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.
Product SpecificationofAviva Wealth Builder Plan
Details about Premium
Policy DetailsofAviva 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 doesnt 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.
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.