Aviva New Family Income Builder Plan

Aviva New Family Income Builder is a traditional saving-cum insurance plan specially designed to provide financial assistance in the form of guaranteed returns and ensures annual cash inflow. The policy ensures that the lifestyle and financial situation of the families of the policyholders are also protected in the unfortunate event of the demise of the policyholder.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Key Features

  • The policy offers a guaranteed income of double the premiums paid to the policyholder at the end of 12 years premium payment term.
  • If, during the policy term the policyholder passes away, the nominees receive a Death Benefit that takes care of their financial needs in the absence of the policyholder.


  • On survival until the end of the policy term when the policy matures, the Life Insured receives the Maturity Sum Assured or the Maturity Benefit. The Maturity Benefit is payable in two ways:
    • The policyholder receives twelve annual installments of 1.5 times the annual premium, at the end of each policy year during the payout period.
    • The policyholder receives a lump sum amount of six times the annual premium at the end of the payout period.

If the person whose life is insured passes way during the payout period, the nominee receives the balance outstanding payouts.

  • In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit. Death Benefit is higher of ten times the annualized premium, or the Maturity Sum Assured or 105% of the premiums paid, or the Sum Assured of the policy.

The nominee receives the Sum Assured in the following ways:

  • The Sum Assured is paid in twelve annual installments of 1.5 times the annual premium. The first installment is paid when the claim is being settled, and the balance eleven installments are paid on each death anniversary of the Life Insured.
  • The nominee receives a lump sum amount of six times the annual premium along with the twelfth annual installment on the eleventh death anniversary of the Life Insured.
    • Tax benefits are available as per sections 80(C) and 10 (10D) of the Income Tax Act.

Product Specification:




Entry Age of the Life Assured(Last Birthday)

6 years

50 years

Maturity Age (Last Birthday) of the Life Assured

18 years

62 years

Policy Term (PT) in years

12 years

Premium Paying Term (PPT) in years

Equal to policy term = 12 years

Premium Paying Frequency


Annual Premium

Rs. 40,000

Rs. 100,00,00,000

Sum Assured

Rs. 9,60,000 (minimum annual premium of Rs. 40,000 x 24)

Rs. 24,00,00,000 (maximum annual premium of Rs. 100,00,00,000 x 24)

Details About Premium

Age of life insured (Yrs)

Policy year

Annual Premium

Guaranteed Maturity Benefit

Lumpsum benefit in lieu of future survival benefits



Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000





Rs. 80,000






Rs. 120,000

Rs. 1,122,640




Rs. 120,000

Rs. 1,092,880




Rs. 120,000

Rs. 1,060,432




Rs. 120,000

Rs. 1,025,072




Rs. 120,000





Rs. 120,000

Rs. 944,520




Rs. 120,000

Rs. 898,728




Rs. 120,000

Rs. 848,808




Rs. 120,000

Rs. 794,400




Rs. 120,000

Rs. 735,096




Rs. 120,000

Rs. 670,456




Rs. 120,000

Rs. 600,000

Policy Details

  • Grace period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. The policy lapses if the first three years of premiums are not paid within the Grace Period.
  • Policy Termination or Surrender Benefit: The policy may be surrendered after three years on the condition that all premiums have been paid. After three policy years, the policy acquires Surrender Value, which is the higher of the Guaranteed Surrender Value and the Special Surrender Value If the policyholder fails to reinstate the lapsed policy within the revival period of two years from the date of the first unpaid premium, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.
  • Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the policy premium expenses borne by the company, such as towards a medical examination or stamp duty charges.

Additional Features or Riders

  • The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. The policyholder will have to pay all due premiums plus interest and a revival charge of Rs. 250. Sufficient evidence of insurability also has to be provided.
  • If the policyholder pays all premiums for three policy years and subsequently does not pay any more premiums even within the Grace Period, the policy will acquire Paid-up Value.


  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund 80% of the premiums paid as on the date of death. In case of the suicide occurring within a year of policy reinstatement, the company will refund the highest of 80% of the premiums paid or the Surrender Value.

Documents Required

The policyholder has to fill up an ‘Application form’ with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips.

You May like to Read: Aviva Life Child Plans

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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