Leading private insurer Aviva Life Insurance today announced the launch of Aviva Nivesh Bima – which is an unlinked, non-participating individual savings life insurance scheme. The plan offers a guaranteed refund every five years of coverage and a lump sum payment at maturity.
The value proposition ensures that customers benefit from the protection of life cover while building a corpus to meet their short and long term needs. The Aviva Nivesh Bima plan offers features such as a fixed maturity or death benefit payment, a limited premium payment term, and an option to enhance coverage with an additional accidental death benefit. It also offers tax benefits to customers.
Aviva Nivesh Bima plan: main features
- Choice of premium payment term and policy conditions
- Annual, semi-annual and monthly premium payment methods
- Possibility of adding additional protection thanks to an additional coverage in the event of an accident
- Death cover of 11 times the annualized premium
- Guaranteed survival benefit of 10% of the sum insured at maturity every five years of insurance, except at maturity
- Guaranteed benefit at maturity after deduction of survivors’ benefits already paid
- Tax-free payments, in accordance with applicable tax laws
The product is designed to attract aspiring value seekers to society who are looking to earn guaranteed assured returns for their investments. The minimum annualized premium for the policy is as low as Rs 25,000 up to a maximum of Rs 1,00,00,000 so that the policy can benefit clients with varying budgets and low to moderate risk appetite. .
“In times of uncertainty, customers 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,” said Mr. Vinit Kapahi, Head of marketing function, Aviva Life Insurance. .