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It is a plan that covers loan funding, in case the borrower is not around. It safeguards the loan and lets the family enjoy the assets created through loans and hard-earned savings without any worries
Aviva Group Credit Life
A Non-participating non-linked group term insurance plan
Overview
In today's world, all of us have big dreams. We aspire for great things for our families and ourselves. Things like owning a house, planning a family vacation across Europe, sending our kids to Ivy League universities etc.
To fulfil these aspirations, we tend to rely highly on EMIs, so, it is important that we secure them against any uncertainties.
Which is why Aviva Life Insurance presents the Aviva Group Credit Life Plan. It is a plan that covers loan funding, in case the borrower is not around. It safeguards the loan and lets the family enjoy the assets created through loans and hard-earned savings without any worries.
For other than yearly frequency, installment premium shall be calculated as given below:
Half Yearly Premium = Annual Premium 0.5108
Quarterly Premium = Annual Premium 0.2591
Monthly Premium = Annual Premium 0.0871
For Lender-Borrower Schemes:
In case the Master Policy is issued under Lender-Borrower category to any of the 'Regulated Entities', the Member shall have an option to issue an authorization in favour of insurer to the effect that in the unfortunate event of the Member's death during the Coverage Term, the claim amount, if any payable under the Master Policy shall first be utilized for payment to Master Policyholder for the outstanding loan amount as specified in Master Policyholder's Credit Account Statement and the balance amount, if any, payable under the Master Policy will be payable to the Member's Nominees / legal heirs or legal representatives (as applicable).
Presently the list of Regulated Entities is as follows which can be amended from time to time by IRDAI.
1. Reserve Bank of India (RBI) regulated Scheduled Banks (including Co-operative Banks),
2. NBFC's having certificate of registration from RBI,
3. National Housing Bank (NHB) regulated Housing Finance Companies
4. National Minority Development Finance Corporation (NMDFC) and its State Channelizing Agencies and
5. Small Finance Banks regulated by RBI
For 'Other Entities' (other than the above Regulated Entities), on the unfortunate event of the Member's death during the Coverage Term, the claim amount shall be payable to the Member's Nominee / legal heirs or legal representatives (as applicable).
Maturity Benefit
There is no maturity benefit this being a term assurance plan.
Surrender Benefit:
Under Single Premium Cover, the cover may be surrendered anytime during the cover term. However, under limited premium cover where the premiums are payable up to 5 years, the cover can only be surrendered only once at least 3 full years' premiums have been paid.
Freelook Period :
The Master Policyholder and Members have the right to review the policy terms and conditions within 15 days from the date of receipt of the policy document/certificate of insurance (COI). If the Master Policyholder/Member returns the policy/COI during freelook period, the company will refund the Premium on the date of return after deducting proportionate risk Premium, if any, and expenses incurred on medicals and stamp duty.
