This group term life insurance plan compensates the financial crisis arising on death of the insured member.
Aviva Credit Assure
This group term life insurance plan compensates the financial crisis arising on death of the insured member. Plan is primarily targeted to members of non employer- employee groups.
Option for member to cover spouse as well, if opted by master policy holder at scheme level.
1. Master Policyholder: Non employer employee groups
2. Minimum Proposed Member Required : 50
3. Entry age: Members between age of 18 and 69 years
4. Policy Term: Yearly renewable plan
5. Premium Payment Frequency: Annually, half yearly, quarterly or monthly
6. Premium: Dependent on the size of member group, their age, their occupations and the cover amount
7. Criteria of Sum Assured: The Master Policyholder has the option to select different levels of sum assured for their members, subject to underwriting requirements of the company.
8. Minimum Sum Assured: 5,000 (per member)
9. Maximum Sum Assured: 10,00,000 (per member)
What will the employees / members get?
In case of death of the insured member, the applicable Sum Assured shall be payable to the nominee/beneficiary of the member.
The claim payout is made to the nominee/beneficiary directly. In Lender Borrower schemes, in cases where specific authorization is received from the member, outstanding Loan amount is settled in favour of Master Policyholder & Balance Claim amount if any is paid directly in favour of nominee/beneficiary of the deceased member of the Group Policy.
What is institution going to get
Goodwill created for the institute. For Lender-borrower cases the loan given to a member by the master policyholder is secure in case of the death of the member.