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Insurance Plans India 369 views July 31, 2021
AVIVA Life Credit Plus is a micro-insurance plan for institutions that provide loans. This policy is renewable yearly and provides death cover on a group basis. Any member aged between 18 and 55 years who have borrowed a loan from a lending institution is eligible under the policy. Read this page further and know more about the benefits of the AVIVA Life Credit Plus Plan.
Table of Contents
The insurer shall pay the policyholder the sum insured for the deceased insured member. If the sum insured is more than the outstanding loan amount, the policyholder will deduct the outstanding balance amount and pay the remaining death benefit to the beneficiary of the insured member.
You can become an insured member under the policy only if your name appears in the Register of Insured Members and satisfies the following eligibility criteria:
The company will authorize the policyholder to provide the insured member with a Certificate of Membership on the policy effective date. The effective date is the date of the first disbursal of the loan or other credit facility mentioned in the loan agreement.
The duration of the policy is one year, and you can pay the premium at any of these intervals:
The premium payable under the policy is based on the following factors –
The policyholder will get a premium rate that it will apply uniformly across the group or different subsets within the group, if relevant.
Claim Process if the Insured Member Dies
The policyholder should submit the following documents to the insurer in case of death of the insured member:
Note: If the number of claims in a year is less, the insurer may return a part of the paid premium in the form of a credit against the subsequent year’s premium.