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Aviva wealth Builder plan- Review

Aviva Wealth Builder plan

Aviva wealth builder is an Life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed. Life cover is an additional benefit.

Type of plan      : Endowment Non participating

Returns              : Fully Guaranteed

Tenure                : Long term (above 15 years)

Premium mode : Single Premium and Regular premium


 

  • SPEC EB

  • WB BENEFITS

    1. Your returns are 100% Guaranteed.
    2. Ups and Downs in the share market will not affect your Maturity benefits
    3. Life cover(Sum Assured) is an Added advantage
    4. Limited Premium payment option
    5. Premium paid is eligible for tax exemption under section 80(c)
    6. Maturity Benefit is Fully exempted under section 10(10d)
    7. Investment in this plan is fully safe
    8. Higher Return Rate than other Endowment plans in the market.
    9. Not linked with share Market
    10. Easy to understand simple plan

    1. No liquidity available
    2. Returns lesser than Normal Fixed Deposits
    3. other savings plans are providing better returns.(NSC, KVP and Sukanya Samruddhi Schemes)
    4. Loan Not available
    5. Surrender charges is very high.
    6. Have to be in the plan for Long term

  • will be updated soon

Aviva wealth Builder plan- Review

This is a unique product of Aviva life insurance. Not all the companies in the market are providing a product which gives the total benefits as guaranteed. But in this Aviva wealth builder plan, each and every rupee in the maturity is guaranteed. The returns under this plan is not depending on the company’s performance or share Market. This is an Traditional Endowment Non participating plan. This plan doubles whatever premium you pay under this plan.


What You Pay and What You get

Example  : Arun is 30 year old. He buys Aviva Wealth Builder plan with a PPT of 10 years and annual premium of  100,000. His policy benefits are:

                            1. Guaranteed Maturity Benefit of 20 Lakh at 17th year.

                           2. Guaranteed Death Benefit of Rs.20 Lakh throughout the plan for 17 years.

                          TOTAL PREMIUM PAID : 10 LAKHS

                          TOTAL BENEFITS RECEIVABLE : 20 LAKHS


Bonus History

Since this is an Non participating policy there is no Bonus payable for this plans.


What happens if you discontinue your premiums?

  • If only one year premium is paid – 30% of the premium paid excluding Taxes will be refunded after 2 years from date if lapsation
  • If 2 or more premiums paid – The policy becomes paid up. Double the total premium paid is returned at maturity.

The policy can be revived within 2 consecutive years from the date of first unpaid premium.


Liquidity 

Loans : Not Available

You cannot take loans or withdrawals in this plan. If you want funds before maturity you have to surrender the policy.


If You want to surrender the policy 

You can surrender the policy if :

  • Single premium can be surrendered anytime during the policy term
  • Regular premium can be surrendered anytime after paying 2 years premium. 

  Aviva Wealth Builder Plan is a traditional plan, the surrender benefits of this plan will be mostly lesser than the premium paid. Waytoinsurance.com suggests not to surrender this plan in-between to avoid loss.


For more details on this plan please go through the Product brochure.


**Disclaimer:

This post on Aviva wealth Builder Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only.  The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man.

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