SME Plans

Entrepreneurs are also known as risk-takers, especially when it comes to new businesses and initiatives. It is therefore, important for individuals to protect their interests. At times like these, cutting corners with insurance can put the business at risk. Although risk is an intrinsic part of a business, it has to be safeguarded against so that one can avoid the crushing of their dream ventures. There is a wrong perception that insurance translates to only health or life insurance. The right insurance can cover nearly everything, being flexible enough to meet the needs of industries and small businesses.

In 2016, Aviva partnered with CII to usher a new era for SMEs all over the country. Through this initiative, Aviva has conducted activities like webinars, roadshows, on-ground outreach programs, and social media campaigns across India to reach out to SMEs. This makes us an insurance provider that not only understands what SMEs need but also provides solutions that address these needs on both levels (business and personal).

The Married Women's Property Act, 1874 or “MWPA” was created to secure the assets owned by a woman against her husband, his relatives and creditors. Section 6 of this act covers insurance policies taken out by a man on his own life to protect his wife and children. On purchasing a life insurance policy under the MWPA for your wife and children, the sum assured will always belong to your wife. It cannot be, considered as a part of your business assets (estate) and be claimed by lenders. As per this act, every insurance policy that’s covered under it is automatically considered as an individual trust with the beneficiaries as trustees. There is no need for formally creating a trust or even a settlement deed for the benefit of the dependents named in the policy.

A lot of small businesses are unknowingly uninsured, which can, at times, create a risk of paying out larger sums in legal costs and claims during conflicts. Standard insurance packages cover fire, natural and burglary incidents. Aviva’s solutions offer a range of solutions, such as child plans, health plans, and employee plans, ensuring that the most important aspects of a business owner’s life are covered.

• Amount of preferred liability protection
• Health insurance requirements
• Specific risks associated with your industry

You can consult with our experts to know what factors you need to consider when opting for our SME insurance options.

• Keyman Insurance

  There are employees that are beneficial for the business. What they need is your protection.

  Keyman is a person whose talent, performance, and contacts are factors on which the business is thriving on. The key persons can be Chief Executives, Key Employees, Directors, Project Specialists, Operations Head, etc. Keyman insurance helps in managing the risks related to the sudden loss of an invaluable employee. It ensures that the company has sufficient funds to keep the business going until a new successor takes over.
• The business buys keyman insurance, and the business itself pays all the premiums
• The premium paid towards this insurance is treated as a valid business expense
• Any term insurance plan can be bought under Keyman insurance



• Partnership Insurance

  Business Partners and Shareholders are the backbones of your business. Safeguard them for its stability.

  After all the investments made by you and your partners, it is important to think about the future of the company and its dependents in the event of the death of a business partner. This insurance is taken by a partnership firm to protect the shares in the company in case of the death of a partner.
• The business buys partnership insurance, and the business itself pays all the expenses
• In case of the unfortunate demise of any partner, the death claim amount is paid to the partnership firm
• The claim amount can be used to buy out the deceased partner’s shares if the family does not want to continue with the business
• The premium paid towards this insurance is treated as a valid business expense
• Any pure term insurance plan can be bought under this insurance



• Wealth Protection

  We work hard to earn money. Our money too, should work for our prosperity!

  Every business-owner needs the business to grow so that he can provide for his/her family. Investment-oriented insurance plans offer the opportunity to create wealth for the future, along with a comprehensive life cover.

  Policies you can opt for:

• Traditional life insurance plans with guaranteed or non-guaranteed returns
• ULIPs to enjoy the freedom to make your own investment decisions for long-term growth
• Combine multiple policies to suit your investment objectives



• Supplementary Income

  Keep the income flowing even in uncertain times.

  Aviva provides an attractive opportunity for supplementary income which is to become a Financial Advisor.
• Opportunity to add significantly to your current income
• Recognition from becoming a member of the elite council of financial professionals like MDRT & Blue Riband (Aviva)

Click here to know more

• Employee Insurance

  Employees are an asset that should be protected.

  The employer-employee schemes are for employee welfare wherein the ultimate beneficiary is employees or their families. Such steps can reduce attrition and increase satisfaction between employees.
• Works as an acquisition and retention tool for an employer
• Benefits Employee/Employee’s family
• Allows extension of cover for some or all employees
• Premiums paid towards this insurance are treated as valid business expenses



• Gratuity

  Secure your employees’ future.

  Gratuity payment is a statutory obligation for an employer towards the employees who render services for a continuous period of at least five years. As per Payment of Gratuity Act, 1972, gratuity is payable when an employee completes five or more years of full-time service.
• Gratuity proceeds (up to Rs. 10 Lakh) are tax-free in the hands of employees
• Gratuity Contribution and payouts are eligible for Tax benefits as per laws, which are subject to change



• Employee Deposit Linked Insurance Scheme

  A corpus for the employee's family.

  Employee Deposit Linked Insurance is a statutory benefit given to the employee covered under the Employees Provident Fund. In the case of the unfortunate event of an employee’s demise, the total sum assured is paid to the employee’s family.
• - Premiums are paid by the employer
• Employees enrolled in the EPF scheme get registered for EDLI
• Premiums paid are treated as a valid business expense

Click here to know more

Being the head of the family, you must look after your family’s well-being. You can create an asset for your family, which is hindrance-free and cannot be parted by your creditors in difficult times.

Insurance policy under MWPA (Married Women's Property Act) creates financial security for your wife and/or children. All the policy earnings are exclusively for the benefit of the chosen beneficiary only.

As per section 6 of the Married Women’s Property Act (MWPA), 1874:

• An estate can be created exclusively for the benefit of the wife or children or both through a life insurance policy
• All kinds of life insurance plans like protection, saving and investment can be bought under the MWPA Act

• Term Plans

  Keep your family financially safe in your absence.

  A term plan makes sure that your family is secured and can lead comfortable lives when you are not around.
• Term plan covers death, irrespective of the cause
• Buying Term Plan under MWPA will keep it safe from creditors if any
• Eligibility for tax benefits can be enjoyed



• Child Plans

  Make your child’s future safe.

  Child plans make sure that children’s education milestones are not hindered if the insured parent is not around.
• Payouts for major education milestones
• Waiver of future premiums in case of death of the insured parent
• Buying plans under MWPA will ensure benefits are paid to the child only
• Eligibility for tax benefits



• Health Plans

  Keep yourself fit and healthy.

  Unhealthy lifestyles make us prone to various ailments. It is, therefore, necessary to stay insured in case any uncertain illness comes your way. Health Plans from a Life Insurance company pay a lump sum that can be utilised for treatment and other expenses during the recovery period.
• Receive lump sum payout on detection of a covered illness
• Receive a payout in addition to any claim received from other mediclaim policies or health insurance
• Become eligible for tax benefits