Aviva New Family Income Builder

Overview

At Aviva we recognize your efforts and hard work to provide your loved ones with a comfortable life today and tomorrow. Presenting Aviva New Family Income Builder, a saving cum protection oriented plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years. These regular payouts are passed onto your family in case of your untimely death. This ensures that you continue to provide them with the same lifestyle even when you are not around.

Specifications

Parameter

Criterion

Entry Age

6 to 50 years last birthday

Maturity age

18 to 62 years last birthday

Policy Term

12 years

Premium Payment Term

12 years

Payout Period

12 years after maturity i.e. 13th to 24th year

Annual Premium (Min)

Rs. 40,000 

Annual Premium (Max)

Rs. 1 crore (per life)
 

Sum Assured



Minimum Sum Assured

Maximum Sum Assured




 

Sum Assured would be 24 times the Annual Premium
(exclusive of Service Tax and extra premium, if any)


Rs 9,60,000 (minimum annual premium of Rs.40,000 X 24)

Rs.24,00,00,000 per life (maximum annual premium of Rs.1,00,00,000 X 24)

Premium Payment Frequency Annual only

    

Benefits That I Will Receive

Maturity Benefit:

In case the life insured survives till the end of the Policy Term and provided all due premiums have been paid; the Maturity Sum Assured will be paid in the following manner:

  • 12 annual instalments of “1.5 times the annual premium” (excluding taxes and extra premium, if any) shall be paid at the end of each year during the Payout Period.
  • A lumpsum amount of “6 times the annual premium” (excluding taxes and extra premium, if any) shall be paid at the end of the Payout Period

 

An additional Guaranteed Terminal Benefit, depending upon age at entry, is paid at the end of the Premium Payment Term.

In case of unfortunate death of the Life Insured while receiving the regular income, the outstanding regular payouts shall be paid to the nominee/beneficiary.

Death Benefit:

In case of death of the life insured during the policy term provided all due premiums till date of death have been paid, the Death Sum Assured payable shall be highest of the following amounts:

  1. 10 times of the annualized premium, or
  2. 105% of all the premiums paid (excluding taxes and extra premiums, if any) as on date of death, or
  3. Maturity Sum Assured
  4. Sum Assured of the Policy; the Sum Assured will be paid in the following manner:
  • 12 regular annual installments of “1.5 times the annual premium” (excluding taxes and extra premium, if any) shall be paid. The first installment would be paid at the time of claim settlement and the remaining 11 annual installments shall be paid on each of the death anniversary of the life insured commencing from first death anniversary date.
  • A lump sum amount of “6 times the annual premium” (excluding taxes and extra premium, if any) shall be paid along with the 12th annual installment on 11th death anniversary of the life insured.

An additional Guaranteed Terminal Benefit, depending upon your age at entry, shall be paid along with the benefit payable at the time of settlement of death claim.