Aviva Wealth Builder Plan

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Aviva Wealth Builder is a traditional endowment plan without a bonus feature. This policy helps the insured to maximize his/her wealth safely while providing complete protection to him/her and their family. With a maturity benefit that is double of the premiums paid, this policy helps policyholders prepare for different milestones and future financial needs in their lives.

Key Features of Aviva Wealth Builder Plan

  • This policy gives a guaranteed payout on the maturity of the policy.
  • The family and loved ones of the policyholder receive protection on the unfortunate demise of the policyholder.
  • Policyholders have the option to pay a single premium and receive coverage for 13 years.
  • Policyholders may choose between two regular premium payment terms of five years and ten years and receive coverage for fifteen and seventeen years respectively.

Benefits of Aviva Wealth Builder Plan

  • In case the insured survives till the maturity of the policy, he or she receives a Maturity Benefit. The Maturity Sum Assured is calculated as double of the sum of all premiums paid.
  • On the unfortunate demise of the policyholder, the nominee gets the Death Benefit, which is equal to the Sum Assured of the policy.
  • Tax benefits can be availed on the premiums paid and the Death Benefit under sections 80(C) and 10 (10D) of the current Income Tax Act.

Product Specification of Aviva Wealth Builder Plan

Criterion 

Minimum

Maximum

Entry Age of the Policyholder (as on last birthday)

5 years

50 years

Maturity Age of Policyholder (as on last birthday)

18 years

67 years

Policy Term (PT) in years

13years

17 years

Premium Paying Term (PPT) in years

For PT 13 years = Single Premium

For PT 15 years = 5 years PPT

For PT 17 years = 10 years PPT

Premium Paying Frequency

Single or Annual

Annual Premium

Single Premium = Rs. 150000

Regular Premium = Rs. 50000

Rs. 10000000

Sum Assured

Single Premium = Rs. 300000

For PPT of 5 years = Rs. 500000

For PPT of 10 years = Rs. 1000000

Single Premium = Rs. 20000000

For PPT of 5 years = Rs. 1000000

For PPT of 10 years = Rs. 2000000

 

Details about Premium

Age (Years)

Policy Term = 13 yrs / Policy Year

Single Premium (Rs.)

Sum Assured (Rs.)

Guaranteed Death Benefit (Rs.)

Guaranteed Maturity Benefit (Rs.)

20

1

300000

600000

600000

 

21

2

 

 

600000

 

22

3

 

 

600000

 

23

4

 

 

600000

 

24

5

 

 

600000

 

25

6

 

 

600000

 

26

7

 

 

600000

 

27

8

 

 

600000

 

28

9

 

 

600000

 

29

10

 

 

600000

 

30

11

 

 

600000

 

31

12

 

 

600000

 

32

13

 

 

600000

600000

 

Policy Details of Aviva Wealth Builder Plan

Grace period: There is a limited period of 30 days since the due date of the unpaid premium to pay all dues.

Policy termination or Surrender Benefit: The single premium policy may be surrendered at any time during the term of the policy. The regular premium policy may be surrendered after two years. The Surrender Value paid is the higher amongst the Special Surrender Value and the Guaranteed Surrender Value. In case the policy is not renewed within the renewal period, then the policy gets terminated. Policy termination also happens as soon as the Death or the Maturity benefit is paid out.

Free Look Period: The insured person has a specified free look period of 30 days since the date when the policy documents were received. This period is basically offered to allow the policyholder to review the terms and conditions of the policy. In case the insured doesn’t wish to keep the policy, he or she may cancel it. The customer, however, would receive the paid premiums back only after deducting the proportionate amount of premium for the risk the insurer has borne, along with any additional expenses, such as stamp duty charges or medical examination costs..

Additional Features or Riders

  • The renewal of an expired policy is possible in case the insured submits a reinstatement request within a given time period of 2 years since the date the first premium was unpaid.
  • In case the premiums for 2 policy years have been paid and then the insured does not make a payment of the due premiums within the Grace Period, then the policy acquires its Paid- up Value.

Exclusions

  • The term insurance policy cover becomes void in case the policyholder (sane or insane), commits suicide within a year since the inception of the policy. The insurer shall refund 80 per cent of the paid premiums to the person nominated by the policyholder. If the insured person commits suicide within a year since the policy reinstatement, then the nominee shall receive the highest amongst 80% of the paid premiums or the Surrender Value.

Documents Required

The insured person is required to fill an ‘Application form’ with a photo ID proof (such as, PAN Card, Passport, or Driving License) and an income proof, such as a copy of the last filed ITR, Form 16 or a copy of last 3 months’ salary slips.

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Frequently Asked Questions

Q1. What are the eligibility criteria associated with the purchase and maturity of Aviva Wealth Builder Plan?

A. The minimum entry age for this policy is 5 years, while, the maximum is 50 years. Correspondingly, the minimum maturity age for Aviva Wealth Builder Plan is 18 years, while, the maximum is 63 years in case of single premium mode and 67 years in case of regular premium mode.

NOTE: The ages for the above criteria are to be considered as per the last birthday and not the upcoming birthday.

Q2. What are the Policy Term and Premium Payment Term options available under Aviva Wealth Builder Plan?

A. The Policy Term and Premium Payment under this policy work as follows:

Policy Tenure

Premium Payment Tenure

13 years

Single

15 years

5 years

17 years

10 years

 

Q3. What are the minimum and maximum amounts of premiums payable under Aviva Wealth Builder Plan?

A. Minimum

  • In case of Regular Premium: Rs. 50,000 per annum plus taxes.
  • In case of Single Premium: Rs. 1.5 Lacs plus taxes.

Maximum

  • Rs. 1 Crore per life.

Q4. What are the various levels of sum assured offered under Aviva Wealth Builder Plan?

A. The sum assured options for various premium payment terms are as follows:

Premium Paying Term (in years)

Sum Assured

Single

2 x Single Premium

5

10 x Annual Premium

10

20 x Annual Premium

 

NOTE: The premium here does not include any taxes or additional premiums.

Q5. What are the Premium Payment Frequency Options available under Aviva Wealth Builder Plan?

A. The premiums under Aviva Wealth Builder Plan can be paid in single or annual modes.