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Aviva Life Insurance Pension Plans

Aviva Life Insurance Company

Aviva Life Insurance Company is a joint venture between one of India’s oldest and most respected business houses, Dabur Invest Corp and Aviva Group, UK based insurance group serving more than 31 million customers across 16 countries! Their combined synergy endeavors to provide insurance solutions to each and every citizen of the country so as to live a carefree and happy life, served by dedicated sales force and world-class products.

Aviva Pension Plans

Pension plans by Aviva are designed in a manner so as to ensure a steady income for you in the form of a pension post your retirement so that you can continue living a financially independent life. The company offers plans to suit your requirements with easy payment options and excellent returns.

Pension Plans:

Before proceeding further, let’s have a look at some of the basics of pension plans for better understanding:

  • The payment of pension begins from the Vesting Date after the plan matures
  • These are also called aviva life and annuity plans and two kinds of annuity options are offered: Deferred and Immediate! In deferred annuity, the payments are deferred or delayed and the customer starts receiving them after he finishes paying all the premiums. However, if a person dies before payments start, his nominee will receive the death benefits. In case of immediate annuity, the payments start immediately after the customer pays the single premium as per the pre-decided period of payment. In this case, the company ceases to make annuity payments after the death of the policyholder.
  • A policyholder can withdraw 1/3rd of the accumulated corpus of premiums as cash without paying any tax on it while the remaining 2/3rd is mandatorily paid as taxable pension to the insured.

Common Features of Aviva Pension Plans:

  • Cost effective pension plans
  • Withdrawal of annuity at one go or in installments
  • Maturity benefits with guaranteed returns
  • Death benefits for the family
  • Income Tax benefits on premium payments

List of Different Pension Plans Offered By Aviva Life Insurance Company, With Features, Benefits And Eligibility

Aviva Next Innings Pension Plan

Features:

  • Premiums can be paid at one go under the Single Pay option
  • Another option of Limited Premium Payment term is also available so you plan to receive income even when you’re nearing retirement
  • Eligible for 210% of the premiums paid at the time of maturity, if you continue paying due premiums till maturity
  • Family receives a corpus that will include paid premiums along with interest in case of your death

Benefits:

  • Two major types of benefits are available to the customer:
    1. Maturity Benefits:  If the insured survives till maturity, the maturity benefit will be 210% of the total premiums paid excluding extra premiums and taxes that can be used in two following ways:
      1. Purchase of Immediate Annuity: This will be valid for life for the insured till he/she survives. The insured can also commute a part of maturity proceeds up to a maximum of 1/3rd of such proceeds with the balance 2/3rd to be used to buy annuity on the life of insured. Immediate annuity can only be bought from Aviva Life Insurance Company or as per the Insurance Regulatory and Development Authority (IRDA) guidelines
      2. Buy Single premium deferred pension product provided the insured satisfied the eligibility criteria at that time. Again, this can be bought from Aviva Life Insurance or as per the Insurance Regulatory and Development Authority (IRDA) guidelines
    2. Death Benefits:  If the insured dies before the policy term ends, the nominee shall receive the higher of:
      1.  Premiums paid, excluding extra premiums and taxes, till the time of death along with an interest of 6% per annum compounded annually
      2. 105% of all premiums paid, excluding extra premiums and taxes, till the time of death
  •  Section 10(A) exempts commuted pension while section 80CCC attracts exemption of premium from taxes. Section 10(10D) also provides exemption for death benefits received.

Eligibility:

Entry Age Minimum – 42 years last birthday | Maximum - 60 years last birthday
Maximum Maturity Age Maximum – 55 years to 78 years last birthday
Policy Term 13, 16 or 18 years
Premium Payment Term Single Pay for 13 years term, 5 years for 16 years term or 10 years for 18 years term
Minimum Premium Single Premium Payment: Rs. 1,50,000/- | Limited Payment Term: Rs. 50,000 p.a.
Maximum Premium Amount Rs. 5 crores
Premium Payment Frequency Yearly, Half-yearly, monthly or Single payment

Aviva Annuity Plus Plan

It’s is a non-linked immediate annuity plan where payments start immediately after the payment of single premium so as to ensure lifetime of income during your post-retirement years.

Features:

  • The insured gets an option to select from 7 annuity options as per their individual financial requirements
  • Receive guaranteed annuity amount for the life of the policy
  • Provides flexibility to enhance the purchase price at the time of inception for higher annuity installments

Benefits:

  • The following 7 annuity options are available to the insured:
    1. Lifetime Annuity: Here a level annuity is paid as long as the annuitant lives
    2. Annuity guaranteed for 5 years and for life thereafter: Here level annuity is paid in arrears during the first 5 years whether the annuitant survives or not. After first 5 years, annuity will be paid till the insured lives
    3. Annuity guaranteed for 10 years and for life thereafter: Here level annuity is paid in arrears for the first 10 years whether the annuitant survives or not. After first 10 years, annuity will be paid till the insured survives
    4. Annuity guaranteed for 15 years and for life thereafter: Here level annuity is paid in arrears for the first 15 years whether the annuitant survives or not. After first 15 years, annuity will be paid till the insured survives
    5. In above 2,3, & 4 points, if the annuitant dies during the guarantee period, the nominee shall keep receiving the annuity amount as it would have been paid to the annuitant, till the end of guarantee period

    6. Annuity for Life Increasing @ 3% per annum simple: In this case an annuity increasing @ 3% per annum simple is paid in arrears to the annuitant till he lives
    7. Life Annuity with Return of Purchase Price: Here a level annuity is paid in arrears till the annuitant survives and the Purchase Price (excluding taxes) is paid to the nominee at the time of death of the annuitant
    8. Joint Last Life Survivor Annuity: Under this option, a level annuity will be paid in arrears till both or either of the join annuitant survives
  • Section 80CCC of Income Tax Act provides exemption for the premium paid

Eligibility:

Entry Age Minimum - 18 years completed | Maximum - 80 years completed
Annual Annuity Amount Minimum: Rs. 500 | Maximum: No limit
Purchase Price Minimum – Rs. 25,000 | Maximum: No Limit
Annuity Payout Frequency Yearly, Half-yearly, Quarterly, Monthly
Premium Payment Frequency Annual and Monthly
Sum Assured Minimum - 25,00,000 | Maximum: No Limit