India: Aviva Life launches Grameen Suraksha

Jul 2007
, July, 06 2007 - Aviva Life Insurance launched ‘Grameen Suraksha’, a micro-insurance rural term insurance plan for BASIX customers.

This traditional term plan has been developed with the objective of giving the rural policyholder maximum benefits.  

‘Grameen Suraksha’ is designed such that it reduces the burden of the policyholder to pay premium year after year. Instead, under this plan, the policyholder pays premium for a period of just two years and then avails the term benefit for 5 or 10 years. In case the policyholder is unable to pay the 2nd annual premium, the plan will still offer a full cover for 18 months or 48 months from the due date of unpaid premium for 5 or 10 year Policy Term respectively. In addition, tax benefits can be availed as per Section 80C of the Income Tax Act, 1961. 

Speaking on the occasion, Mr. Bert Patterson, Managing Director Bert Paterson, Managing Director, Aviva Life Insurance, India said, “Aviva has been a serious player in the microinsurance arena. We have been associated with BASIX since 2002 and together we have insured lives of many in the social sector. With the launch of Grameen Suraksha for BASIX customers, we hope to increase our reach and provide the benefits of life insurance to maximum number of people in rural and social sector. Aviva India has covered close to 900,000 lives in the social sector in association with BASIX and other microinsurance organizations.”

Under the new plan, the premium is calculated based on the Sum Assured and age (18 to 45 years) of the policyholder. The minimum sum assured is Rs 5,000 and the maximum is Rs 50,000. The policyholder also has the option of surrendering the policy in which case the surrender value is then paid.

Source : Money Control

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