Credit Net of Aviva Life Insurance is yet another rural group insurance policy that has been planned especially for banks and other micro financial institutions. This policy is meant to offer Insurance cover to these institutions for the financial losses that has been incurred due to non repayment of the loans.
Some of the features and benefits of Credit Net of Aviva Life Insurance is as follows:
- People are between the ages of eighteen and sixty years are allowed to subscribe this policy. This means that the member of the groups must be more then eighteen years but not more then sixty years.
- Since this one is a group insurance policy therefore the head of the group is referred here as the master policy holder.
- The term of this very Insurance Policy is one year and there is also a provision of renewing this policy in each year. Similarly the term for making the payment of premium is also same that is one year. The term can be renewed by making the payment of the annual premium for another year.
- Flexibility is yet another feature of this policy. The frequency of making the payment of this policy premium is yearly, half yearly, quarterly or monthly. This feature allows the policy holder to choose their very frequency of premium payment that suits them the best.
- The yearly premium in this policy depends mainly on the number of member in a group. Certain other factors like age, occupation and outstanding loan balances are also taken into account.
Riders are also available in this policy and that is Permanent Total Disability. This rider can be availed after making an extra payment of premium. The rider has been offered here as an option that further enhances the insurance cover in an existing policy.
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