Aviva New Family Income Builder Plan

Death Benefit

In case of unfortunate demise of the life insured during the policy term, the death sum assured is payable, which is higher of 105% of the total premiums paid, 10 times the annualized premium, maturity sum assured or sum assured of the policy.
 

The death sum assured is

• 12 annual installments of 1.5 times the annual premium. The first installment is paid at the time of claim settlement and then the outstanding annual installments are payable on each death anniversary, starting from the first death anniversary date.
• 6 times the annualized premium as lump sum is paid with the last annual installment, on the 11^th death anniversary.
   

An additional guaranteed terminal benefit (basis of age of entry) is payable along with the benefit at the time of settlement of claim.
 

In case of death of the life insured during the payout period, the remaining regular payouts are payable to the nominee.

Maturity Benefit

In case of survival of the life insured till end of the policy term, the maturity sum assured is paid as 1.5 times the annual premium at the end of each year during payout period, i.e., from 13^th to 24^th year. 6 times of annual premium as lump sum is payable at the end of 24^th year.
 

An additional guaranteed terminal benefit (basis of age of entry) is payable at maturity of the policy.

Guaranteed Terminal Benefit

Guaranteed Terminal Benefit is payable in the range of 2% to 12% of the annual premium, depending on the age of entry.

Loan Benefit

No loan facility is available under this policy.

Surrender Value

Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value. Surrender Value is acquired on payment of all due premiums for at least 3 full policy years.

Tax Benefit

Tax benefits are applicable under section 80C & 10 (10D) of the IT Act, subject to existing tax laws.

No rider(s) is available under this plan.

Mr. Ahluwalia chooses Aviva New Family Income Builder with policy term of 12 years, annual premium of Rs 1 Lac for 12 years.
 

Case I: If he survives till end of the policy term, the maturity benefits payable are as shown below.
 

Case II: In case of demise of Mr. Ahluwalia, the death benefits payable are as shown below.