The Aviva New Family Income Builder Child Plan is a traditional life insurance plan that offers great protection and also enables you to build high savings. This plan will provide you with frequent payouts for a period of 12 years. When you make your premium payments, you will receive double the amount.
Under this plan, when the life insured passes away, then a guaranteed payout will be paid instantly.
You can build your wealth competently with the help of the payouts offered with this plan. In case you die suddenly due to any reason, these payouts will be provided to your dependents. This plan will enable you to meet your child’s dreams efficiently.
|Minimum entry age||6 years as on last birthday|
|Maximum entry age||50 years as on last birthday|
|Minimum maturity age||18 years as on last birthday|
|Maximum maturity age||62 years as on last birthday|
Under the Aviva New Family Income Builder Child Plan, you will receive a high sum assured. It will be 24 times your annualised premium. When you make a premium payment under this plan, you will get double the amount.
|Minimum sum assured||Rs.9,60,000 for each life (Minimum annual premium of Rs.40,000 x 24)|
|Maximum sum assured||Rs.24,00,00,000 for each life (Minimum annual premium of Rs.1,00,00,000 x 24)|
|Premium payment period||12 years|
|Policy period||12 years|
|Payout period||12 years after the policy matures i.e. 13th to 24th year.|
|Premium payment frequency||Annual only|
|Minimum annual premium||Rs.40,000|
|Maximum annual premium||Rs.1,00,00,000 (for each life)|
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
With the Aviva New Family Income Builder Child Plan, you will receive both maturity benefits as well as a death benefit.
|Type of benefit||Features of the benefit|
|Maturity benefit||Under this plan, if the policyholder survives till the end of the policy period, then he or she will receive a maturity sum assured. This is if all premiums have been paid. The maturity sum assured can be: A lump sum amount of 6 times the annual premium at the end of the payout period OR 12 annual installments of 1.5 times the annual premium that will be given when each policy year ends.|
|Guaranteed terminal benefit||This plan offers an extra terminal benefit at the end of the premium payment term. This will be determined by the entry age of the policyholder.|
|Death benefit||If the policyholder dies during the policy period, the nominee chosen by the policyholder will receive a death sum assured. It can be 105% of all premiums that have been paid OR 10 times the annualised premium OR sum assured offered by the plan OR maturity sum assured.|
Most insurance plans provide riders or add-on plans that offer extra coverage. The coverage can be availed by paying an additional premium. The Aviva New Family Income Builder Child Plan does not offer any rider plan as of now.
Under this plan, if the policyholder dies because of committing suicide, then there are certain suicide claim provisions as well as exclusions. If the policyholder commits suicide in 12 months after thee policy commences, then 80% of the premiums that have been paid till the date of death will be paid to the nominee or the beneficiary. If the policyholder commits suicide in 12 months after the policy is revived, then the surrender value as on the date of death or 80% of the premiums that have been paid till the date of death, whichever is higher, will be offered to the nominee or the beneficiary.
You can enjoy a wide range of other important features apart from the death benefit and the maturity benefits, when you take the Aviva New Family Income Builder Child Plan.
|Grace period||You will get a grace period of 30 days with this plan which will help you pay your premiums in case you have missed your premium payment deadlines.|
|Surrender value||You can surrender this policy at any point if you have completed your premium payments at least for 3 years. You will get the special surrender value or the guaranteed surrender value, whichever is higher.|
|Free-look period||You will get a free-look period of 15 days during which you can check your policy terms and conditions and then decide if you want to go ahead with the plan or not. If you are not too happy with the plan’s features, you can return your policy within this period.|
|Nomination||You will need to nominate another person to receive your policy benefits as per Section 39 of Insurance Act, 1938.|
|Assignment||You may make an assignment as per Section 38 of Insurance Act, 1938.|
|Policy revival||This plan permits you to revive your lapsed policy if you have paid premiums accurately at least for 3 years.|
You can get great tax benefits with the Aviva New Family Income Builder Child Plan as per the Income Tax Act, 1961 according to Section 80C and 10 (10D). You will need to keep in mind that the tax laws keep changing on a regular basis.
Aviva Life Insurance has a unique and modern portfolio to cater to all your personal and specific insurance requirements. The company has knowledgeable and committed insurance advisors who will be with you throughout the insurance application and claim settlement process. With a network of around 108 branches, you can count on the organisation to provide you with prompt and precise services.
With the New Family Income Builder Child Plan from Aviva Life Insurance, you will be able to support your family’s dreams successfully by building your income step by step. The plan will generate excellent returns which will help you have a strong financial foundation for your entire household.
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