Aviva India launches Family Income Builder

Aviva India announced the launch of Family Income Builder, a traditional plan in which one pays for 12 years and gets double of what they have paid every year for the next 12 years, guaranteed. The product also comes with built in waiver of premium benefit which ensures that in case of death during the policy term, no further premiums are required to be paid while the income remains guaranteed between 13^th to 24^th year.

Aviva Family Income Builder product has been designed basis a customer survey – Consumer Attitudes towards Savings conducted by IPSOS worldwide. The survey highlighted that with low economic confidence nearly 33% of customers are keen to get a guaranteed return on their investments worldwide. In India too, 56% of customers are not willing to take a risk on their investments and are looking for guaranteed returns. In addition, nearly 44% of Indians are not confident about meeting unexpected expenses in the future. Hence there is clearly a market for a product which not only gives guaranteed returns but has the proposition of doubling one’s premium ensuring a regular flow of income.

Speaking on the occasion, Mr. Gaurav Rajput, Director Marketing, Aviva India said, “Aviva’s product philosophy is simplicity and keeping the customer at the heart of our product development process. Recognizing the customer need for guarantee in their investment in the current scenario, we have launched Aviva Family Income Builder, a transparent insurance plan with a simple proposition of doubling one’s premiums and ensuring a regular flow of income. We aim to create value for our customers and deliver on our promise of prosperity and peace of mind.”

Aviva Family Income Builder helps address multiple needs of a customer:

Regular Income on retirement

 It is important that one secures their retirement while they are working. With Aviva Family Income Builder one can pay for 12 years and get double of what they have paid for the next 12 years, guaranteed.

For example, if the policyholder is 48 years of age and starts investing Rs. 2 Lacs each year till the age 60, he will start receiving a guaranteed amount of Rs. 4 Lacs each year from age 61 to 72 years. This will ensure a tax free cash flow post retirement.

Securing the future of one’s child

The cost of education is expected to double in the next 12 years. It is important that one’s savings for their child also doubles by that time. Aviva Family Income Builder helps one achieve this objective.

For example, if the child is 3 years old and one starts investing Rs. 1 Lac each year till she is 15, the parent will receive a guaranteed amount of Rs. 2 Lacs each year from her age 16 to 27 years. This can be used to fund her education, extra-curricular activities and even the initial phase of her professional life

Giving one’s parents a secure retirement

This is product is also perfect for a working professional whose parents are nearing their retirement.

For example, if the parents are around 50 years of age, the son can start investing Rs. 50,000 every year for 12 years, so that the parents get a guaranteed tax free income of Rs. 1lac every year from their age 62-74 years.