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.
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||
|Maximum age at maturity||
Note: Ages mentioned above are as on the policy buyer’s last birthday.
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).
The minimum and maximum Sum Assured under this plan are listed below:
|Minimum Sum Assured||
|Maximum Sum Assured||
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.
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.|
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.
|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:
|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.|
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.
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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