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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

  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