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.
Frequently Asked Questions Q1. What are the eligibility criteria associated with the purchase and maturity of 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 Termoptions available under Aviva Wealth Builder Plan? A. The Policy Term and Premium Payment under this policy work as follows: 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: 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.
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.
