The Aviva New Family Income Builder plan is a non-linked, non-participating life insurance policy. It assists the policyholder financially and offers guaranteed returns. These returns are in the form of regular payouts for a period of 12 years. In case the policyholder encounters death in an unfortunate event, the regular payouts are received by the loved ones of the insured. This, in turn, allows the insured’s family to maintain a good and healthy lifestyle even when he/she is not around to watch over them.
In order to buy the Aviva New Family Income Builder plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||6 years|
|Maximum age at entry||50 years|
|Minimum age at entry||18 years|
|Maximum age at entry||62 years|
|Term of the policy||12 years|
Sum Assured – It is the amount that the policyholder gets upon maturity of the policy. In case the insured encounters demise in an unfortunate event while the policy is still active, the nominee or the beneficiary of the insured person receives the sum assured. The minimum sum assured that can be availed under this policy stands at Rs.9,60,00. The maximum that can be availed under the Aviva New Family Income Builder plan is Rs.24 crore per life.
|Minimum Sum Assured||Rs.9,60,000|
|Maximum Sum Assured||Rs.24 crore|
Premiums – It is the amount that the policyholder pays the insurer in order to keep his/her policy running. The minimum annual premium that must be paid by the policyholder under this plan is Rs.40,000. The maximum annual premium stands at Rs.1 crore under the Aviva New Family Income Builder plan. The premium payment frequency that can be availed under this plan is annual.
|Minimum annual premium||Rs.40,000|
|Maximum annual premium||Rs.1 crore per life|
|Premium payment frequency||Annual|
*Premiums may vary depending upon factors like age, location, term of the plan and applicable taxes/GST.
|Maturity Benefits||In case the insured person survives till the end of the policy term, maturity benefit is payable. At the end of the premium payment term, depending on the age at entry of the policyholder, an additional guaranteed terminal benefit is also paid out.|
|Death Benefit||In case the policyholder encounters death in an unfortunate event while the policy is still active, the death benefit is payable to the nominee or beneficiary of the insured person. The death benefit payable is the highest of:
|Guaranteed income||Guaranteed income can be availed by the policyholder under the Aviva New Family Income Builder plan. In case of death of the insured, guaranteed income can be availed by his/her loved ones under this plan.|
Riders or Add-on Plans cannot be availed by the policyholder under Aviva New Family Income Builder plan.
Suicide Exclusion – In case the insured member commits suicide within a period of 12 months from the date of commencement of the Aviva New Family Income Builder plan, whether insane or sane, 80% of the premiums paid except the extra premium and taxes is payable to the nominee. In case the insured member commits suicide within a period of 12 months from the date of renewal of the Aviva New Family Income Builder plan, whether insane or sane, 80% of the premiums paid except the extra premium and taxes or Surrender Value under the plan is payable to the nominee.
|Revival||The insured person can revive the policy within a period of 2 years from the date of first unpaid premium. The policyholder must submit proof of continued insurability to satisfy the insurer. All due premiums must be cleared by the policyholder before policy revival.|
|Surrender||The Aviva New Family Income Builder plan can be surrendered at any point if the policyholder has paid premiums towards it for a period of three years.|
|Free-look period||A free-look period of 15 days can be availed by the policyholder. In case he/she does not like the terms and conditions of the policy, he/she can choose to return the policy to the insurer. The refund will be sent to the policyholder by the insurer after necessary deductions like stamp charges, medical exam costs, etc.|
|Grace period||A grace period of 30 days can be availed by the policyholder for payment of premiums.|
Tax benefits under Section 80C and 10 (10D) can be availed with the Aviva New Family Income Builder plan.
The Aviva Life Insurance Company is one of the leading insurance service providers in India. The products offered by them come with immense flexibility and innovation. The insurance policies offered by Aviva are tailored to meet the needs and requirements of the customers. This company is a joint venture of Aviva International Holdings Limited and Dabur Invest Corporation. The claim settlement ratio of this company is very high. The Aviva New Family Income Builder policy assists the policyholder financially and offers guaranteed returns. These returns are in the form of regular payouts for a period of 12 years. The regular payouts are paid out to the family members of the insured, in case he/she encounters untimely death.
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