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Investment Plans 909 views December 10, 2020
Aviva Life Insurance Company India Ltd has introduced a Non-Linked Non-Participating life insurance plan where you will get regular payouts for 12 years. And your family will get the payout immediately in case you die during the policy term. It means you can provide your family income even when you are not around. The Guaranteed Income for self or family is the highlight of this insurance-cum-investment plan. Read on to know more about this plan.
Table of Contents
You or your nominee/beneficiary will get the following benefits if the policy is in force and all due premiums have been paid till the date of death or maturity.
When you survive till the end of the policy term, you are eligible for the following benefits:
Note: In case you die while receiving a regular income, the outstanding payouts will be payable to the nominee/beneficiary.
When the Life Assured dies during the policy term, the Death Sum Assured becomes payable to the nominee/beneficiary. The death assured amount could be the highest of the following:
The death benefit (1.5X Annual Premium) for Aviva Life New Family Income Builder Plan will be payable in 12 annual installments. In this, the first installment is payable at claim settlement, and the rest 11 annual installments shall be paid on the death anniversary each year starting from the first death anniversary date.
You can also choose a lump sum payout option where 6X Annual Premium will be payable along with the 12th annual installment on the 11th death anniversary.
Under this life cum investment plan, a Guaranteed Terminal Benefit will be payable as per the entry age of the Life Assured at the settlement of death claim or the end of the Premium Payment Term, whichever is earlier. Check out the table below and understand how the Terminal Benefit will apply to your policy as per your entry age.
Entry Age | Terminal Benefit (percentage of the annual premium excluding taxes and extra premium if any) |
---|---|
6-15 | 12% |
16-25 | 10% |
26-35 | 8% |
36-40 | 6% |
41-45 | 4% |
46-50 | 2% |
When the Life Assured dies due to suicide within 12 months from the date of inception or revival of the policy, the nominee or beneficiary will get 80% of the paid premiums excluding taxes and extra premiums, if any, or surrender value on revival. And this suicidal clause will apply if the policy is in force.
Within 15 days of Aviva Life New Family Income Builder Plan document receipt, you can read the terms and conditions of the policy and return the same if you are dissatisfied with the same. On such cancellation, the company will refund the paid premiums to the life assured after deducting the risk premium (for the cover period), incurred medical expenses, and stamp duty charge (if any).
To buy this life insurance plan from Aviva Life Insurance Company India Ltd, you need to meet the following criteria:
Note: Sum Assured for Aviva Life New Family Income Builder Plan is calculated at 24 times the Annual Premium.
A life insurance policy lapses when premiums aren’t paid. And in this life insurance plan, the following conditions may apply:
When a minimum of 3 years premium is not paid:
Your life insurance will lapse if the due premium is not paid before the expiry of the grace period during the first 3 policy years. The grace period of 30 days will start from the due date of the first unpaid premium. And when such a lapsed policy is not revived within two years, the policy will terminate after payment of the following at the end of the revival period:
If the Life Assured dies during the revival period, 100% of the paid premium till the date of death (excluding taxes and extra premiums, if any) will be refunded and the policy shall terminate and no other benefits will be payable after that.
When at least 3 years premium are paid
After three years of premium payment, if any due is not paid before the expiry of the grace period, the policy will become paid-up.
Paid-up Sum Assured = Total number of paid premiums / Total number of payable premiums as per the contract x Death Sum Assured.
For a reduced paid-up plan, the following benefits will be payable:
Death Benefit
Maturity Benefit
You can surrender your life insurance policy anytime. For this, at least three years’ premiums must be paid. A policy Surrender Value is greater than the Guaranteed Surrender Value and the Special Surrender Value.
Entry Age | Terminal Benefit (percentage of the annual premium excluding taxes and extra premium if any) |
---|---|
6-15 | 12% |
16-25 | 10% |
26-35 | 8% |
36-40 | 6% |
41-45 | 4% |
46-50 | 2% |
Note – The guaranteed surrender value shown above is exclusive of taxes and extra premium.
Special Surrender Value = Special Surrender Value Factor x Paid-up Value
And this can be reviewed by the company from time to time by getting prior approval of the IRDAI.
Under Avia Life New Family Income Builder Plan, the Life Assured can claim tax benefits under section 80C and 10(10(D) of Income Tax Act, 1961. Your tax benefits will be as per the prevailing tax laws and can change from time to time.