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.
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.
|Maximum age at maturity||The maximum age of your policy maturity depends on your policy term.
*Ages mentioned above are as on the policyholder’s last birthday.
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||
|Maximum Sum Assured||
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)||
|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.
|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.|
There are no riders or add-on plans that one can purchase along with this plan.
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.
|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.|
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.
Aviva Life Insurance provides you with various other benefits apart from the policy benefits you will be entitled to.
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.
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