Aviva has made a number of enhancements to its group risk products.
With immediate effect the free cover limit formula on its existing and new group life policies has been increased from £15k to 20k multiplied by the number of lives in a scheme, subject to a maximum of £1.25m.
It has also increased the maximum free cover limit from £1.25m to £1.5m for schemes covering 500-2999 lives, and to £1.75m for schemes covering 3000 lives or more.
The increased limits are applicable for all new business and renewals from 1 January 2010.
The provider has also introduced lump sum and pay direct options to its group income protection (GIP) product:
• Lump Sum option - rather than covering employees until retirement age, employers taking out a unit-rated GIP scheme can choose a 2, 3, 4 or 5 year limited term followed by a lump sum payment.
• Pay Direct option - where an employee is unable to return to work as a result of long-term illness and is removed from the payroll, the employer can choose for their benefit to be paid direct to the employee.
Steve Bridger, head of group risk at Aviva UK Health said: "With the workplace changing at an ever increasing pace, we're committed to ensuring that we offer our customers products that respond to their changing needs, both in terms of financial protection and employee rehabilitation."
