Aviva Dhan Nirman is a savings and investment plan with bonus facility that gives guaranteed income for the financial needs of the policyholders. This policy helps policyholders to grow and expand their wealth safely while providing protection for the policyholder and his family. The policy even offers a discount on higher Sum Assured so that the policyholder receives comprehensive protection at a more affordable rate.
If the policyholder survives until the policy matures, he or she receives a Maturity Benefit. The Maturity Sum Assured is calculated as follows:-
For PT of 18 years = 8 x Annual Premium
For PT of 21 years = 7 x Annual Premium
For PT of 25 years = 6 x Annual Premium
For PT of 30 years = 5 x Annual Premium
On survival until the end of the premium payment term, the policyholder receives a Survival Benefit that amounts to 150% of the Annual Premium on the policy anniversaries as mentioned:
For PT of 18 years, Survival Benefit is received on the 14th to 17th policy anniversaries.
For PT of 21 years, Survival Benefit is received on the 15th to 20th policy anniversaries.
For PT of 25 years, Survival Benefit is received on the 16th to 24th policy anniversaries.
For PT of 30 years, Survival Benefit is received on the 18th to 29th policy anniversaries.
In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit. The Death Benefit paid is the highest of the following:
Ten times the annual premiums paid, or
105% of the total premiums paid, or
The Maturity Sum Assured, or
The Sum Assured of the policy.
The Simple Reversionary Bonus plus the Terminal Bonus as a percentage of the Sum Assured is also paid to the nominee.
Large Sum Assured rebates are given on Sum Assured amounts of Rs. 500000 or more.
Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.
This policy offers the advantage of Simple Reversionary Bonus and Terminal Bonus that are paid on maturity of the policy or as part of the Death Benefit.
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.
If premiums for two policy years are paid and subsequently the policyholder does not pay the due premiums within the Grace Period, the policy acquires 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 to the nominee. In case the person insured commits suicide within one year from the policy reinstatement, the nominee will receive the higher of 80% of the premiums paid or the Surrender Value.