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  • Aviva Wealth Builder Savings Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    With most people keen on saving for the future, Aviva Life Insurance has rolled out the Aviva Wealth Builder Savings Plan. This non-linked non-participating policy offers customers the benefit of a guaranteed return of premiums on maturity and a lump sum payout in case of untimely death of the policyholder.

    Eligibility - Who is the Aviva Wealth Builder Savings Plan for?

    To be eligible for the Aviva Wealth Builder Savings Plan, customers need to meet certain criteria with regard to the entry age and maturity age of the plan.

    Parameters Details
    Minimum Entry Age 5 years
    Maximum Entry Age 50 years
    Minimum Maturity Age 18 years
    Maximum Entry Age 67 years

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

    Sum Assured: The sum assured depends on the premium paying term chosen by the policyholder.

    Premium: Premiums are the amount one has to pay in order to purchase an insurance plan. The premium depends on the coverage offered by the plan and the premium payment term, among other factors.

    Parameters Details
    Minimum sum assured For Single: Rs.3 lakh For 5-year premium paying term: Rs.5 lakh For 10-year premium paying term: Rs.10 lakh
    Maximum sum assured For Single: Rs.2 crore For 5-year premium paying term: Rs.10 crore For 10-year premium paying term: Rs.20 crore
    Minimum premium For Single Premium: Rs.1.5 lakh For Regular Premium: Rs.50,000 p.a.
    Maximum premium Rs.1 crore
    Policy term 13, 15 and 17 years

    Plan Coverage - What the  Aviva Wealth Builder Savings Plan covers?

    The  Aviva Wealth Builder Savings Plan covers both maturity and death benefits.

    Death benefit In case of untimely death of the policyholder, provided that all premiums are paid and up to date, the nominee is entitled to the complete sum assured.
    Maturity benefit On survival till the maturity of the  Aviva Wealth Builder Savings Plan, policyholders are granted a guaranteed payout double the sum of the premiums paid.

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

    If the policyholder commits suicide within the first 12 month of initiation of the plan, the nominee of the policyholder is entitled to 80% of the premiums paid till date. No other benefits are applicable in this case.

    If the policyholder commits suicide within 12 months from the revival of the policy, the nominee is entitled to a higher of 80% of the premiums paid till date, or the surrender value as on the date of death. Here too, no other benefits are applicable.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    The Aviva Wealth Builder Savings Plan comes with key features such as revival, surrender benefit, free-look period and so on.

    Revival The policyholder can revive the policy within 2 years from the first unpaid premium. The policy will be reinstated once all the premiums have been paid along with the revival fee and the accrued interest. The current rate of interest is at 9% per annum.
    Lapse If the policyholder fails to pay the premium within the grace period, the policy will lapse.
    Surrender benefit For single premium payment, the policy can be surrender at any time. For regular premium payment, policyholders are eligible for the surrender value on completion of two years’ premium payment.
    Nominations Policyholders can make nominations as per Section 39 of the Insurance Act of 1938.
    Assignment Policyholders can assign the policy as per Section 38 of the Insurance Act of 1938.
    Free-look period Policyholders are granted a free-look period of 15 days (30 days for policies sold through distance marketing). Upon cancellation of the policy, the insurer will refund the premium paid minus medical expenses and stamp duties incurred.
    Grace period Policyholders are granted a grace period of 30 days to pay their premium. Fail to pay the premium during the grace period and the policy will lapse. All benefits are applicable during the grace period.

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

    In accordance with the Income Tax Act 1961, policyholders of the Aviva Wealth Builder Savings Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

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

    • On the Aviva Life Insurance website, customers can purchase the Aviva Wealth Builder Savings Plan.
    • Before choosing an insurance plan, customers can go through the details of the plan on the Aviva Life Insurance website and then come to a decision.
    • Premium payments towards Aviva Insurance Plans  can be made through the following channels:
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money.
      • Netbanking - Customers can pay premiums through the net banking facility offered by their banks.
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.

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

    The Aviva Wealth Builder Savings Plan offers customers a guaranteed payout on maturity. The minimum sum assured for the Aviva Wealth Builder Savings Plan is double the premiums paid. In addition, the Aviva Wealth Builder Savings Plan grants the nominee of the policyholder a guaranteed payout following the untimely death of the policyholder. This plan offers life coverage just with payment of premiums for a short period.

    Aviva India Life Insurance currently has garnered over 32 million customers from 16 different countries since its inception in 2002. In the financial year 2016-2017, Aviva India Life Insurance recorded a 82% claim settlement ratio - making them one of the most reliable insurers in the market. To the benefit of customers across the country, Aviva India Life Insurance has a variety of insurance products on offer - from life to health to protection plans and so on, giving customers a plethora of options depending on their financial status and requirements.

    *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.

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