financial security for the families of the member plus loan protection |
Basis | Group |
Policy term | 1 year (renewable every year) |
Premium paying term | 1 year |
Premium payment frequency | Yearly, half-yearly, quarterly or monthly |
Renewability | The policyholder can decide whether or not to renew the contract, but the company reserves the right to accept or reject the policyholder’s decision by providing a written notice of the same at least three months prior to the policy anniversary. |
Loans | NA |
Grace Period | The company will allow a grace period of 30 days except for monthly frequency of premium payment wherein grace period will be of 15 days. |
Benefits / Advantages of Aviva Credit Plus
- Elimination of the monetary losses that may be incurred owing to an eligible member’s untimely death
- No financial pressure on the families of eligible members who have outstanding loans, in case of their untimely death
- Loan protection and financial protection for the families of eligible member in case of untimely death of the member
- Income for families of an eligible member through profit of their scheme by means of a credit against the following year’s premium
How Does the Plan Work?
CreditPlus is designed by Aviva Life to help Micro Finance institutions who provide credit to individuals in the social and rural segments while also offering financial security to their members’ families. Members are required to pay a premium which will depend upon factors such as the size of their group, the members’ age distribution, their occupations as well as their loan account’s outstanding balances, if any. In case of the untimely death of a group member, their families will have to furnish certain documents that disclose the full details of the member’s death, their death certificate and their outstanding loans in addition to other documents that may be requested by the company. The claim will be released to you once the company has verified the necessary documents.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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