Aviva New Family Income Builder Saving Plan
Aviva New Family Income Builder
At Aviva, we understand your need for financial stability and the desire for protecting yourself and your loved ones in situations which are uncertain and unseen. Aviva New Family Income Builder is non-participating traditional insurance plan that marries the convenience of savings along with the benefit of insurance to prepare you for your future. By offering life insurance cover clubbed with maturity benefits and regular guaranteed pay-outs*, this plan doubles up as an effective tool in not only helping to enrich your savings but also enlarging your safety net as you enter a new phase in life.
While most traditional plans intrinsically opt to offer accumulated benefits payable in the long run, there are several individuals who would like to have an investment that offers regular income as well. Although there are products such as traditional fixed deposits which provide this convenience; combining insurance along with a steady stream of income is a relatively new concept. Aviva New Family Income Builder Policy gives you the assurance of guaranteed annual income payments to your account after paying a premium for 12 years as per the policy terms. Upon reaching the end of the premium paying term, you stand to receive 1.5 times of what you have paid every year over the course of the next 12 years, guaranteed. Moreover, the insurance cover remains valid throughout the premium paying term which gives you the dual benefit of having an insurance as well as guaranteed income. Here are some of the features of this plan:
Salient Features & Benefits
1. Regular income forms the heart of your financial well-being. There was a time wherein it would have been possible to rely on a typical corporate pension plan coupled with some savings to cover your expenses later on in life. But gone are those days – Aviva New Family Income Builder is a guaranteed income plan that ensures that you have the money not only to lead a relaxed life but also have enough left over to indulge yourself.
2. Under this plan, you’re required to pay an annual premium every year for 12 years which is known as the Premium Payment Term. On completion of this term, you will be entitled to receive double of the premiums paid over the next 12 years, i.e., 13th to 24th year in the following manner:
• A sum of 1.5 times the annualized premium will be made payable to you at the end of each year starting from the 13th year to the end of the 24th year.
• An additional benefit in the form of a lump-sum amounting to six times the annualized premium will also be made payable along with the final annual pay-out at the end of 24th year.
• Furthermore, you are also eligible to receive a Guaranteed Terminal Benefit (as per your age at entry) at the end of premium payment term of 12 years.
3. This plan is designed to show how much you care for your family. In the event something untoward were to happen to you during the premium paying term, your family (nominee/beneficiary) will be entitled to receive a Death Sum Assured which shall be highest of the following amounts:
• Ten times of the annualized premium, or
• 105 percent of the Total Premiums paid as applicable on the date of death, or
• Maturity Sum Assured
• Sum Assured of the Policy; the Sum Assured will be paid in the following manner:
a) Your beneficiary will stand to receive 12 regular annual installments amounting to “1.5 times the annualized premium”. The first installment would be made payable immediately at the time of claim settlement while the remaining 11 annual installments shall be paid out to your beneficiary on the occasion of your death anniversary commencing from first death anniversary date.
b) Additionally, your beneficiary will also be entitled to receive a lump-sum amounting to "Six times the annualized premium” along with the last annual installment on your 11th death anniversary.
c) Last but not the least, your beneficiary will also receive the Guaranteed Terminal Benefit which will be made payable along with the first pay-out.
As it is often mentioned that "actions speak louder than words," gifting your loved ones the gift of Aviva New Family Income Builder plan will remind your family of your generosity and your love, even in your absence.
4. This 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 deduction towards premium paid up to Rs. 150,000. Additionally, under section 10(10(D)) of the act, it also yields tax-exempted income when the maturity claim is paid subject to satisfaction of conditions of the Act.
5. This plan offers you life insurance coverage over the entire premium payment term (12 years) meaning that you and your family will be financially protected from any uncertainties life were to throw in your direction.
The policy comes with no complicated jargon or hidden fine print and allows you to realize your lifestyle desires to the fullest. You never know what tomorrow may bring, but Aviva New Family Income Builder ensures your plans for your family’s future stay intact even if you’re no longer around to carry them out.
*”Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
*”Total Premiums paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.