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Aviva Family Income Builder Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Aviva Family Income Builder Plan
 
Aviva Family Income Builder Plan is an Endowment Plan. Thus, it is a Non Participating Traditional Plan, without Bonus facility.
 
How it works – In this plan, premium needs to be paid for 12 years in an Annual Mode and Double the Premium would be paid as Income from the end of the 13th Policy Anniversary till 24th Policy Anniversary, i.e. for another 12 years. However, the life risk of the individual is covered till the end of the 12th policy year.
 
Thus, the Maturity Benefit in this plan is not paid upfront but in a staggered form. 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary, provided all dues premiums have been paid.
 
However, if the Life Insured dies within the policy tenure but after the 1st Policy Year, then also a staggered Maturity Benefit of 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary, if all due premiums were paid till death. The future premiums would be waived off.
 
If the Life Insured dies within the 1st Policy Year, then a staggered Maturity Benefit of 100% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary while the future premiums are waived off.
 
 
Key Features of Aviva Family Income Builder Insurance Plan
 
  • This is a Traditional Plan without Bonus Facility
  • In this plan, premium needs to be paid for 12 years
  • 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary as Survival Benefit
  • If the Life Insured dies:
    • Within the 1st Policy Year, then 100% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary
    • After the 1st Policy Year, then 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary
  • After Maturity, if the policyholder wishes to take future Survival Benefit as a lump sum, then a Discounted Rate of 9% p.a. will apply
  • There is an inbuilt rider of Waiver of Premium Benefit in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 
Benefits you get from Aviva Family Income Builder Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, future premiums are waived of and if Death occurs:
  • Within the 1st Policy Year, then 100% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary
  • After the 1st Policy Year, then 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary
 
 
Maturity Benefit – After the Policy Matures, provided all due premiums have been paid, 200% of the Annual Premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary. However, after Maturity, if the policyholder wishes to take future Survival Benefit as a lump sum, then a Discounted Rate of 9% p.a. will apply
 
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in Aviva Family Income Builder Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
Death in Year 1 = 4,80,000
Death in Year 2+= 9,60,000
120,00,000 for Age 5- 45 yrs
48,00,000 for Age 46-50 yrs
Policy Term (in years)
12
Premium Payment Term (in years)
12
Payout Period (in years)
13th year to 24th year
Entry Age of the Life Insured (in years)
6
50
Age at Maturity (in years)
18
62
Annual Premium (in Rs.)
40,000
5,00,000 for Age 5-45 yrs
2,00,000 for Age 46-50 yrs
Payment modes
Only Annual
 
 
Additional Features and Benefits of Aviva Family Income Builder Plan
 
Riders – Premium Waiver Benefit Rider is an in-built rider.

There are No additional riders available in this policy
 
                                             
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 2 years from the first unpaid premium.
 
You want to surrender the policy – Surrender is allowed after completion of 3 policy years provided at least 3 years’ premiums have been paid
Guaranteed Surrender Value = 30% of all premiums paid - 1st years premium
 
You want a loan against your policy - There is no loan available under this plan.

 

 

 

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