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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.BUY NOW
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
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.
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.
No loan facility is available under this policy.
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 benefits are applicable under section 80C & 10 (10D) of the IT Act, subject to existing tax laws.
|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||-|
No rider(s) is available under this plan.
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.
Case II: In case of demise of Mr. Ahluwalia, the death benefits payable are as shown below.