• Aviva Wealth Builder Pension 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 Life Insurance Wealth Builder Plan

    The Wealth Builder Plan, offered by Aviva Life Insurance Company, is a Non-Participating, Non-Linked Insurance Plan. This plan provides the policyholder a comprehensive life cover that will secure the future of their dependents, if something unfortunate happens to the life assured. In addition, it will also pay the policyholder double the sum of all the premiums paid, at maturity of the policy. Premiums for the Regular Pay option start from Rs.50,000 p.a., while premiums for the Limited Pay option start from Rs.1.5 lakh. All payments that you make towards this policy are eligible for tax benefits, making this policy a smart investment choice.

    Eligibility - Who is the Aviva Life Insurance Wealth Builder Plan for?

    Insurance providers usually set an eligibility criteria which need to be met by the policy buyer in order to avail the protection accorded by the plan.

    Parameters Criteria for eligibility
    Minimum age at entry 5 years
    Maximum age at entry 50 years
    Minimum age at maturity
    • Policy term of 13 years: 18 years
    • Policy term of 15 years: 20 years
    • Policy term of 17 years: 22 years
    Maximum age at maturity
    • Policy term of 13 years: 63 years
    • Policy term of 15 years: 65 years
    • Policy term of 17 years: 67 years

    Note: Ages mentioned above are as on the policy buyer’s last birthday.

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

    Sum Assured

    The Sum Assured will be paid to the policyholder or the nominee by the insurer. For the Aviva Wealth Builder Plan, the Sum Assured will vary as per the Premium Paying Term (PPT).

    • Single Premium Paying Term: The Sum Assured will be two times the value of the single premium.
    • 5-Year Premium Paying Term: The Sum Assured will be the value of the annual premium times 10.
    • 10-Year Premium Paying Term: The Sum Assured will be the value of the annual premium times 20.

    The minimum and maximum Sum Assured under this plan are listed below:

    Minimum Sum Assured
    • Single PPT: Rs.3 lakh
    • 5-Year PPT: Rs.5 lakh
    • 10-Year PPT: Rs.10 lakh
    Maximum Sum Assured
    • Single PPT: Rs.2 crore
    • 5-Year PPT: Rs.10 crore
    • 10-Year PPT: Rs.20 crore

    Premiums*

    Your premium is a sum of money that you will have to pay to the insurer in order to keep the policy running. For the Wealth Builder Pension Plan offered by Aviva, the minimum and maximum premium amounts are listed below:

    Policy Term 13 years, 15 years, or 17 years
    Premium Payment Term Single Premium, 5 years, or 10 years
    Premium Payment Mode Single or Annual
    Minimum Premium Amount Rs.50,000
    Maximum Premium Amount Rs.1 crore

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

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

    Policyholders or their nominees are entitled to receive the following benefits under this plan:

    Maturity Benefit If the policyholder survives till the end of the policy tenure, the insurer will pay him/her a maturity benefit, which will be equal to twice the value of all premiums paid during the tenure of the policy.
    Death Benefit The death benefit provided to the nominee by Aviva will be equal to the Sum Assured chosen at the inception of the policy.

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

    There is no additional rider that a policyholder can purchase along with the Aviva Wealth Builder Plan to enhance the coverage of the base plan.

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

    • If the policyholder commits suicide within 1 year of buying the policy, Aviva will pay the nominee a sum of money, which will equal 80% of the total premiums paid by the policyholder, during the policy tenure.
    • If the life assured commits suicide within 1 year of the revival of the policy, the nominee will be paid the highest of either 80% of the premiums paid or the Surrender Value of the policy.

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

    Grace period For the annual mode of premium payment, the grace period is 30 days.
    Free-look period If you don’t find the policy terms to be satisfactory, you can return the policy within 15 days. However, if the policy was purchased through distance marketing, the free-look period is extended to 30 days.
    Policy Lapse Your Aviva Wealth Builder Plan will lapse if you do not pay your due premium within the 30-day grace period.
    Paid-Up Policy If you have paid a minimum of two years’ annual premiums and have missed the subsequent payment for year 3, your policy will be converted into a Paid-Up Policy, and the benefits will change accordingly.
    Policy Reinstatement Policyholders can reinstate a lapsed policy within 2 years from the date of the first unpaid annual premium. To reinstate your policy, you will need to pay all your unpaid premiums with a 9% interest that is compounded monthly, and a reinstatement fee.
    Surrender Value If you have opted for a Single Premium Policy, you can surrender your policy at any time. If you have opted for a Regular Premium Policy, you can surrender your policy only if you have paid a minimum of 2 years’ premiums. The Surrender Value payable, by the insurer, will be the higher of:
    • The Guaranteed Surrender Value, or
    • The Special Surrender Value
    Loan against Policy There is no provision to take a loan against this policy.
    Nomination Nomination, as per Section 39 of the Insurance Act, 1938, is permitted under this policy.
    Assignment Assignment, as per Section 38 of the Insurance Act, 1938, is allowed under this policy.

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

    All premiums paid by you and monetary benefits that you are entitled to receive are eligible for tax benefits as defined by the prevailing laws of the Income Tax Act, 1961.

    Other Benefits – How you can save with the Aviva Wealth Builder Plan?

    • Digital Premium Payment: To pay your premiums online, you need to visit the insurer’s website and enter your policy number and date of birth. You can then proceed to pay your premiums online.
    • Customer Service: Aviva Life Insurance Company has a large user base. To provide you with timely assistance, they have a range of customer service channels, such as their online portal, where you can submit your complaints without signing in, a toll-free number 1800-103-776, a dedicated email ID, and an SMS-based helpline service.
    • Online Purchase of Insurance Products: Prospective policy takers have the option of buying a few Aviva policies on the insurer’s website.
    • Range of Plans: The insurer has a range of both group and individual plans available for prospective policy buyers. From Child Savings Plans to Retirement Plans, the insurer has a plan for all your needs.
    • Premium Calculator: You can calculate your premium on the insurer’s website by entering a few details about yourself, such as your date of birth, gender, required policy term, etc.

    Why you should buy the Wealth Builder Plan from Aviva Life Insurance Company

    The Wealth Builder Plan from Aviva is a smart way to ensure that your future commitments and dreams will be met, no matter how your circumstances change. This plan offers policyholders or their nominees a range of benefits, including a substantial maturity benefit or death benefit, which will help one plan for significant milestones in their future.

    Aviva Life Insurance Company is a joint venture between Dabur Invest Corp and Aviva Group. The insurer has a pan-India presence with 108 branches across India and over 13,500 Financial Advisors. The Claim Settlement Ratio, for the Financial Year 2016-2017 was 90.60%. The wide range of insurance products offered by them gives customers easy access to insurance during all stages of their lives.

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