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  • Aviva New Family Income Builder

    Aviva Life Insurance

    Overview

    Aviva New Family Income Builder is a saving cum protection oriented plan. It gives guaranteed returns for 12 years in the form of regular pay-outs. The pay-outs are provided to your family in the event of your premature death. This will ensure that your family’s finances are secured even in your absence. This also ensures that you have a guaranteed income for yourself as well as you get double the premiums you paid for 12 years in the next 12 years.

    Eligibility Conditions of Aviva New Family Income Builder

    Entry Age

    Minimum age – 6 years

    Maximum age – 50 years

    Maturity age

    Minimum age – 18 years

    Maximum age – 62 years

    Policy term

    12 years

    Key Features of Aviva New Family Income Builder

    Type

    A non-linked non-participating life insurance plan.

    Basis

    Individual.

    Coverage

    Maturity Benefits:

    On maturity the policyholder gets:

    • 12 annual instalments of 1.5 times the annual premium at the end of each pay-out period.

    • A huge sum of 6 times the annual premium will be paid at the end of the pay-out period.

    • If the insured dies during the pay-out period, then the nominee will receive the outstanding pay-outs.

    Death Benefits:

    If the insured dies during the policy term, and he has paid all the premiums till the date of death, the death sum assured that is to be paid is:

    • 10 times the annualised premium.

    • 105 percent of the premiums paid as on the date of death.

    • Maturity sum assured and the sum assured of the policy.

    The sum assured is paid in regular intervals of 12 instalments, the first instalment will be paid at the time of the claim settlement. The rest will be paid on each of the death anniversary of the insured. If the nominee wishes to get a lump sum, then a discounted value is paid. The discount rate of 9 percent is compounded annually for each year.

    Annual premium

    Minimum – Rs.40,000

    Maximum – Rs.1,00,00,000 per life

    Premium paying term

    12 years

    Premium paying period

    12 years after maturity that is from the 13th to the 24th year.

    Premium paying frequency

    Annually only.

    Sum assured

    Sum assured is 24 times the annual premium paid.

    The minimum sum assured is Rs.40,000 multiplied by 24 that is Rs.9,60,000.

    The maximum sum assures is Rs.1,00,00,000 multiplied by 24 that is Rs.24,00,00,000 per life.

    Rider

    Not available.

    Bonuses

    No bonus.

    Surrender Value

    The policy can be surrendered only if three years premiums have been paid. The surrender value payable is greater than the guaranteed surrender value and the special surrender value.

    Policy year it is surrendered in

    Guaranteed surrender value

    3rd year

    30% of premiums paid

    4th to 8th year

    50% of premiums paid

    9th year

    60% of premiums paid

    10th year

    70% of premiums paid

    11th year

    90% of premiums paid

    12th year

    90% of premiums paid

    The special surrender value is the special surrender value factor multiplied by the paid-up value.

    Loan

    Loan facilities are not available.

    Grace period

    30 days grace period is provided to pay the premium after its due date.

    Free look period

    Customer gets 15 days free look period from the date of receipt of the policy. The refund will be paid after deducting the medical expenses and the stamp duty charges incurred.

    Tax benefits

    Up to Rs.1 lakh is allowed as deduction under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Lapse

    If the premium is not paid within the grace period in the first three years, the policy will lapse.

    Revival

    The lapsed policy can be revived in 2 years from the date of the first unpaid premium. If you don’t pay in that period, the policy will terminate.

    You will be paid 30 percent of the first year’s premiums that has been paid by you.

    If you have paid 2 years premium, then 60 percent of premium paid will be paid to you.

    If the insured dies in the 2 years after the first unpaid premium, 100 percent of the premium paid till the date of death will be returned and the policy will be terminated.

    If three years premiums have been paid, then the policy will become paid-up. Death and maturity benefit will reduce. If the insured dies under a paid-up policy, then paid-up sum assured is paid. If the insured survives till maturity, the paid-up value will be paid. The death and maturity benefit that were reduced will be paid in the same manner as an in-force policy.

    Exclusions

    If the insured commits suicide in a year, then the nominee will get the 80 percent of the premiums paid provided the policy is in force. If the policy was revived, then the nominee will get 80 percent of the premiums paid or the surrender value as on the date of his death, whichever is higher.

    Advantages of Aviva New Family Income Builder

    The advantages of Aviva New Family Income Builder are:

    • You can save as well as protect under this policy.
    • Immediate guaranteed amount is paid out when the insured dies.
    • Maturity and death benefits are available.
    • The policy can be revived in 2 years from the date of the first unpaid premium.
    • You can also avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    How the Plan Works

    If Mr. Adam had taken a policy on 1st January, 2013, the annual premium he paid was Rs.1 lakh. He dies in 6 years that is on 1st March, 2018. His claim will be settled on that day. The nominee will receive Rs.1.5 lakhs on 1st April, 2018 and on 1st March,2018 subsequently for 11 years. The nominee will also get a lump sum amount of Rs.6 lakhs along with the 12 instalments of Rs.1.5 lakhs.

    Premium Payment and Riders

    Aviva New Family Income Builder offers premiums ranging from Rs.40,000 to Rs.1,00,00,000 per life. The premiums are to be paid for 12 years and the period or premium payment is from the 13th year to the 24th year. Premiums are to be paid annually only.

    There is no riders offered with this Aviva Life policy.

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