Aviva Life Insurance, the 74:26 joint venture between between Dabur and UK's largest insurance group, Aviva Plc, today introduced Grameen Suraksha, a micro-insurance rural term insurance plan for BASIX customers. This traditional term plan has been developed with the objective of giving the rural policyholder maximum benefits. Grameen Suraksha is designed such that it reduces the burden of the policyholder to pay premium year after year. Instead, under this plan, the policyholder pays premium for a period of just two years and then avails the term benefit for either five or 10 years.
In case the policyholder is unable to pay the 2nd annual premium, the plan will still offer a full cover for 18 months or 48 months from the due date of unpaid premium for the five-year or the 10-year policy plan respectively. In addition, tax benefits can be availed as per Section 80C of the Income Tax Act, 1961. Bert Patterson, managing director, Aviva Life Insurance, India said, "Aviva has been a serious player in the micro insurance arena. We have been associated with BASIX since 2002 and together we have insured lives of many in the social sector. With the launch of Grameen Suraksha for BASIX customers, we hope to increase our reach and provide the benefits of life insurance to maximum number of people in rural and social sector. Aviva India has covered close to 900,000 lives in the social sector in association with BASIX and other microinsurance organizations." Under the new plan, the premium is calculated based on the sum assured and age (18to 45 years) of the policyholder. The minimum sum assured is Rs5,000 and the maximum is Rs50,000. The policyholder also has the option of surrendering the policy in which case the surrender value is then paid.
In case the policyholder is unable to pay the 2nd annual premium, the plan will still offer a full cover for 18 months or 48 months from the due date of unpaid premium for the five-year or the 10-year policy plan respectively. In addition, tax benefits can be availed as per Section 80C of the Income Tax Act, 1961. Bert Patterson, managing director, Aviva Life Insurance, India said, "Aviva has been a serious player in the micro insurance arena. We have been associated with BASIX since 2002 and together we have insured lives of many in the social sector. With the launch of Grameen Suraksha for BASIX customers, we hope to increase our reach and provide the benefits of life insurance to maximum number of people in rural and social sector. Aviva India has covered close to 900,000 lives in the social sector in association with BASIX and other microinsurance organizations." Under the new plan, the premium is calculated based on the sum assured and age (18to 45 years) of the policyholder. The minimum sum assured is Rs5,000 and the maximum is Rs50,000. The policyholder also has the option of surrendering the policy in which case the surrender value is then paid.
Source: Domain-b
1 comment:
Basix- Do not confuse with Building Sustanibility index .
Read this : http://www.basixindia.com/
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