Geared up in the year of 2002, Aviva India in one of the leading insurance companies in the country. It exists in collaboration with Aviva Group, a British insurance company and Dabur Invest Corp, one of India’s pioneer business homes. Aviva India boasts of a strong 15,000+ sales force dedicated to assist its customers in financial planning. Its scope is spread over 107 branches across the country which means total availability.
Aviva New Family Income Builder Plan
A traditional plan encompassing benefits to enhance your financial planning, Aviva New Family Income Builder Plan is designed to give complete protection to the insured while covering the investment aspect too. When you put your money in a family plan like this, you can be assured of your family’s future in your presence and absence, likewise. Of course no body can compensate for the loss of a loved one but an aid in adverse times in monetary forms never goes in vain. And that’s exactly what this policy of Aviva New Family Income Builder Plan does for its customers. Complete protection with comprehensive investment benefits.
Features of this plan
- Perfect family floater plan
Once bought, you won’t need to purchase different plans for every family member as this would cover everyone without comprising on benefits.
- Double Value
One of the most alluring features of Aviva New Family Income Builder Plan, this one is sure to keep you hooked till the end. As per the policy, the Insured gets double the amount of premiums paid throughout the policy term. (Only if all the premiums are paid).
- Immediate payout in case of death
Aviva makes sure that at the time of need, your family should be capable enough of handling adversity with dignity. Thus your family shall be paid with immediate amount in case of your death. Guaranteed.
Tax Benefits: Investing your hard earned money in Aviva New Family Income Builder Plan makes you a smart investor as this provides you with the option to avail deductions under Income Tax Act, 1961.
- Free-Look Period
Investing in an insurance policy is no joke and this is why, Aviva provides its customers with a free-look period of 15 days. It gives you the choice to observe the policy term and benefits and in case you find it unsatisfactory, you can opt out of the policy. The company would refund the premium you paid after deduction of stamp duty, proportionate risk charges and medical test expenses (if any).
- Grace Period
In case you forget to pay your premium on time, fret not. With Aviva New Family Income Builder Plan, you can enjoy a grace period of 30 days in which you can pay your premium to avoid policy lapse.
- Lapsed Policy Revival
In case you could not pay the premiums due to which your Aviva New Family Income Builder Plan gets lapsed. But now you want to revive the same. With Aviva, it is completely possible subject to certain T&Cs. These are: Submission of policy revival request; time frame should not be more than 2 years from the date of first unpaid premium; submission of sufficient insurability evidence; and payment of all the due premiums along with revival charges of Rs.250.
Also Read: Aviva Wealth Builder Plan
Benefits
Aviva New Family Income Builder Plan comes loaded with a huge number of benefits, thus making it a must have for all family people. Apart from giving protection in financial terms, the policyholder can also reap benefits in terms of tax savings. Let us understand thee benefits in detail.
- Maturity Benefit
This benefit will be credited to the Life Insured if they survive the whole policy term. Also, make sure to pay all the premiums on time to avail this particular benefit. This maturity benefit is paid in the following way:
- Annual: You will be provided with 12 annual installments amounting to 1.5x the annual premium (taxes & extra premium excluded). This shall be paid at the end of every year (during Payout Period)
- Lump Sum: 6x the annual premium shall be paid as the lump sum amount at the end of Payout Period.
Along with this, you will also get Additional Guaranteed Terminal Benefit. This amount will be differ according to your entry age.
- Death Benefit
If unfortunately, the Life Insured does not survive the policy period and expires, the nominee (I.e. the family members of the policyholder). This amount to be paid to the nominee is called as the Death Sum Assured and and shall be the highest of the following:
- 10x the annualized premium
- Maturity Sum Assured
- 105% of all the premiums paid
- Sum Assured of the policy
- Surrender Benefit
There maybe the case that the Life Insured does not wish to continue with the plan. In such a case, the insurer will pay them the Surrender Value. This benefit can only be availed if all the premiums have been paid well in time and a total of 3 years of the policy term are completed.
Eligibility
Before investing in Aviva New Family Income Builder Plan, make sure you fulfill the following terms to be eligible:
| Parameters | Details |
| Entry Age | 6 years – 50 years |
| Maturity Age | 18 years -62 years |
How does Aviva New Family Income Builder Plan work?
To understand the working of this family floater insurance plan by Aviva, let’s take the help of an example.
Mr.X is 30 years old while his daughter has turned 1 year old today. He invests in Aviva New Family Income Builder Plan and stars paying a premium of Rs.1 Lakhs annually for a total of 12 years. After completion of this period of 12 years, Mr.X shall be paid with Rs. 1.5 Lakhs every year for the next 11 years. This amount would come to a total of Rs.16.5 Lakhs (1.5 x 11). These annual payouts Mr.X uses for his daughters’ educational expenses. As soon as she turns 25 years old, Mr.X gets Rs.7.5 Lakhs as the lump sum amount that he can use as per his requirements.
Other Specifications
Apart from the details discussed above, there are a few more details that should be considered before purchasing Aviva New Family Income Builder Plan. This will give you a holistic view of what entails this particular plan leading to a better-informed decision.
| Parameters | Details |
| Policy Term | 12 years |
| Policy Paying Term | Equivalent to the policy term (12 years) |
| Frequency of paying premium | Annual |
| Annual Premium | Rs. 40,000 – Rs. 1 Cr. |
| Sum Assured | Rs.9,60,000 – Rs. 24 Cr. |
FAQs
Q1. What are the documents I need to apply for Aviva New Family Income Builder Plan?
Following documents must be submitted in order to purchase the policy:
- Duly filled ‘Application From’;
- Identity Proof (PAN Card, Passport or Driving License)
- Income Proof (latest copy of ITR or Form 16 or copies of salary slips of last three months)
Q2. Do I get tax benefit if I enroll in this family floater plan by Aviva?
Yes. As per sections 80C and 10 (10D) of the Income Tax Act, 1961, premiums paid come under the deductions.
Q3. If the policyholder commits suicide, does the policy hold valid afterwards?
No. In case of suicide, whether the insured is sane or insane, the policy ceases to exist.
Q4. How can I contact Aviva?
If you have any query to be resolved or a question has been doing rounds in your head , don’t linger on and contact Aviva using following options:
Via Call: 1800 103 7766 – Use the toll free number to reach a customer care executive
Via Email: customerservices@avivaindia.com – Use this email address to register your complaint if calling is not your thing.
Via SMS: ‘ASK AVIVA’ to 56767 – If neither of the above-stated options seem to be working for you, simply drop an SMS to Aviva and you will be contacted shortly.