Aviva New Family Income Builder
At every step in life, we are successfully achieving important milestones. Right from education to successfully landing a job to getting married. With that, our responsibilities are always at an all-time high. As we grow, so does our family. And that’s why we make sure your wealth grows with us. ..Read More
Why should you buy Aviva New Family Income Builder
Aviva New Family Income Builder is that one plan which offers you both, wealth creation and financial security, with added convenience.
Starting from the 13th year, you will receive a sum of 1.5 times the annualised premium for the next 12 years to fund your dreams and aid in any emergencies.
At the end of the 24th year, you receive an additional lump sum amount, six times of the annualised premium, along with the final annual pay-out.
As per your age of entry, you are eligible to receive a Guaranteed Terminal Benefit at the end of the premium payment term of 12 years.
Benefits of Aviva New Family Income Builder
Death Benefit: This plan is designed to show how much you care for your family. In the case of uncertainities, if something untoward were to happen to you during the premium-paying term, and On submission of claim your family (nominee/beneficiary) will be entitled to receive
- 12 regular annual installments of "1.5 times the annualized premium" 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 annualized premium" shall be paid along with the 12th annual installment on 11th death anniversary of the life insured
Guaranteed terminal benefit: Aviva New Family Income Builder also provides guaranteed terminal benefits The Guaranteed Terminal Benefit depends on your entry age
- 12% of one Annualised premium for the entry age of 6-15 years
- 10% of one Annualised premium for the entry age of 16-25 years
- 8% of one Annualised premium for the entry age of 26-35 years
- 6% of one Annualised premium for the entry age of 36-40 years
- 4% of one Annualised premium for the entry age of 41-45 years
- 2% of one Annualised premium for the entry age of 46-50 years
Financial Protection: This plan offers you life insurance coverage of 24 times the annualized premium. You and your family will be financially protected from any uncertainties life were to throw in your direction.
Maturity Benefit: Aviva New Family Income Builder integrates maturity benefits for investors as well. If the policyholder survives the policy tenure and pays all due premiums, he or she is entitled to receive the sum assured in the following manner, provided all premiums have been paid:
- 12 annual instalments of "1.5 times the annualized premium" shall be paid at the end of each year during the Payout Period
- A lumpsum amount of "6 times the annualized premium" 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
Tax Benefit: AvivaNew Family Income Builder plan also comes packed with significant tax benefits. Under Section 80C of the Income Tax Act, 1961, you are eligible to get a tax benefit by way of a deduction towards premium paid up to Rs. 150,000. Additionally, under section 10(10(D)) of the Act, when the maturity claim is paid, it generates tax-exempt income, subject to the satisfaction of conditions of the Act.
Tax benefits applicable as per tax laws and are subject to change.
Frequently Asked Questions
- During the policy’s pay-out period, 12 annual installments of 1.5 times the Annualised premiums are due at the end of each year.
- At the end of the pay-out period, a lumpsum equal to 6 times of the annualised premiums will be paid.
- An age related Guaranteed Terminal Bonus shall also be paid at the end of the premium paying term.