Aviva enhances its group risk products
Thu, 14 Jan 2010
Aviva has announced that it is to include lump sum and pay direct options on its group income protection and increased free cover limits on its group life policies .

With immediate effect, Aviva has increased the free cover limit formula on its existing and new group life policies from £15,000 to £20,000 multiplied by the number of lives in a scheme, subject to a maximum of £1.25m. Aviva has also increased the maximum free cover limit from £1.25m to £1.5m for schemes covering 500 to 2,999 lives and to £1.75m for schemes covering 3,000 lives or more.

On its group income protection product, Aviva has introduced a lump sum option, so rather than covering employees until retirement age, employers taking out a unit-rated group income protection scheme can opt for a two, three, four or five-year limited term followed by a lump sum payment of one, two, three, four or five times salary, or up to nine times the annual income benefit (up to £1m per life).
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