A tool that guides you to financially secure your business and nurture it as an asset.
The SME World
Small and medium enterprises in India are among the biggest employment generators in our country. With their agility and dynamism, SMEs’ have the potential to make India the superpower of 21st century. At Aviva, we work constantly to support the businesses that are a part of India’s growth story, and to give their employees financial inclusion and security.
Aviva-CII partnership
Aviva and CII have joined hands to address one of the fastest growing sectors in the Indian economy – SMEs. The alliance between these two stalwarts was signed and sealed at the Global MSME Summit, Mumbai on 22nd November 2016. This partnership will enable them to reach over 1.5 million SMEs across India and play the role of thought leaders in an arena that needs earnest attention.
The key purpose of this alliance is to help create awareness amongst the SME community about how they can safeguard and strengthen their businesses in a planned and structured manner. Aviva has designed Business Protection propositions to address the multi-pronged roles played by an SME, such as a Business Owner, Employer and the Head of his family. With the aim to offer dedicated financial advice, Aviva will undertake a series of activities - webinars, road shows, on-ground outreach programs, social media campaigns, etc across India and reach out to SMEs.
ARN: Feb 18/17
BIZ PRO
From the day an entrepreneur starts a business, he exposes himself to certain risks. He juggles multiple roles, has different challenges and goals; be it for business, for his employees or his family. At Aviva, we have solutions for your needs that work in your favor and for your business security.
Be unstoppable in securing your business
Key Man
There are Key Employees who significantly influence the profits for you. Protect these profits now!
Your business is mostly dependent on the success of your key employees. A sudden loss of any of these key employees could pose a significant financial impact on your business.
Keyman insurance helps to manage these risks and ensures the company has sufficient funds to keep the business going in the short term before a successor takes charge.
- Keyman insurance is taken by a business for its own benefit. All the premiums are paid by the business & the business is eligible for all the policy proceedings
- A keyman is a person whose talent, contacts, goodwill etc a business is thriving on
- The key persons can be chief executive, key employee, directors, project specialists, operations head etc
- Any pure term insurance plan can be bought under Key person insurance
- The premium paid towards Key Person Insurance or Keyman Insurance is treated as a valid business expense
Partnership
Business Partners & shareholders are the backbone of your business. Protect them for the continuity of your business.
When you and your business partners have put so much into your own business, it's important to think about the company's future and your dependents' security, in the event death of any of the business partners.
Partnership Insurance Policy is taken by a partnership firm on the life of partners with the objective of protecting the deceased partner’s shares in the company.
- Partnership insurance is taken by a business for its own benefit. All the premiums are paid by the business & the business is eligible for all the policy proceedings
- In case of the unfortunate demise of any partner, the death claim amount is paid to the partnership firm
- The firm can use the death claim to buy out the deceased partner’s share in case his/her family is not willing to continue with the business
- Any pure term insurance plan can be bought under partnership insurance
- The premium paid towards Partnership Insurance is treated as a valid business expense
Wealth Protection
We work hard to earn money. Our money too should work for our prosperity!
Every businessman needs money to grow his business, secure the future of his family etc. While we save & invest money to fulfil all the desires, we expect our investment to grow too and be available when required.
Investment oriented insurance plans provide the opportunity to create wealth for the future along with a comprehensive life cover.
- Traditional life insurance plans with guaranteed or non-guaranteed returns
- Unit Linked Insurance Plans give the flexibility to make your own investment decisions for long term growth
- Combination of multiple policies to suit your investment objectives for specific life goals
Supplementary Income
Supplement your income & keep the income flowing even in uncertain times
Aviva offers an attractive opportunity for supplementary income by becoming a Financial Planning Advisor. As a Financial Planning Advisor, you can help people plan & protect their finances better and also create a sustainable source of income stream for yourself.
- Opportunity to add significantly to current income
- Platform for recognition by becoming a member of the elite council of financial professionals like MDRT & Blue Riband(Aviva)
- Professional guidance to enhance your Knowledge, Skills, Attitude & Habits for you to be successful
Be unstoppable in caring about your employees
Employer – Employee Insurance
Employees are an asset. Protect them to retain them.
