Leading private insurance company Aviva Life Insurance today announced the launch of Aviva Nivesh Bima, an untied, non-participating individual savings life insurance plan. The plan offers a guaranteed repayment every five years of insurance and a lump sum payment at maturity.
The value proposition ensures that clients enjoy the protection of life coverage while building a corpus to meet their short and long term needs. The Aviva Nivesh Bima plan offers features such as the payment of fixed benefits upon maturity or death, a limited premium payment period and an option to enhance coverage through an additional accidental death benefit. It also offers tax benefits to clients.
Aviva Nivesh Bima plan: key features
- Choice of premium payment term and policy conditions
- Annual, semi-annual and monthly premium payment methods
- Possibility of adding additional protection through additional accident insurance coverage
- Death cover of 11 times the annualized premium
- Guaranteed survival benefit of 10 per cent of the sum at maturity insured every five insurance years, except at maturity
- Benefit guaranteed at maturity after deduction of survivor benefits already paid
- Tax-free payments, in accordance with applicable tax laws
The product is designed to attract aspiring value seekers into society who are looking for guaranteed, assured returns for their investments. The minimum annualized premium of the policy is as low as Rs 25,000 up to a maximum of Rs 1,000,000,000, so the policy may be beneficial for clients with variable budgets and with a low to moderate risk appetite. .
âIn uncertain times, clients are increasingly looking for life insurance plans with guaranteed earnings, especially for the foreseeable future. By aligning our outlook with this forward-looking mindset, we have brought Aviva Nivesh Bima, which will enable policyholders to achieve their short and long term financial goals â, said Vinit Kapahi, Head of the marketing function, Aviva Life Insurance. .