Aviva Nayi Grameen Suraksha-Micro Insurance Product

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:

1. Death benefit
2. Premium starting from INR 500
3. Single-Premium Payment option

Read this page further and know more about the benefits of the Aviva Nayi Grameen Suraksha-Micro Insurance Product

Aviva Nayi Grameen Suraksha-Micro Insurance Product Death Benefit

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:

Aviva Nayi Grameen Suraksha-Micro Insurance Product Surrender Value

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:

Note: ‘-’ means no surrender value is payable during that policy year. The surrender value should be at least INR 250.

Aviva Nayi Grameen Suraksha-Micro Insurance Product Eligibility Criteria

You can purchase this policy if you meet the following age criteria:

1. Minimum Entry Age – 18 years  (as on the last birthday)
2. Maximum Entry Age – 50 years (as on the last birthday)
3. Maximum Age Allowed at Maturity – 60 years (as on the last birthday)

Aviva Nayi Grameen Suraksha-Micro Insurance Product Policy Term & Premium Payment Options

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.

Suicide Clause

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.

Free Look Period

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.