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Aviva Group Term

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.

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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.

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Eligibility Criteria for Aviva Group Term Insurance Plan

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:

  • Option A: 79 years
  • Option B: 74 years.

Maximum Maturity Age *

Short Term Plan: 80 years

OYRGTA:

  • Option A: 80 years
  • Option B: 75 years.

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: 

  • EE: Rs50K
  • NEE: Rs2.5 Lakh

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. 

Salient Features of Aviva Group Term Plan

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.

  • The Aviva Group TermLife insurance is a single policy, called the master policy, covering all the group members.
  • In the EE group case, the employer is the master policyholder responsible for creating the membership register, its maintenance, premium payment, and liaison with Aviva Life. 
  • Thus, the master policyholder is empowered with special privileges to manage the policy.
  • In other groups, the master policyholder is the entity that is not in the group for solely buying the plan.
  • The Aviva Group Termoffers two types of cover – Short Term and the OYRGTA.
  • The OYRGTA scheme offers two options based on the death benefit disbursement procedure.
  • No pre-membership medical test is required for coverage up to the Free Cover Limit. 

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Benefits of Aviva Group Term Insurance Policy

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:

  1. Death Benefit:

    It becomes payable only upon the member’s untimely demise. The different situations for the benefit disbursement are:

    • Short Term: The nominee receives only the basic death cover, and the cover terminates upon payment.
    • OYRGTA: There are two options under this scheme. 
      • Option A: It is a pure term cover where the nominee receives the lump-sum death sum assured upon the member’s death, and the cover terminates. 
      • Option B: It is a pure term cover along with an inbuilt accelerated Terminal Benefit clause. The nominee receives the lump-sum death sum assured upon the member’s demise. However, if the member is diagnosed with a terminal illness, the member is entitled to 50% of the sum assured, subject to a maximum of Rs.1 crore. The residual benefit is disbursed to the nominee after the member’s demise.
  2. Maturity Benefit:

    The Aviva Group TermLife insurance does not provide survival or maturity benefit.

  3. Surrender 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.

  4. Additional Benefits:

    This benefit is available to OYRGTA members on a voluntary basis against an additional premium. 

    • Spouse Cover: The primary member can choose the cover only under Option A, to get a lump-sum death benefit payable to either. The cover for the surviving member will continue till the policy term ends. 
    • Voluntary Cover: The member enhances the coverage, over and above the usual provided in the scheme. It is subject to underwriting policy accorded with board approval.
  5. Tax Benefits: 

    Life insurance products are governed by the GOI’s extant tax laws under various sections of the Income Tax Act, 1961. 

The Process to Purchase Aviva Group Term Insurance

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.  

Documents required

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:

  1. Option A:

    • Duly completed Claim Form.
    • Death Certificate from the appropriate authority.
    • Nominee’s KYC documents.
    • Nominee’s bank account details, including a cancelled cheque for benefit remittance. 
  2. Option B:

    If the terminal benefit is involved, then the following is necessary, else the documents under Option A suffices. 

    • Hospital medical records, including the discharge summary. 
    • The treating doctor’s certificate regarding the terminal illness status. 
    • Nominee’s KYC documents.
    • Nominee’s bank account details, including a cancelled cheque for benefit remittance

Additional Features

  1. For the employer:

    • It is an employee-centric benefit for fulfilling social obligations.
    • It helps to retain talent and thwart attrition. 
    • It attracts tax exemptions under Section 37 (1) of the Income Tax Act, 1961, as a legitimate business expense. 
  2. For the employee:

    • It is a company financed benefit to compensate the family’s financial loss in the worst eventuality in the member’s absence.
    • It is customizable to the member’s requirement for enhanced coverage to spouse and self. 
    • It is a morale booster for performance linked with graded coverage. 

Terms and Conditions

  1. Free-look:

    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. 

  2. Nomination: 

    It is permitted under Section 39 of the Insurance Act, 1938, amended from time to time. 

  3. Assignment:

    The policyholder can assign the policy under Section 38 of the Insurance Act, 1938. 

  4. Reinstatement:

    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. 

Key Exclusions

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.

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