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Investment Plans 570 views March 10, 2021
One of the biggest worries that people face is about the future of their families in case something unfortunate like a death happens to them. A life insurance plan can be a suitable solution to this problem by giving them financial protection. Some life insurance plans also provide a combination of protection along with income to your family with which you can stay worry-free about your family’s future.
Here, we will be comparing three such life insurance plans — Aviva Life New Family Income Builder, LIC Jeevan Umang and LIC New Endowment Plan.
To compare them in detail, we will be looking at the various features and benefits of these plans that will help you to do the same. But before this, we are showing some of the key features of these plans in the table below. Please check!
| Aviva Life New Family Income Builder Plan | LIC Jeevan Umang Plan | LIC New Endowment Plan |
|---|---|---|
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Now that you have a basic idea about the key features of the Aviva Life New Family Income Builder, LIC Jeevan Umang, and LIC New Endowment Plan, we will compare them based on various aspects such as the policy term, premium payment term, death benefit, maturity benefits, etc. Do read to know more!
Table of Contents
- 1 Death Benefit Comparison of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
- 2 Maturity Benefit Comparison of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
- 3 Additional Benefits of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
Death Benefit Comparison of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
If a policyholder dies during the policy term, and the policy is in force, the beneficiary or nominee receives death benefits. One of the important conditions to get death benefits is that you should have paid all the due premium as on the date of death. To know more about the death benefits of Aviva Life New Family Income Builder, LIC Jeevan Umang and LIC New Endowment Plan, you can check the below table.
| Aviva Life New Family Income Builder Plan | LIC Jeevan Umang Plan | LIC New Endowment Plan |
|---|---|---|
The death benefit will be equal to the death sum assured, which will be the highest of the following amounts
Here, the sum assured will be paid in the following manner.
| On the death of the life assured before the date of commencement of risk - An amount equal to the total premiums paid as on the date of death without interest will be payable On the death of the life assured after the date of commencement of risk The death benefit will be the sum assured on death plus vested simple reversionary bonus and final additional bonus (if any) Where sum assured on death cannot be less than 105% of the total premiums paid up to the date of death | Sum assured on death plus vested simple reversionary bonus and the final additional bonus will be payable, where the sum assured on death will be higher of the -
Do remember that the death benefit shall not be less than 105% of all the premiums paid as on the date of death |
Maturity Benefit Comparison of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
In case the life insured survives until the end of the policy term, the life insurance policy provides maturity benefits to the policyholder provided all the due premiums have been paid. To know the respective maturity benefits of the Aviva Life New Family Income Builder, LIC Jeevan Umang and LIC New Endowment Plan, check the below table!
| Aviva Life New Family Income Builder Plan | LIC Jeevan Umang Plan | LIC New Endowment Plan |
|---|---|---|
Here, the company will pay the sum assured on maturity in the following ways.
Apart from this, the individual will also receive an additional guaranteed terminal benefit at the end of the premium payment term. This will depend on the age at the time of entering into the policy. | Sum assured on maturity equaling the basic sum assured along with vested simple reversionary bonus and final additional bonuses will be payable as a lump sum at the end of the policy term. Here, the sum assured on maturity is equal to the basic sum assured amount. Also, policyholders can choose to receive the maturity benefit in installments in monthly, quarterly, half-yearly or yearly modes. | Here, the sum assured on maturity will be equal to the basic sum assured along with a vested simple reversionary bonus and final additional bonuses will be payable as a lump sum at the end of the policy term. You can also receive the maturity benefit in installments in yearly, half-yearly, quarterly and monthly modes. |
Additional Benefits of Aviva Life New Family Income Builder vs. LIC Jeevan Umang vs. LIC New Endowment Plan
Now that you have understood the comparison of death and maturity benefits provided by these plans from LIC and Aviva Life, let’s compare them on other factors such as minimum sum assured, policy term, premium payment term, etc. Check out the below table!
| Features | Aviva Life New Family Income Builder Plan | LIC Jeevan Umang Plan | LIC New Endowment Plan |
|---|---|---|---|
| Minimum Sum Assured | INR 9,60,000 (INR 40,000 x 24) | INR 2,00,000 | INR 1,00,000 |
| Maximum Sum Assured | INR 24,00,00,000 per life (INR 1,00,00,000 x 24) | No Limit | No Limit |
| Policy Term | 12 years | (100 - the age at the time of entry) years | Minimum of 12 years to up to 35 years |
| Premium Payment Term | 12 years | 15, 20, 25 and 30 years | 10, 15 or 16 years |
| Minimum Premium Amount | INR 40,000 per annum | INR 15, 680 per annum | INR 6,978 per annum |
| Maximum Premium Amount | INR 1,00,00,000 per life | No Limit | - |
| Premium Payment Frequency | Annual only | Yearly, Half-yearly, Quarterly and Monthly | Yearly, Half-yearly, Quarterly and Monthly |
| Rider Options | Hospi Cash Rider Accidental Death Benefit Rider Term Rider | New Term Assurance Rider New Critical Illness Benefit Rider Accidental Death Benefit Rider Accidental Death and Disability Rider Premium Waiver Benefit Rider | New Term Assurance Rider New Critical Illness Benefit Rider Accidental Death Benefit Rider Accidental Death and Disability Rider Premium Waiver Benefit Rider |
| Loan Against Policy | Not Available | Up to 80-90% of the surrender value | Up to 80-90% of the surrender value |