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Aviva New Family Income Builder Plan

What is the Plan all About?

Aviva New Family Income Builder is a non-linked & non-participating life insurance plan that provides savings plus protection benefits. This plan provides returns as guaranteed regular payouts for a period of 12 years. Not only this, your family’s future is also secures, in the event of your untimely demise.

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What are the Key Features?

  • Guaranteed income benefit
  • Get double the premiums paid, during the last 12 years
  • Guaranteed payout for family, in case of unfortunate event
  • Get guaranteed terminal benefit
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of unfortunate demise of the life insured during the policy term, the death sum assured is payable, which is higher of 105% of the total premiums paid, 10 times the annualized premium, maturity sum assured or sum assured of the policy.
     

    The death sum assured is

    • 12 annual installments of 1.5 times the annual premium. The first installment is paid at the time of claim settlement and then the outstanding annual installments are payable on each death anniversary, starting from the first death anniversary date.
    • 6 times the annualized premium as lump sum is paid with the last annual installment, on the 11th death anniversary.
       

    An additional guaranteed terminal benefit (basis of age of entry) is payable along with the benefit at the time of settlement of claim.
     

    In case of death of the life insured during the payout period, the remaining regular payouts are payable to the nominee.

Maturity Benefit

    In case of survival of the life insured till end of the policy term, the maturity sum assured is paid as 1.5 times the annual premium at the end of each year during payout period, i.e., from 13th to 24th year. 6 times of annual premium as lump sum is payable at the end of 24th year.
     

    An additional guaranteed terminal benefit (basis of age of entry) is payable at maturity of the policy.

Guaranteed Terminal Benefit

    Guaranteed Terminal Benefit is payable in the range of 2% to 12% of the annual premium, depending on the age of entry.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value. Surrender Value is acquired on payment of all due premiums for at least 3 full policy years.

Tax Benefit

    Tax benefits are applicable under section 80C & 10 (10D) of the IT Act, subject to existing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 6 Years 50 Years
Age at Maturity 18 Years 62 Years
Policy Tenure 12 Years -
Premium Paying Term Same As Policy Term -
Premium Paying Mode Annually Only -
Premium Amount Rs 40,000 Rs 1 Crore (per Life)
Sum Assured Rs 9,60,000 Rs 24 Crores (per Life)
Freelook Period 15 Days -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider(s) is available under this plan.

How the Plan Works?

Mr. Ahluwalia chooses Aviva New Family Income Builder with policy term of 12 years, annual premium of Rs 1 Lac for 12 years.
 

Case I: If he survives till end of the policy term, the maturity benefits payable are as shown below.
 

Aviva New Family Income Builder


Case II: In case of demise of Mr. Ahluwalia, the death benefits payable are as shown below.
 

Aviva New Family Income Builder Plan