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  • Aviva Credit Suraksha Plan

    Aviva Life Insurance


    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


    Group term insurance plan


    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.



    Policy term

    1 year

    Premium paying term

    Same as policy term

    Premium payment frequency

    Yearly, half-yearly, quarterly or monthly

    Payment frequency


    Half Yearly







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



    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


    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.



    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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