Aviva Life Insurance, a private insurance company, announced the launch of Aviva Nivesh Bima. It is an individual savings, unlinked, non-participating life insurance plan that offers a guaranteed refund after every five years of insurance, in addition to a lump sum payment at maturity.
This value proposition ensures that customers benefit from the protection of life cover while building a corpus to meet their short and long term needs.
According to the press release, “Aviva Nivesh Bima offers features such as a fixed benefit payment upon maturity or death, a limited premium payment term and an option to enhance coverage through a top-up benefit in accidental death. The plan also offers tax advantages for customers.
Additionally, the product is designed to attract “budding value seekers” into society who are looking to earn guaranteed assured returns for their investments. The policy’s annualized minimum premium is as low as ₹25,000 and goes up to a maximum of ₹1,00,00,000 so that the policy can be beneficial for clients with varying budgets and low to moderate risk appetite.
Vinit Kapahi, Head of Marketing Function, Aviva Life Insurance, said: “During uncertain times, customers are increasingly looking for life insurance plans with guaranteed earnings, especially for the foreseeable future. Aligning our outlook with this forward-looking mindset, we brought Aviva Nivesh Bima which will enable policyholders to achieve their short and long-term financial goals. »
Some of the key features of the Aviva Nivesh Bima plan are:
• Choice of premium payment period and policy conditions
• Annual, half-yearly and monthly modes for the payment of premiums
• Ability to add additional protection through Add on Accidental Benefit coverage
• Death cover of 11 times the annualized premium
• Guaranteed survival benefit of 10% of the insured capital at maturity every 5 years of insurance, except at maturity
• Guaranteed maturity benefit after deduction of survivors’ benefits already paid
• Tax-free payments, in accordance with applicable tax laws
Although Aviva Nivesh Bima offers cover periods of up to 20 years, policyholders are only required to pay the premium for a limited period. The premium payment term is 5 years less than the term of the policy, so one can pay premiums for a limited time but enjoy longer coverage, according to the press release.
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