Aviva New Family Income Builder

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.

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Annual Premium
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Guaranteed Survival Benefits
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future survival benefit
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Key Features

Annual Premium

6 times the Annual Premium is paid as Maturity Benefit

Guaranteed Survival Benefits

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

future survival benefit

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

Inbuilt rider

Inbuilt rider of Waiver of Premium Benefit


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, 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.

How it works


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/-


  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


angle down iconWhat 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.


angle down iconWhat happens if 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.

angle down iconWhat happens if You want a loan against your policy ?

There is no loan available under this plan.