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.
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 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.
|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:
|Maturity Benefit||Maturity benefit will be payable as and when the policy attains maturity. The maturity benefit payable for this plan are:
|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.|
There are no rider or add-on plans that one can purchase along with this plan.
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.
|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.|
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.
Aviva Life Insurance, provides you with various other benefits apart from the policy benefits you will be entitled to.
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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