• Aviva New Family Income Builder Savings Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Aviva New Family Income Builder Plan is designed to not only provide you protection but also acts as a saving instrument as well. The plan aims to help you financially by guaranteeing returns in form of payouts for 12 years. This ensures that the future of your family is secured regardless of whether you are there for them or not.

    Eligibility - Who is the New Family Income Builder Plan for?

    The eligibility criteria for this particular plan are given below:

    Parameters Criteria for eligibility
    Minimum age at entry 6 years
    Maximum age at entry 50 years
    Minimum age at maturity 18 years
    Maximum age at maturity 62 years

    *Ages mentioned above are as on the policyholder’s last birthday.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    Sum Assured is the amount to be paid by the insurer to the insured or the nominee on the death of the policyholder. The sum assured won’t contain any additional bonuses or benefits which the insured may be entitled to. The relevant information regarding Sum Assured are given below in the table:

    Minimum Sum Assured Rs.9.6 lakh
    Maximum Sum Assured Rs.24 crore



    The sum assured for your policy will decide the premium you will have to pay. You must pay your premiums within the grace period otherwise your policy will cease to exist. All the relevant information regarding your premiums for this plan are given in the table below:

    Policy Term 12 years
    Premium Payment Term (PPT) 12 years
    Minimum Annual Premium Rs.40,000
    Maximum Annual Premium Rs.1 crore
    Premium Payment Frequency Annual
    Payout Period 12 years after maturity, that is from 13th year to 24th year

    * Premiums will vary based on age, location, plan term, GST, and other factors.


    Plan Coverage – What does the New Family Income Builder Plan cover?

    Death Benefit Incase of an unfortunate event of the death of the insured, the nominee will be entitled to the death benefit which will be equal to the highest of:
    • 10 times the annualised premium or
    • 105% of all the premiums paid or
    • Maturity Sum Assured or
    • Sum Assured of the policy
    Maturity Benefit Maturity benefit will be payable as and when the policy attains maturity. The maturity benefit payable for this plan are:
    • 12 annual installments equivalent to 1.5 times the annual premium will be payable at the end of each year during the payout period.
    • A sum amount equivalent to 6 times the premium amount will be payable at the end of each year during the payout period.
    Guaranteed Terminal Benefit As per your entry age, Guaranteed Terminal Benefit will be payable at the time of death claim or at the end of your premium payment term.

    Riders/Add-On Plans – Additional coverage under the New Family Income Builder Plan

    There are no rider or add-on plans that one can purchase along with this plan.

    Exclusions - What the New Family Income Builder Savings doesn’t cover?

    This particular plan has a suicide exemption. If the insured commits suicide within 12 months of the purchase or the revival of the policy, the nominee will be paid 80% of the premiums paid.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period You get a period of 30 days called the Grace Period during which you must pay your premiums or else your policy will cease to exist.
    Free Look Period If you don’t agree with the terms and conditions of the policy, you can return it back within 15 days of the date of purchase of the policy. This period is called the Free-Look Period.
    Nominations and Assignments You can choose your nominees for your plan under Section 39 of Insurance Act, 1938.

    Tax Benefits – How you can save with the New Family Income Builder Plan

    You will be eligible for various tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Since, Income Tax laws are subject to change, it is always advisable to consult a tax advisor to clear all your tax related queries.

    Other Benefits of Aviva Life Insurance

    Aviva Life Insurance, provides you with various other benefits apart from the policy benefits you will be entitled to.

    • Information about various Products: You can find relevant information on all the products offered by Aviva on their website.
    • Easy Purchase: If you like a product, you can purchase it right away from the comfort of your home, thus helping you save time and making the whole process hassle free.
    • Manage your Policy: Whether it’s paying your premiums or filing your claim, any work related to your policy can be done without you even stepping out of your house.  Aviva Life Insurance gives you the benefit of managing your profile from the comfort of your home.
    • Planning: Aviva helps you plan your future as per your financial status. Right from calculating your children’s education cost to figuring out your life post retirement, you can plan different aspects of your life with the help of Aviva Life Insurance.
    • Customer Service: Aviva boosts of an extensive customer service available for you 24x7. You can call them on their toll-free number or mail them on their email id incase of any query. You can also ask them to call you back by providing  your contact details.

    Why you should buy the New Family Income Builder Plan?

    New Family Income Builder Savings Plan is a traditional and simple insurance plan as it is designed to not only provide you a life cover but also guarantee payouts for 12 years, thus making it a very good insurance product to be used to by customers.

    Aviva has more than 40 million customers across 30 countries and a variety of products to offer which also makes it one of the top-notch financial service companies in the world. Aviva is considered to be the best when it comes to taking care of their customers as they boast of 100% success rate in addressing their consumers grievances. Aviva Life Insurance Company is a recipient of various awards in which the most notable is winning Gold for ‘What’s Your Big Plan’ in the ‘Most Effective Insurance Marketing Campaign of the year’ category at the 2014 DMAi awards.

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