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Aviva New Family Income Builder Insurance Plan and Policy

Aviva New Family Income Builder Insurance Plan and Policy - Aviva New Family Income Builder Plan is an non-Linked, non-participating Life insurance plan without Bonus facility. In this plan, premium needs to be paid for 12 years and Double the Premium would be paid as Income from the end of the 13thPolicy Anniversary till 24th Policy Anniversary, i.e. for another 12 years. However, the life risk of the individual is covered till the end of the 12th policy year. Thus, the Maturity Benefit in this plan is not paid upfront but in a staggered form.

Key Features - Aviva New Family Income Builder Insurance Plan and Policy:

  • 6 times the Annual Premium is paid as Maturity Benefit
  • (On death), the policy pays the Guaranteed Survival Benefits for a period of 12 years
  • (After Maturity), the policyholder can take future survival benefit as a lump sum
  • Inbuilt rider of Waiver of Premium Benefit.

Eligibility Details - Aviva New Family Income Builder Insurance Plan and Policy:

PARAMETER MINIMUM MAXIMUM
AGE OF ENTRY 6 years 50 years
MATURITY AGE 18 years 62 years
SUM ASSURED Rs.960,000 Rs.24,00,00,000
PREMIUM PAYMENT TERM 12 years
POLICY TERM 12 years
PREMIUM PAYMENT MODE Only Annual

Benefits - Aviva New Family Income Builder Insurance Plan and Policy:

Tax Benefits:

  • Tax benefits are subject to conditions specified under section 10(10D) and section 80C of the Income-tax Act, 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant. Service Tax & Cess, as applicable shall be levied over and above premium amount shown here as per applicable tax laws.

Maturity Benefit:

  • After the Policy Matures, provided all due premiums have been paid, the Maturity Benefit is paid to the policyholder over a period of 12 years in the following manner:
    1) 1.5 times the Annual Premium, excluding taxes and additional premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary during the Payout Period
    2) 6 times the Annual Premium, excluding taxes and additional premium paid is payable along with the last annual payout at the end of the 24th year

Death Benefit:

  • In case of death of the Life Insured within the Policy Tenure, the Death Benefit will be the highest of:
    1) 10 times the Annual Premium, excluding taxes and additional premium
    2) Maturity Sum Assured
    3) Sum Assured of the Policy
    Subject to a minimum of 105% of all premiums paid, excluding taxes and additional premium.

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