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Term Insurance 403 views July 31, 2021
Aviva Nayi Grameen Suraksha-Micro Insurance Product is a non-participating non-linked term insurance plan that secures your family’s future in case of your death. The key features of the plan are as follows:
Read this page further and know more about the benefits of the Aviva Nayi Grameen Suraksha-Micro Insurance Product
Table of Contents
A lump sum amount shall be paid to the nominee in case of the death of the life insured during the policy term. The death benefit is equal to the sum assured of the policy and based on the entry age of the life assured. Check out the table below to know about it:
Entry Age (In Years) | For a Policy Term of 5 years | For a Policy Term of 10 years |
---|---|---|
18-30 | 95X the Single Premium | 40X the Single Premium |
31-40 | 65X the Single Premium | 25X the Single Premium |
41-45 | 40X the Single Premium | 15X the Single Premium |
46-50 | 25X the Single Premium | 10X the Single Premium |
You can surrender the policy after the first year. The surrender value payable to you will be calculated as follows:
Surrender Value = Single Paid Premium X Surrender Value factor
Surrender value factors are shown in the table below:
Year of Surrender | For a Policy Term of 5 years | For a Policy Term of 10 years |
---|---|---|
1st | 0% | 0% |
2nd | 50.00% | 55.00% |
3rd | 35.00% | 50.00% |
4th | 20.00% | 45.00% |
5th | - | 40.00% |
6th | - | 35.00% |
7th | - | 30.00% |
8th | - | 25.00% |
9th | - | 20.00% |
10th | - | - |
Note: ‘-’ means no surrender value is payable during that policy year. The surrender value should be at least INR 250.
You can purchase this policy if you meet the following age criteria:
Aviva Nayi Grameen Suraksha-Micro Insurance Product policy term is 5 and 10 years, and the premium payment term is single pay. The minimum and maximum premium amounts are INR 500 and INR 5,000, respectively. Whereas the minimum and maximum sum assured per life are INR 10,000 and INR 50,000, respectively.
In case the life assured dies due to suicide within one year from the date of inception of the policy, the insurer shall pay 80% of the single paid premium excluding extra premium and taxes (if any) to the nominee.
You can review the policy terms and conditions during the free look period of 15 days starting from the date of receipt of the policy document. In case you disagree with any of the terms & conditions, return the policy stating the reason for it. On such cancellation, the company will refund the single premium after a deduction of a proportionate risk premium for the period on cover, medical examination expenses (if any) and stamp duty charges.