Prices Increasing Soon
Aviva Group Term Life policy is designed to help the corporate meet with the specific intent to protect the employees and their dependents financially to overcome all eventualities. TheAviva Group Term provides the necessary cover for the Employer-Employee and Affinity Groups, broadly referred to as Formal and Informal Groups. The plan contours and features are identical to the individual plans, but the group term plan provides a vast canvas for innovation and customization.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Unlike the other similar plans, theAviva Group TermInsurance’s unique featureis that they have adopted a concept of Short Term insurance Plans and the One Year Renewable Group Term Assurance (OYRGTA). The name is suggestive of the plan’s characteristics. The former is a plan with a short policy term of 1 to 11 months. In contrast, the OYRGTA is so much more like the other similar products in the market with a renewable one-year policy term. The Aviva Group Term Life’s primary aim is to compensate the family for the financial loss suffered due to the member’s untimely death, and ensure that the protection comes with meagre formalities regarding enrollment and continued group membership.
Note: Know more about what is term insurance first before reading this article.
Term Plans
The primary eligibility factor is that the employee is a permanent corporate employee on their regular payroll. As per rules, the employee continues to be a group member enjoying the life-risk cover as long as one is the company’s employment. On leaving the company, superannuation, or in some cases death, the cover is terminated. The illustrative salient eligibility norms in Aviva Group TermLife insurance designed for the EE (including those in place of EDLI Scheme) and Affinity (NEE) groups are described below.
|
Parameter |
Conditions |
|
Minimum Entry Age * |
18 years |
|
Maximum Entry Age * |
Short Term Plan: 79 years OYRGTA:
|
|
Maximum Maturity Age * |
Short Term Plan: 80 years OYRGTA:
|
|
Policy Term |
Short Term Plan: 1 to 11 months. OYRGTA: Renewable every year. |
|
Premium Payment Frequency |
Short Term Plan: Single Pay OYRGTA: Installments. |
|
Minimum Premium |
Short Term Plan: Rs 2500 OYRGTA: Rs 25000 |
|
Maximum Premium |
There is no limit, and it would depend on the total sum assured under the scheme. |
|
Minimum Sum Assured |
Per Member: Rs5000 Per Scheme:
|
|
Maximum Sum Assured |
Short Term Plan: Rs5 Lakh. ** OYRGTA: No limit ** ** Subject to underwriting policy. |
|
Minimum Group Size |
EE Group Scheme: 10 members NEE Group: Scheme: 50 members |
|
Last birthday. |
|
The Aviva Group Term is a feature-rich, cost-effective policy designed for discerning corporate houses with wide-ranging applicability and coverage. Group term plans provide two types of coverage to the members. One is a flat coverage, where the sum assured is uniform for all members across the board, regardless of their status. The other is graded, where the sum assured is dependent on the member’s rank, age, salary scale. It necessarily means that the employees get a higher coverage as they climb up the corporate hierarchy. This is the primary reason why the employer customizes group plans to widen the employee’s horizon.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 10%#
Compare 40+ plans from 15 Insurers
The Aviva Group TermLife insurance benefits are in many shades, depending on the plan’s nature. Some of the key components of the benefits accrued to the group members are:
It becomes payable only upon the member’s untimely demise. The different situations for the benefit disbursement are:
The Aviva Group TermLife insurance does not provide survival or maturity benefit.
The master policyholder is entitled to surrender both the Short Term and the OYRGTA plans. However, Aviva Life can offer individual members a cover till the policy term’s expiry.
This benefit is available to OYRGTA members on a voluntary basis against an additional premium.
Life insurance products are governed by the GOI’s extant tax laws under various sections of the Income Tax Act, 1961.
The Aviva Group TermLife insurance can be purchased by adopting several methods. The common and traditional are purchased through an agent or visit the nearest brick and mortar office. The other available method to the master policyholder is to engage a broker to finalize a beneficial deal. The online purchase digital platform is a popular method in the present times for its manifold advantages. The millennial generation especially prefers it for its seamless navigation and 24/7 availability. However, every plan is not for online sale at the official insurer portal. It is convenient for the Aviva Group TermLife insurance policyholder to seek the company expert’s assistance by soliciting online. The essential inputs are the contact person’s name, mail ID, phone number, pin code, and authorize the company representative’s call before submitting the request.
The master policyholder in the Aviva Group TermLife insurance ensures a smooth enrolment and on-boarding process. In contrast, the claim settlement process is incumbent upon the insurer. Compliance with the insurer-defined rules is the prerequisite for a seamless claim settlement experience. Accordingly, the indicative list of documents in various claim situations as described below. However, the insurer may call for additional documents necessary for the claim evaluation.
Death Claim:
If the terminal benefit is involved, then the following is necessary, else the documents under Option A suffices.
The usual free-look facility to the master policyholder is 15 days from policy document receipt for normal purchase and 30 days for distant purchase.
It is permitted under Section 39 of the Insurance Act, 1938, amended from time to time.
The policyholder can assign the policy under Section 38 of the Insurance Act, 1938.
The permitted time in the Aviva Group TermLife insurance for the revival and reinstatement of the lapsed policy is within 180 days from the premium default date.
The suicide clause is triggered in the NEE scheme, where the member commits suicide within 12 months of the policy commencement or enrolment date, provided the policy is in force. No claim is payable other than 80% of the paid premium after incidental charges and expenses are deducted. A similar exclusion is not applied to the EE scheme under Aviva Group TermLife insurance.
*For a detailed list of exclusions, please refer to the policy document or the product brochure.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Annual Renewable Term Insurance (ATR) is tailored for short-term
Read more
The ICICI Pru iProtect Super Plan is a pure-term insurance plan
Read more
Many people wonder about its tax benefits when purchasing a term
Read more
Studying abroad can be a life-changing experience, offering
Read more
The divide between rural and urban lifestyles in Tamil Nadu is
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
