• Aviva Wealth Builder Child Plan

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    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 Wealth Builder Plan

    Aviva Wealth Builder Plan is a non-linked insurance plan whose major feature is to ensure that you get double the amount of the total premiums paid by you. The plan aims not only to provide you with a protective cover but also help you achieve your goals such as buying a new home, or getting your children educated. It also gives you various benefits including the tax and maturity benefits.

    Eligibility - Who is the Aviva Wealth Builder Plan for?

    Before you decide to purchase this particular plan for yourself, one should ensure that they are eligible to buy this plan. The eligibility criteria for this plan are given in the table below:

    Parameters Criteria for eligibility
    Minimum age at entry 5 years
    Maximum age at entry 50 years
    Minimum age at maturity The minimum age of your policy maturity will depend on your policy term.
    • If the policy term is 13 years, the minimum age must be 18 years.
    • If the policy term is 15 years, the minimum age must be 20 years.
    • If the policy term is 17 years, the minimum age must be 22 years.
    Maximum age at maturity The maximum age of your policy maturity depends on your policy term.
    • If the policy term is 13 years, the maximum age is 63 years.
    • If the policy term is 15 years, the maximum age is 65 years.
    • If the policy term is 17 years, the maximum age is 67 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 minimum amount that the insurer will pay to the insured provided all the premiums are duly paid. The sum assured won’t contain any bonuses that the insured may be entitled to. All the information regarding the sum assured  for this particular plan are given below:

    Minimum Sum Assured
    Premium Payment Frequency Minimum Sum Assured
    Single Rs.3 lakh
    5 years Rs.5 lakh
    10 years Rs.10 lakh
    Maximum Sum Assured
    Premium Payment Frequency Maximum Sum Assured
    Single Rs.2 crore
    5 years Rs.10 crore
    10 years Rs.20 crore

    Premiums*

    The premiums to be paid by you will depend on your sum assured. The premium payment term will be chosen by you at the inception of the policy. All the information on premiums for this particular plan are given in the table below:

    Policy Term and Premium Payment Term (PPT) (in years)
    Policy Term Premium Payment Term
    13 Single
    15 5
    17 10
    Minimum Premium Regular Premium: Rs.50,000 p.a. Single Premium: Rs.1.5 lakh
    Maximum Premium Rs.1 crore
    Premium Payment Frequency Single or Annual

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

    Plan Coverage – What does the Aviva Wealth Builder Plan cover?

    Death Benefit Incase of insured’s death, the nominee will be entitled to be paid the sum assured.
    Maturity Benefit Once your policy attains maturity, you will be eligible to be paid the sum assured provided that all the premiums have been duly paid.

    Riders/Add-On Plans – Additional coverage under the Wealth Builder Plan

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

    Exclusions - What the Wealth Builder Plan doesn’t cover?

    This plan excludes a suicide claim. If the insured commits suicide within 12 months of the purchase or the revival of the policy, the nominee will be entitled to get 80% of the total premium paid excluding any tax paid on it.

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

    Grace Period A grace period of 30 days are given.
    Free-Look Period A free look period of 15 days are provided.
    Nomination Under Section 39 of Insurance Act 1938, you are eligible to change your nominees at any given point of time.

    Tax Benefits – How you can save with the Wealth Builder Plan

    Under section 80C and Section 10(10D) of the Income Tax Act, 1961, you can avail various tax benefits through this plan. The income tax acts are subject to change from time to time, hence it is always advisable to consult a tax advisor to be informed on all the queries related to your taxes.

    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 all the information on the various insurance plans and products that Aviva Life Insurance has to offer before zeroing down on the plan best for you as per your financial requirements.
    • Easy Purchase: If you finally zero down on that one product you feel is the best for you, you can simply buy it online thus making the whole process simple and hasslefree.
    • Manage your Policy: Whether you want to pay your premium, file a claim, or simply view the details of your policy, you can do all of it from the comfort of your home. All you need to do is visit the website and you can do all of the above mentioned work in a jiffy.
    • Planning: Whether you want to plan your retirement or calculate the cost of your children’s education, Aviva helps you in making the right calculation before you decide to buy the insurance plan.
    • Customer Service: Aviva Life Insurance boasts of an extensive customer care service. You can call them on their toll-free number or mail them on their email id. You can also request them to call you back by providing your contact details.

    Why you should buy the Aviva Wealth Builder Plan?

    Aviva Wealth Builder Plan not only aims to provide you cover and protect you and your family but also ensures that you are covered well. This plan provides double the amount of total premiums paid by you which makes this feature as the major highlights of this plan. This plan also provides you with various benefits including tax and maturity.  

    Aviva Life Insurance is a joint venture between Aviva International Holdings Limited and Dabur Invest Corp, two of the oldest financial organisations functional today. Aviva is known to serve more than 40 million customers spread across 20 plus countries. It is also considered to be one of the best insurance company when it comes to taking care of their customers as they enjoy 100% success rate in addressing their consumers grievances. They are also recipient of various awards which only goes on to show their quality as an insurance company.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.