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
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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
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.
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.
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.