Aviva Group Rural/Credit Protection Plan

Benefits / Advantages of Aviva Group Life Protect

1. Compensation to dependants/family members for the monetary loss incurred owing to the death of a recurring deposit or credit card holder or loanee of the credit society or financial institution or bank.
2. Protection with simple formalities excluding medical test (in case the Sum Assured for an individual member is the same or lower than a predetermined limit as agreed upon by the company and the master policyholder).
3. Under Section 80C of the Income Tax Act, 1961, the premium paid can be eligible for tax rebate. Please note that tax benefits are subject to change at regular intervals.
4. The company has the power to make other deductions as it finds appropriate and necessary from benefits it may receive under the policy due to any tax or related payment enforced by any regulation, order, legislation or otherwise upon the nominee, master policyholder or company.

Death Benefits

1. If it is a loan, when a member dies, the amount payable is the same as the outstanding loan as agreed when taking membership, based on the loan schedule.
2. If it is a recurring deposit, the amount payable is the sum assured due on the date of the member’s death.

How Does the Policy Work?

At the time of taking out the policy, you will have to pay a premium which will be determined by the duration of the policy, age of the individual member, nature of your organisation, type of cover (reducing monthly cover or flat cover), amount of cover, etc. In case of death of the member, the master policyholder will be required to furnish the member’s death certificate and claim papers so that the claim can be settled, making it a fairly simple process.