Introducing Aviva Nivesh Bima – A Moneyback Life Insurance Policy
Creating a savings corpus, while at the same time having access to liquidity, becomes essential sometimes. Moreover, life insurance protection is also needed for your family’s financial security in the case of premature death. This is where money-back insurance policies become relevant for insurance and savings need.
Money-back plans are life insurance plans that pay a part of the sum assured during the policy tenure as money back benefits. However, the death benefit remains unaffected so that in the case of premature death, the full death benefit is paid. Thus, money-back plans help provide insurance protection, create a savings corpus, and offer liquidity.
Aviva Nivesh Bima, a protection – cum savings plan, is the latest Moneyback life insurance policy offered by Aviva India. The policy provides guaranteed benefits both on death and maturity to ensure that you can plan for your financial needs and enjoy guaranteed protection.
Let’s have a look at the key features of the policy –
The best part about Aviva Nivesh Bima is that provided all due premiums are paid, the plan benefits, i.e. the Money-back, Death and Maturity Benefits, are guaranteed.
For example, say you are aged 35 years, and you buy a 20 year Aviva Nivesh Bima policy. If you pay a premium of Rs.1 lakh, the death benefit would be 11 times the premium, i.e. Rs.11 lakhs. The maturity sum assured would be Rs.23,78,900. The money-back benefit would be paid after every 5 years and 10% of the maturity sum, i.e. Rs.2,37,890. On maturity, you would get the maturity sum assured after deducting the money-back benefits already paid. Thus, on maturity, the payout would be Rs.16,65,230.
With the guaranteed benefits promised by Aviva Nivesh Bima, you can plan for your financial goals. You can figure out how much savings you need and then choose the premium that gives you the benefits. With preplanning, meeting your goals during the policy tenure would become easy.
Guaranteed money back benefits, every 5 years
Aviva Nivesh Bima gives Money back benefits in the form of Survival Benefits, which amount to 10% of the Maturity Sum Assured every 5 years. So, suppose you choose a policy term of 10 years, you get a Survival Benefit in the 5th policy year. If your policy term is 15 years, you get the Survival Benefit in the 5th and 10th years. So, for the 20-year plan, the Survival Benefit is paid at the end of the 5th, 10th and 15th policy year.
These Survival Benefits give liquidity to meet the financial needs that you have during the coverage duration. Moreover, since the money back benefits are guaranteed, you can rest assured that any market volatility would not affect your savings, and you would get guaranteed returns from the policy.
Limited premium payments
While Aviva Nivesh Bima offers you coverage tenures up to 20 years, you are required to pay the premium only for a limited period. The premium paying term is 5 years less than the policy term so that you can pay premiums for a limited time but enjoy coverage longer.
Option to enhance the coverage through an Accidental Death Benefit
Aviva Nivesh Bima offers an add-on benefit called the Accidental Death Benefit of up to Rs. 30 lakh, which can be added to your policy with a small additional premium. Once added, this Add-On Benefit gives enhanced protection against accidental deaths. So, in the case of a fatal accident during the policy term, the Accidental Death Benefit is paid along with the Death Sum Assured. Hence, if you consider the example mentioned above where the premium is Rs.1 lakh and an Accidental Death Benefit of Rs. 10 lakh is added to the policy, the Total Payout will be Rs. 21 lakh (Death Sum Assured of Rs. 11 lakh and Accidental Death Benefit of Rs. 10 lakh.
Lastly, Aviva Nivesh Bima offers attractive tax benefits on your premiums paid as well as the payouts that you receive. The premiums that you pay are allowed as a deduction from your taxable income. You can claim deductions on a maximum of Rs.1.5 lakhs of premium paid towards the policy under Section 80C. If you fall in the 30% tax bracket, this Rs.1.5 lakhs of premium payment will help you save Rs.45,000 in taxes.
Moreover, the Moneyback benefit, Death Sum Assured and the Maturity Benefits are also tax-free. The Death Benefit is always free from taxation. In the case of Moneyback and Maturity Benefits, you can claim tax exemptions under Section 10(10D) on the amount you receive. Moreover, the section does not impose any limitations. It allows you to claim tax benefits on the entire payout that you receive.
So, with Aviva Nivesh Bima, you can create a secured corpus for your financial goals, whether you want to fund your child’s education, plan for your retirement, or save up to make a down payment on your home. With guaranteed benefits, your savings would be safe from market volatilities. The Moneyback benefits would provide regular incomes for meeting short-term financial needs while the lump sum maturity benefit would give you funds for your long term goals. The life insurance protection is an added advantage which ensures that your financial plan does not go awry when life deals a blow.
Invest in Aviva Nivesh Bima and start saving towards your dreams and goals.