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  • Aviva Group Life Protect


    Aviva has designed a life insurance plan that offers life cover for policyholders. It’s a single premium group term policy that is primarily aimed at aiding customers of credit societies, financial institutions and corporative banks by offering personal loans, home loans, education loans, two wheeler loans, car loans, tractor loans, loans against property. The Aviva life policy also covers recurring deposit and credit card holders. The sum assured is usually determined by the master policyholder’s requirements, and the policy also offers cover against risk of death.

    Eligibility Conditions of Aviva Group Life Protect

    Entry Age

    · Minimum – 18 years

    · Maximum – 69 Years

    Maturity Age

    70 years

    Loan Term

    1 year to 30 years

    Premium Payment Frequency

    Since it is a single premium policy, the premium must be paid only once at the start of the cover

    Minimum Sum Assured Per Individual Member

    Rs. 1,000

    Maximum Sum Assured Per Individual Member

    No limit, subject to medical underwriting requirements

    Key Features of Aviva Group Life Protect


    Single premium group term policy for customers of credit societies, financial institutions and corporative banks

    Master Policyholder

    Bank / Credit Society / Financial Institution


    At least 50 members



    Policy term

    1 year to 30 years, not fixed

    Type of Sum Assured offered

    On a monthly reducing basis, or flat sum Sum Assured throughout the term

    Premium payment frequency

    Single premium payment to be made at the starting of the cover

    Grace Period

    The company reserved the right to terminate the policy for new loan clients by providing a notice to the master policyholder at least 90 days in advance, but the policy shall endure for existing customers

    Benefits / Advantages of Aviva Group Life Protect

    • 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.
    • 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).
    • 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.
    • 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

    • 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.
    • 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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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