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Aviva New Family Income Builder

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Aviva New Family Income Builder Plan

Aviva New Family Income Builder Plan is an Endowment Plan without Bonus facility. In this plan, premium needs to be paid for 12 years 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.

 

 Key Features of Aviva New Family Income Builder Plan

-  6 times the Annual Premium is paid as Maturity Benefit

-  (On death), the policy pays the Guaranteed Survival Benefits for a period of 12 years

-  (After Maturity), the policyholder can take future survival benefit as a lump sum

-  Inbuilt rider of Waiver of Premium Benefit
 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Aviva New Family Income Builder Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the Death Benefit will be the highest of:

- 10 times the Annual Premium, excluding taxes and additional premium

- Maturity Sum Assured

- Sum Assured of the Policy

Subject to a minimum of 105% of all premiums paid, excluding taxes and additional premium.

 

Maturity Benefit–After the Policy Matures, provided all due premiums have been paid,the Maturity Benefit is paid to the policyholder over a period of 12 years in the following manner:

- 1.5 times the Annual Premium, excluding taxes and additional premium is paid every year from the end of the 13th Policy Anniversary to the end of the 24th Policy Anniversary during the Payout Period

- 6 times the Annual Premium, excluding taxes and additional premium paid is payable along with the last annual payout at the end of the 24th year


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. 1,50,000 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 and other restrictions in Aviva New Family Income Builder Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

24 X Annualized Premium

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

1,00,00,000

Payment modes

Only Annual

 

Plan Details

Let's Understand The Plan With An Example:

Case 1

You are 35 years old and pay Rs.1 lac + applicable taxes per year for 12 years. You will get Rs.8000 at the end of the year 12 as Guaranteed Terminal Benefit and get Rs.24 lacs over the next 12 years as a regular incomes equal to Rs.1.5 lacs at the end of each year from 13th to 24th year and enhanced benefit of Rs.6 lacs payable along with the last payout at the end of 24th year.

Aviva New Family Income Builder Plan

Case 2

In case of death of the life Insured (35 years old at inception of the policy) during the sixth Policy Year
* Policy issuance date: 1st Nov.2015
* Policyholder pays Rs.1 lac plus taxes, as annual permium for 6 years and dies on 1st Dec, 2020
* Claim gets settled on 1st Jan, 2021
* The Nominee/Beneficiary shall receive
  Rs.1.5 lacs on 1st Jan 2021, along with the Rs.8000 gtb
  Rs.1.5 lacs on 1st Dec of every subsequent year for the next 11 years
  Rs.6 lacs along with the 12th instalment of Rs.1.5 lacs

  The total benefits payout to the nominee/beneficiary would hence be Rs.24,08,000/-
 


Additional Features and Benefits of Aviva New Family Income Builder Plan

Riders – There are no additional riders available in this policy. Premium Waiver Benefit Rider is an in-built rider.

                                            

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, if at least 3 years’ premiums have been paid, the policy becomes paid up. 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 is according to the year of surrender, subject to a minimum of 30% of premiums paid and a maximum of 90% of the premiums paid, exclusive of the taxes paid.

There is Special Surrender Value also.

You want a loan against your policy- There is no loan available under this plan.




 

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