Leading private insurance company Aviva Life Insurance today announced the launch of Aviva Nivesh Bima - which is a non-Linked, non-participating, individual savings life insurance plan. The scheme provides guaranteed moneyback at every fifth policy year and a lump sum payout at the maturity.
The value proposition ensures that customers avail the protection of a life cover while building up a corpus to fulfill their short-term and long-term needs. The Aviva Nivesh Bima plan offers features such as fixed benefit pay-out on maturity or death, limited premium paying term, and an option to enhance the coverage through an add-on accidental death benefit. It also offers tax benefits to customers.
Aviva Nivesh Bima Plan: Key Features
- Choice of premium payment term and policy terms
- Annual, semi annual and monthly modes for paying premiums
- Option to add additional protection through add-on accidental benefit cover
- Death cover of 11 times annualized premium
- Guaranteed survival benefit of 10 per cent of maturity sum assured every fifth policy year except at maturity
- Guaranteed maturity benefit after deducting survival benefits already paid
- Tax-free payouts, as per prevailing tax laws
The product is designed to attract aspiring value seekers in the society who seek to get 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 may be beneficial to customers with varying budgets and having low to moderate risk appetite.
“During uncertain times, customers increasingly seek life insurance plans with guaranteed gains, especially in the foreseeable future. By aligning our prospects with this future-oriented customer mindset, we have brought Aviva Nivesh Bima which will enable policyholders to fulfill their short- and long-term financial goals,'' said Mr. Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance.