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Aviva Life Insurance, a private insurance company, has announced the launch of Aviva Nivesh Bima. This is a non-linked, non-participating, individual savings life insurance plan that provides guaranteed moneyback at every fifth policy year, in addition to a lump sum payout at maturity.
This value proposition ensures that customers enjoy the protection of a life cover while building up a corpus to fulfil their short-term and long-term needs.
According to the press release, "Aviva Nivesh Bima 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. The plan also offers tax benefits to customers."
Moreover, the product is designed to attract the ‘aspiring value seekers’ in the society who’re looking to get guaranteed assured returns for their investments. The minimum annualized premium for the policy is as low as ₹25,000 and goes up to a maximum of ₹1,00,00,000 so that the policy may be beneficial to customers with varying budgets and having a low to moderate risk appetite.
Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance said, “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 fulfil their short- and long-term financial goals."
Some of the key features of the Aviva Nivesh Bima Plan are:
• 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% of Maturity Sum Assured every 5th policy year except at maturity
• Guaranteed Maturity Benefit after deducting survival benefits already paid
• Tax-free payouts, as per prevailing tax laws
While Aviva Nivesh Bima offers coverage tenures up to 20 years, policyholders are required to pay the premium only for a limited period. The premium paying term is 5 years less than the policy term so that one can pay premiums for a limited time but enjoy coverage longer, as per the press release.
