Investment Plans 276 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.

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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 PlanLIC Jeevan Umang PlanLIC New Endowment Plan

  1. Guaranteed income for self with double premium payment after the policy term

  2. Guaranteed income for a family in case of policyholder’s death

  3. Guaranteed terminal benefit

  4. A 15-day free look period

  5. Tax benefits

  1. A death benefit to the nominee in case of policyholder’s death

  2. Rider benefits

  3. Option to take death benefit in installments

  4. Survival benefit on surviving till the end of the premium paying term

  5. A 30-day grace period

  6. Loan against policy facility

  7. Tax benefits


  1. Death & maturity benefit

  2. Simple reversionary bonus facility

  3. Option to choose additional rider benefits

  4. Loan against policy

  5. A 15-day free look period

  6. Tax benefits

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!

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 PlanLIC Jeevan Umang PlanLIC New Endowment Plan

The death benefit will be equal to the death sum assured, which will be the highest of the following amounts

  1. 10 times the annualized premium

  2. 105% of the total premiums as paid on the date of death

  3. Sum assured of the policy



Here, the sum assured will be paid in the following manner.


  1. 12 regular installments of ‘1.5 times the annualized premium’

  2. A lump sum amount of ‘6 times the annualized premium’ along with the 12th annual installment on the 11th death anniversary of the policyholder

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 -

  1. 7 times the annualized premium

  2. Absolute amount assured to be paid on death equal to the Sum Assured




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 PlanLIC Jeevan Umang PlanLIC New Endowment Plan
Here, the company will pay the sum assured on maturity in the following ways.


  1. 12 annual installments of ‘1.5 times the annualized premium’ at the end of each year during the payout period (12 years after maturity i.e. 13th to 24th year)

  2. A lump sum amount of ‘6 times the annualized premium’ at the end of the payout period



  3. 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!

FeaturesAviva Life New Family Income Builder PlanLIC Jeevan Umang PlanLIC New Endowment Plan
Minimum Sum AssuredINR 9,60,000 (INR 40,000 x 24)INR 2,00,000INR 1,00,000
Maximum Sum AssuredINR 24,00,00,000 per life (INR 1,00,00,000 x 24)No LimitNo Limit
Policy Term12 years(100 - the age at the time of entry) yearsMinimum of 12 years to up to 35 years
Premium Payment Term12 years15, 20, 25 and 30 years10, 15 or 16 years
Minimum Premium AmountINR 40,000 per annumINR 15, 680 per annumINR 6,978 per annum
Maximum Premium AmountINR 1,00,00,000 per lifeNo Limit-
Premium Payment FrequencyAnnual onlyYearly, Half-yearly, Quarterly and MonthlyYearly, Half-yearly, Quarterly and Monthly
Rider OptionsHospi 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 PolicyNot AvailableUp to 80-90% of the surrender valueUp to 80-90% of the surrender value

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