Group gratuity plan of Aviva Life Insurance is an insurance plan that has been designed to offer excellent financial security to the employees after their retirement from their work. This one is a group insurance policy and for this reasons the employer is considered as the master or main policy holder since he or she is the head of the head of the group.
Some of the salient features of Group gratuity plan of Aviva Life Insurance are as follows:
- The employees are eligible to get lump sum amount or funds either at the end of the policy or after their death.
- This is one such plan that enables an employer to create a well planned fund as a result of this the employer would get the opportunity to earn market linked returns.
- In this policy there is also an option of either making or transferring the contributions that has been made in previous services.
- The employer here is eligible to have tax benefits as per the provisions of the Indian Income Tax Act, 1961.
- To obtain this policy the age entry has been made from eighteen to sixty-nine.
- To get optimum coverage the minimum number of persons in a group must be ten if the optional riders are not subscribed. If the riders are opted then the minimum number of persons in a group or organization must be at least twenty.
- In this policy the sum assured in every employee must be at least Rupees ten thousand. The maximum amount is Rupees one crore.
- Riders are also available in this policy and the rider that is offered in this policy is the Group Double Accident Benefit Rider or DAB.
- In this policy the minimum annual premium is rupees one lakh.
These are some of the features of Group gratuity plan of Aviva Life Insurance. For more details people are requested to make a call at the customer care number which is 1800 – 180 – 2266.
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