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Aviva Credit Suraksha Plan

Overview

The Aviva Credit Suraksha Plan is a group insurance plan that is aimed at providing financial security to family members of the scheme members. The groups are unorganized in nature like affinity groups. The aviva life plan offers an economical way of offering risk cover for scheme members (along with optional spouse cover). The life cover is either flat or equal to the bank account balance of members. The master policyholder (usually a bank or a micro finance institution) can use the scheme as a means to cover outstanding or original loan amount lent to group members. This scheme provides death cover on a group basis and does not offer surrender or maturity benefits.

Eligibility Conditions of Aviva Credit Suraksha Plan

Entry Age

  • Minimum – 18 years

  • Maximum – 64 Years

Maturity Age

Maximum maturity age of 65 years

Policy term

1 year (renewable)

Minimum premium

Premium rate is dynamic and decided upon considering various factors such as size of group, age distribution of members, Sum Assured, occupation of members etc.

Group Size

Minimum group size should be 100 life insured.

Sum Assured

  • Maximum Sum Assured of Rs.1 lakh per member

  • Minimum Sum Assured of Rs.20 lakhs per group



Key Features of Aviva Credit Suraksha Plan

Type

Group term insurance plan

Coverage

Death Benefit – In the unfortunate event of death during the policy term, the master policyholder will receive the Sum Assured as per the chosen policy terms. If Sum Assured is greater than outstanding loan amount, the excess amount will be credited to the beneficiary of the deceased member.

Basis

Group

Policy term

1 year

Premium paying term

Same as policy term

Premium payment frequency

Yearly, half-yearly, quarterly or monthly

Payment frequency

Factor

Half Yearly

0.5108

Quarterly

0.2591

Monthly

0.0871

Renewability

If the policy is relapsed due to non-payment of premium, the master policyholder can reinstate the plan within 6 months of relapse date.

Loans

NA

Grace Period

Grace period of 30 days is offered to master policyholder. Policy shall relapse in non-receipt of premium during the grace period.

Free Look Period

NA

Advantages of Aviva Credit Suraksha Plan

Tax Benefits

Tax benefits can be availed by the corporate entity by treating policy expenses as business expenses as per respective sections of the Income Tax Act, 1961. You should consult your financial advisor regarding taxation.

Riders

NA

Discounted for high Sum Assured

Discounts can be availed on premium based on the total Sum Assured as follows:

Rebate per Rs.1,000 of Sum Assured = Min {0.00072225*total Sum Assured(in rupees crores), 0.14}

Mid Term joiners

Mid term joiners can be included in the plan till expiry of the scheme. Premium charged is on a pro-rated basis.

Benefits of Aviva Credit Suraksha Plan

  • Eliminate or reduce effects of financial losses arising out of the unfortunate event of death of a borrower.
  • Families of covered members receive assistance to cope with the financial pressures arising out of unpaid loans.
  • Financial protection offered to families of members on top of the loan protection.
  • Option spouse inclusion plan in the same policy.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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