Compare Aviva New Family Income Builder Plan

Aviva-Life-Insurance-Company

Aviva New Family Income Builder Plan

Aviva New Family Income Builder is a traditional savings plan which pays annual payouts right after the premium paying term and plan term is over. The total payouts under the plan provide the policyholder double the money paid towards plan premiums. Guaranteed annual payouts are paid even if the insured dies during the plan tenure. Moreover, a Guaranteed Terminal Benefit is also paid under the plan on death or after the end of the premium paying term.

Key features of the plan

  • Premiums are paid for a fixed tenure which is equal to the plan term.
  • Annual payouts are paid either after plan maturity or death for 12 years.
  • A lump sum benefit called the Guaranteed Terminal Benefit is also paid on maturity or death.

How does the plan work?

Step 1 – the policyholder chooses the premium he wants to pay. Based on the premium amount, the Sum Assured is calculated which is 24 times the annual premium.

Step 2- premiums are paid throughout the plan term.

Step 3 – if the insured survives the plan tenure, annual incomes start. 1.5 times the annual premium is paid every year for 12 years. With the last instalment 6 times the annual premium is also paid. Moreover, Guaranteed Terminal Benefit is also paid on maturity.

Step 4 – if the insured dies during the plan tenure, the annual incomes start. 1.5 times the annual premium is paid every year for 12 years. With the last instalment 6 times the annual premium is also paid. Moreover, Guaranteed Terminal Benefit is also paid on death.

Example

Janak, aged 35 years, buys the plan paying a premium of Rs.50, 000.

Option 1 – after the completion of the plan term of 12 years, a Guaranteed Terminal Benefit of 8% of annual premium depending on Janak’s age is paid which is Rs.4000. Rs.75, 000 is then paid annually for 12 years. Along with the last instalment, 6 times the premium which is Rs.3 lakhs is also paid. Thus, Janak receives a total of Rs.8000+ Rs.9 lakhs (in instalments) + Rs.3 lakhs which is Rs.12.08 lakhs.

Option 2 – Janak dies in the 6th year of the plan. On death, a Guaranteed Terminal Benefit of 8% of annual premium depending on Janak’s age is paid which is Rs.4000. Then, Rs.75, 000 is then paid annually for 12 years. Along with the last instalment, 6 times the premium which is Rs.3 lakhs is also paid. Thus, Janak’s nominee receives the same benefit of Rs.12.08 lakhs as Janak would have received on maturity.

Plan benefits

    • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the death Sum Assured is paid. The death Sum Assured is higher of the following:
    • Maturity Sum Assured
    • 10 times the annual premium.
    • 105% of all premiums paid till death.
    • Sum Assured
    Entry age of life insured Guaranteed Terminal Benefit as a % of annual premium
    6-15 years 12%
    16-25 years 10%
    26-35 years 8%
    36-40 years 6%
    41-45 years 4%
    46-50 years 2%

    Eligibility Criteria

      Minimum Maximum
    Age at entry (in completed years) 6 years 50 years
    Age at maturity (in completed years) 18 years 62 years
    Term of the plan 12 years  
    Premium paying options Regular Pay  
    Premium Paying term 12 years  
    Premium amount Rs.40,000 Rs.1 crore
    Sum Assured Rs.9.6 lakhs Rs.24 crores

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

FAQs

What are the charges on partial withdrawals?

Four partial withdrawals are allowed in a policy year all of which are free of charge.

Which are the charges on switching?

First 12 switches in a policy year are free of charge. Extra switches are charged at Rs.0.5% of the switching amount up to a maximum of Rs.500.

What are the premium paying frequencies?

Premium paying frequencies allowed are yearly, half-yearly, quarterly or monthly.

What is the limit on premium redirections?

2 premium redirections are allowed in a year and the minimum allocation in a redirected fund should be 10%.

What is the grace period under the plan?

For monthly mode of premium payment, the grace period is 15 days. For annual and half-yearly mode of premium payment the grace period is 30 days.


Looking for an insurance policy? Get Instant Quotes from 44+ insurers Click Here
Gender
Male Female
Date of Birth
/ / Enter Correct Age(Minimum 18 and Maximum 65 years)
I want to invest
Please Enter Amount Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666 Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666
Yearly Monthly
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP