Aviva India is a life insurance provider based in India. A private insurer, Aviva India is a joint venture between one of India’s best-known brand, Dabur India, and one of the oldest insurance providers in the world, Aviva International of UK.
Rural plans belong to a very specific category of plans that aim to be the rural population into the insurance fold. The plans are typically low-premium with a relatively high sum assured amounts. These plans are meant for the rural populace and may not be availed for city-dwellers.
Types of Aviva rural plans
Aviva India currently provides two different rural plans:
Aviva Jana Suraksha
This is a low-cost life insurance policy wherein coverage of up to Rs.50,000 can be purchased for very little premium amounts. The plan is available for people aged between 18 to 55 years. Also, in case of accidental death of the insured, double the sum assured will be paid out to the beneficiary.
Both single pay and regular pay schemes are available for premium payment. Premium payment frequency can be decided as monthly, quarterly, half-yearly, and annually, apart from the single pay scheme.
This is a non-linked and non-participating life insurance plan that provides life coverage for as little as Rs.750 yearly premium payments. Guaranteed maturity and death benefits are paid out as per policy documents. Applicants should be between 18-50 years at the time of policy purchasing.
Premium payment is allowed on half yearly and yearly basis only. In case of half yearly premium payment, 51.08% of the annual premium amount has to be paid in each installment. The maturity and death sum assured are calculated as a percentage of the annual premium.Why choose Aviva rural plans?
Aviva rural plans are a great asset to have in case of contingencies for a rural family. The plans are pretty straightforward and provide decent coverage for very low premiums.
- Quick and hassle-free processing.
- A wide network of professionals and branches.
- Two different plans to choose from.
- Get additional benefits such as Accidental Death Benefit according to the chosen plan.
- Easy application process.
This plan is an insurance policy that offers security to the family through a death benefit payable in the case of the unfortunate demise of the life assured with the payment of a single premium through 2 term options.
Available for people aged 18-50 years, this plan is available for policy terms of 5 years and 10 years. The single premium payable can be as low as Rs. 500 or as high as Rs. 5000 with the sum assured ranging from Rs. 10,000 to Rs. 50,000 per life. Multiples of the single premium are offered as the sum assured, depending upon the entry age and the policy term chosen. This plan also allows a policyholder to avail tax benefits on the premiums paid and the death benefit payable to the nominee can also enjoy tax benefits as per the Income Tax Act of 1961.
In Sampoorna Suraksha Plan, by paying Rs.1,000 annually for 7 years in a 10-year policy term, a person stands to receive Rs.9,100 as maturity benefits at the end of the policy tenure. This is calculated as 130%*premium paid.
In case of death of the insured after 7 years of regular premium payment at Rs.1,000 per year, a sum of Rs.10,000 will be paid to the nominee. This is calculated as 10 times the premium amount.
Finally, the Aviva rural plans discussed above provide specific benefits to the rural populace. The plans are meant to integrate people at the fringes of the insurance sector, by providing them with low premium and relatively high sum assured through life insurance plans. The rural population has different needs, and the plans are designed keeping their requirements in mind.
Other Aviva Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017