Industrialist Andrew Carnegie has rightly said: “Take away all my factories and my equipment. Take away my wealth. But leave me with my key people and in a short time I’ll have it all back again.”
The employer – employee schemes are meant for employee welfare wherein the ultimate beneficiary is employee or his/her family. Such initiatives may help reducing attrition for the business and promote employee satisfaction. This cover can be extended to some select or all employees.
- The plan may work as an acquisition & retention tool for employer
- Benefit for the Employee / Employees’ Family
- Premiums paid treated as a valid business expense
Gratuity
Secure employees’ future
Gratuity payment is a statutory obligation for an employer towards the employees who render services for a continuous period of at least 5 years, upon separation because of resignation, retirement or death. Gratuity is a defined benefit and is one of the many retirement benefits offered by the employer to the employee. Insurance companies can make it convenient for you by helping you create and manage a corpus to meet the Gratuity liability mandated by law.
- As per Payment of Gratuity Act, 1972, gratuity is payable when an employee completes 5 or more years of full time service with the employer
- Gratuity proceeds are tax-free in the hands of employees up to Rs. 10 Lakh
- Gratuity Contribution & payouts are eligible for Tax benefits as per prevailing laws, which are subject to change
Employee Deposit Linked Insurance Scheme
Social security net for the family of employees
EDLI is a statutory benefit to be given by an employer to the employee covered under the Employees Provident Fund. Insurance companies offer Group Insurance in lieu of EDLI to enable employers provide higher amount of cover for the employees.
In case of unfortunate event of employee’s death, the sum assured is paid to the employee’s family.
- The premium towards the coverage are paid by the employer
- All the employees enrolled in the EPF scheme gets registered for EDLI as well
- Premium paid by the employer is treated as business expense
Be unstoppable in taking care of yourself and your family
Your family is your most valuable asset. Protect them by creating an encumbrance-free asset for them!
You have a distinct role as the head of a family and you would want to secure the well being of your family, as long as they live. You can and you do create separate assets to meet the objective but these could be exposed to the creditors in case of an eventuality.
It is possible to ensure an asset created for your family is encumbrance free and cannot be parted by your creditors in difficult times. An insurance policy bought under MWPA (Married Women’s Property Act) creates financial security for your wife and/or children. All the policy proceeds are for the exclusive benefit of the chosen beneficiary only, and cannot be attached even by creditors under a court decree.
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 MWP Act
- All the policy proceeds are for the exclusive use of the chosen beneficiary
Term Plans
As the primary earning member you always wanted to make sure that your family is happy; not as long as you live, but as long as they live.
A term insurance plan ensures that your family is secured and leads a comfortable life in your absence
- Term Plan covers death due to any reason
- Buying Term Plan under MWPA will keep it safe from Creditors, if any
- Eligible for Tax benefits as per prevailing laws, which are subject to change
Child Plans
Every child has a genius in them. As a parent we need to ensure that money doesn't come in the way of realizing their true potential.
Child plans help protect child’s education milestones financially even if the insured parent is not around.
- Payouts for key education milestones
- Waiver of future premiums in case of death of insured parent to secure the benefits
- Buying Child Plans under MWPA will ensure benefit is paid to the child only
- Eligible for Tax benefits as per prevailing laws, which are subject to change
Health Plans
Today's lifestyle has made us vulnerable to critical illnesses at very early stage of life. The cost of procedure & treatment of such illnesses may lead to a serious dent to our savings.
Health Plans from a Life Insurance company pay a lump sum that can be used for treatment and for other expenses during the recuperation period.
- Lump sum payout on diagnosis of covered illness / condition
- This payout will be in addition to any claim received from other mediclaim policies or health insurance
- Eligible for Tax benefits as per prevailing laws, tax laws are subject to change
We are always there to assist you
AN: Mar 36/22.