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Aviva Wealth Builder Plan: Brief Overview
If you want to build a strong financial foundation to prepare for future events such as child’s education, wedding, retiring comfortably or to achieve your financial goals then you must consider investing in the Aviva Wealth Builder Plan. You can choose to invest single premium or regular premium with premium payment term of 5 and 10 years.
Aviva Wealth Builder Plan: Review and Features
The Aviva Wealth Builder Plan is a non-linked non-participating insurance plan offered by Aviva Life Insurance. In simple terms, you can assume that if you are 30 years old and invest Rs. 1 lakh per annum for 10 years then after the policy term of 17 years, you will get Rs. 20 lakhs. You can use this lump sum to address any financial needs whether it is to pay a loan, fund your child’s education, etc.
Features
- Doubles Your Money for Defined Milestones: When you pay all your premiums(regular premium payment option), you are eligible to receive a guaranteed payout at maturity. The guaranteed payout for this plan at maturity is double the sum of premiums paid if you choose the single premium option whereas the sum assured is 10 times annual premium and 20 times annual premium for PPT of 5 years and 10 years,
- Guaranteed Protection for Your Family: Nominal life cover is one of the prominent benefits of the Aviva Wealth Builder Plan. Your family receives the Sum Assured from the company in case of your death if all due premiums are paid until the death. This gives you peace of mind since you can stay assured that your family will be protected even if you are not around.
- Flexibility in Choosing Premium Payment and Policy Terms: Unlike some restricted insurance plans, Aviva Wealth Builder Plan gives you the flexibility to choose the premium payment term as well as the policy term. You can also choose single premium or regular premium (annual) options based on your financial needs and You can also choose out of three policy term options of 13, 15 and 17 years. For regular premium payment, you can choose to pay the premium for 5 or 10 years.
Eligibility
| Particulars | Details |
| Policy Name | Aviva Wealth Builder |
| Policy Type | Non-Linked Non-Participating Insurance Plan |
| Entry Age | 05 – 50 years |
| Policy Term | 13, 15, 17 years |
| Maturity Age |
|
| Insurance Premium | Minimum:
Maximum:
|
| Premium Payment Frequency | Single or Annual |
| Premium Paying Term (PPT) |
|
| Sum Assured |
|
| Minimum Sum Assured |
|
| Maximum Sum Assured |
|
Benefits
Listed below are some of the major benefits associated with the Aviva Wealth Builder Plan:
Maturity Benefit: If the policyholder survives till the maturity of the policy then he/she is paid sum assured at maturity provided the policyholder has paid all due premiums on time. This amount is double the the sum of premiums paid.
Death Benefit: On the untimely death of the insured, Aviva Life Insurance would pay the sum equal to the Sum Assured provided all due premiums are till the time of death to the nominee. The sum assured for this insurance plan is double of the sum of premiums paid excluding taxes and top-up premiums. For regular premium payment (annual), the sum assured is 10 times and 20 times the annual premium for a PPT of 5 years and 10 years respectively.
Tax Benefit: Since Aviva Wealth Builder Plan is a non-linked non-participating insurance plan, the policyholders are entitled to certain applicable tax benefits depending on the prevailing tax laws.
Aviva Wealth Builder Plan Premium Payment
Aviva Life Insurance company offers multiple insurance premium payment modes to its customers. You can choose the payment mode that suits you the best. Here are some of the premium payment modes available to pay your premium for Aviva Wealth Builder Plan:
- Direct Debit:If you want to set up a direct debit instruction for your bank savings account so that that premium is paid automatically towards your loan then you must choose this option. Here are the banks for which you can set up a Direct Debit Instruction:
- Bank of Baroda
- Bank of India
- CitiBank
- Allahabad Bank
- Axis Bank
- Corporation Bank
- IDBI Bank
- Kotak Mahindra Bank
- Punjab National Bank
- State Bank of India
- UCO Bank
- Union Bank of India
- ICICI Bank
- United Bank of India
- IndusInd Bank
- Credit Card/Debit Card: You can pay your insurance premium using your Visa or MasterCard credit card easily.
- Airtel Money: Airtel customers who use Airtel Money can make their premium payment using Airtel Money.
- Standing Instructions on Credit Card: If you are forgetful then you can set up standing instructions on your credit card so that insurance premium is automatically paid with your credit card when it is due without any active involvement on your part.
- AutoPay through National Automated Clearing House (NACH): Never miss an insurance premium payment by setting up autopay through National Automated Clearing House (NACH).
- Payment through Aviva Branch: You can visit your nearest Aviva branch to pay your premium for Aviva Wealth Builder Plan.
- Electronic Bill Presentment Payment (EBPP):Net banking option is also available for Aviva insurance premium payment. Here is a list of EBPP partner banks:
- ABN AMRO Bank
- American Express
- Barclays Bank
- Citibank
- ING Vysya Bank
- HDFC Bank
- Kotak Mahindra Bank
- Yes Bank
- Bank of Baroda
- Bank Of Maharashtra
- Bank Of India
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Union Bank of India
- Ahmedabad Municipal Cooperative Bank
- Cosmos Bank
- Jan Kalyan Sahakari Bank
- Janata Sahakari Bank
- Punjab and Maharashtra Cooperative Bank
- Vijay Cooperative Bank
- State Bank of India
- National Electronic Funds Transfer (NEFT):You can pay your renewal premium through NEFT from your bank account.
FAQs
Here are some of the frequently asked questions about Aviva Life Insurance company and the Aviva Wealth Builder Plan:
Q1. How to contact Aviva Life Insurance company?
You can go to your nearest branch of Aviva Life Insurance Company India Limited. Here are other ways to contact the company:
- Call: 1860 103 7766
- Email: customerservices@avivaindia.com
- SMS: AVIVA to 5676737
Q2. Does Aviva Wealth Builder Plan come with a free-look period?
Yes. Like other insurance companies, Aviva Life Insurance company offers freelook period for its insurance products including the Aviva Wealth Builder Plan. The freelook period for this insurance plan is 15 days from the date of the receipt of the policy documents. The policyholder can review the policy terms and conditions during this time and cancel the policy is they are not acceptable to him. The company will refund the paid premium on the date of cancellation after deducting expenses incurred on medicals, stamp duty, etc. If the policy is sold through distance marketing then the policyholder gets a freelook period of 30 days.
Q3. What happens if the policyholder commits suicide during the policy term?
In the case of the death of Life Insured due to suicide, 80% of the premiums paid up to the death of the Life Insured will be paid to the nominee.
Q4. What is the grace period for an insurance policy?
Insurance companies offer a generous time period to its policyholders to make premium payment. This is when the policyholders are supposed to pay their insurance premiums. However, due to various reasons, some policyholders may not be able to pay the premium before its due date. The companies then offer a window of 30 days to its policyholders to pay the premium from the due date. This is referred to as the grace per