Aviva enhances Group Risk products

by Richard Kilner

Story link: Aviva enhances Group Risk products

Aviva has today announced that its Group Risk products are being substantially improved, adding Lump Sum and Pay Direct options to its Group Income Protection and enhanced Free Cover Limits on its Group Life policies.

By enhancing its products in this way Aviva has acted to increase the flexibility and choice available from its Group Risk products.

New and existing Group Life policies see the Free Cover Limit formula limit increase from £15,000 to £20,000, multiplied by the number of lives in a scheme to a maximum of £1.25m.

The firm has also increased the Free Cover Limit by £250,000 to £1.5m for schemes covering 500-2,999 and to £1.75m for larger schemes.

Group Income Protection will now have a Lump Sum option enabling a two, three, four or five year limited term instead of coverage until retirement followed by a lump sum payment.

In addition, employers will have the means to use a new Pay Direct option to pay a longterm sick employee directly from the Group Income Protection benefit.

The overhaul of Group Risk Products follows a similar enhancement made a few days ago by Aviva to its international solutions commission, which is amongst the most generous on the market.