Gone are those days when parents used to be dependent on their children post retirement. Today, even if you have been a non-government employee all your life, and not entitled to a regular pension after retirement, you need not to worry. Aviva Next Innings Pension Plans helps you build a retirement corpus through regular or one-time investment to ensure a comfortable life during your retirement years. This corpus or lump sum amount helps you to get a steady income in the form of pension after you have retired from work. Aviva Life Pension Plans ensures a financially independent retired life for you, free of any financial glitches.
Why Aviva’s Pension Plans?
Aviva Life Insurance Company’s retirement and pension plans are the best in the market when we compare with others. With a wide range of network and dedicate round-the-clock customer service, Aviva can be your best bet when it comes to important decisions like retirement and pension planning.
Key Features
- The policy provides a guaranteed corpus for retirement, which is 210% of the total premium paid.
- The policy provides death benefit; the nominee receives a lump sum to take care of the financial needs and household expenses in case the policyholder is no more.
- The policy offers a single premium payment option and a limited premium payment term. Once the premium paying term is completed, you are entitled to enjoy all the benefits of the policy.
- You, as the policyholder, can avail income tax benefits of the premiums paid.
- You can withdraw annuity at one time together or in installments.
Specifications
| Entry Age | 42 year (Min) to 60 years (Max) |
| Maximum Maturity Age | 55 years (Min) to 78 years (Max) |
| Policy Term | 13, 16 or 18 years |
| Premium Payment Term | Single pay 13 years term; 5 years for 16 years term, 10 years for 18 years term |
| Minimum Premium | Single premium payment Rs. 1,50,000
Limited payment term Rs. 50,000 per annum |
| Maximum Premium Amount | 5 crores |
| Premium Payment Frequency | Yearly, Half-yearly, monthly or single payment |
Also Check: Aviva Annuity Plus Plan
Documents Required
- Filled-up application form
- Photo ID proof (PAN card, driving license, or passport)
- Income proof (Income Tax Return, salary slips, Form 16)
Benefits
Maturity Benefit
- The maturity benefit is 210% of the premiums paid, excluding extra premiums and taxes.
- You may proceed by using the policy in one of the ways:
- By purchasing immediate annuity
- By purchasing a single premium deferred pension
- Purchasing immediate annuity will be guaranteed for life. This will be done in case of the policyholder as long as he/she is alive. As a policyholder, if you wish, you can commute a proportion of the maturity proceeds up to the maximum allowed as per prevailing tax laws. After the commutation, the remainder amount of maturity proceeds will be used to buy annuity on the life of the insured. You can purchase the immediate annuity only from Aviva Life Insurance Company India Limited.
- By purchasing single premium deferred pension product available at that time provided by you, as policyholder, satisfies the eligibility criteria for that single premium deferred pension plan. Again, this too can be purchased only from Aviva Life Insurance Company India Limited or according to then IRDA Regulations.
Also Know: Aviva i-Life Plan: Features & Reviews
Death Benefit
In case, the life insured passes away during the policy term, the death benefit paid to the nominee shall be high of:
- The premiums paid, which excludes extra premiums and taxes, till the date of death, along with the interest of 6% per annum compounded annually.
- 105% of all premiums paid, which excludes extra premiums and taxes, till the date of death.
Important Terms and Conditions
Annuitization
Aviva offers its Immediate Annuity Plans, viz. Aviva Annuity Plus (UIN: 122N018V04) for annuitization on maturity/surrender/death.
Tax Benefits
Tax benefits will be as per Section 80C and 10 (10A) iii of Income Tax Act 1961. However, tax benefits are application as per prevailing tax laws and are subject to change from time to time.
Grace Period
You, as the policyholder, can get a grace period of 30days for payment of yearly, half-yearly premiums and 15 days for monthly premium payments.
Nomination & Assignment
Nomination, as defined under Section 39 of Insurance Act 1938, as amended from time to time are allowed under this Policy, and Assignment, as defined under Section 38 of Insurance Act 1938, as amended from time to time is allowed under this Policy.
Loan
Aviva does not offer loan against this policy
Acceptance
Receipt by the company of the completed proposal and initial payment does not create any obligation on the part of the company to underwrite the risk, and the company shall not be liable until such time it has underwritten the risk and issued the policy.
Policy Surrender or Termination Benefit
Policies with single premium payment offer acquire Surrender Value after completing one policy year. Therefore, it may surrender after completing first policy year on the condition that a complete payment of all the premiums is done. Whereas a Limited premium policy acquires Surrender Value for two policy years. Hence, it may be surrender only after the full payment of premiums for two full years. As the Surrender Value either the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher is paid out.
Termination of the policy also occurs on the payout of the death benefit or the maturity benefit.
Freelook period
You have the right to review the policy terms and conditions, within 15 days, from the date of receipt of the policy document. And, in case you disagree to any of the term or condition, you can return the policy by stating the reason for your objection. Based on the reason, you shall be entitled to a refund of the premium paid subject to deduction of stamp duty charges.
Alterations
You are allowed to do an alteration between yearly frequency to half-yearly frequency and vice-versa. The alteration can be done at any policy anniversary by paying an alteration charge of `100 plus applicable taxes if any.
Suicide Claim Provisions and Exclusions (if any):
There are no exclusions under this plan.
Riders/Additional Features
- In case your policy lapses, the renewal is possible if the insured submits a reinstatement for the same within two years since the date of the first unpaid premium. You will have to make the payment of all the due premium along with interest and a revival amount of Rs.250. Also, you need to provide satisfactory evidence of insurability.
- In case, you have paid all the premium for two policy years, and haven’t paid any premium since then until the Grace Period, then the policy will acquire a paid-up value.
Also Check: Aviva New Family Income Builder Plan
Frequently Asked Questions
- How do I apply for Aviva Life Pension Plans?
You can apply for Aviva Life Pension Plans through:
- Online Application
- Intermediaries
Some of the plan that company offers are available only online. If you wish to buy that particular plan, you need to log on to the company’s website, opt for the desired plan, choose the coverage and enter your details. Your premium will be determined on the basis of the details you have filled. You then need to pay the premium online through the card payment system or net banking facility. Once you make the payment, your policy will be issued.
Some of the policies are not available online. Hence, you can purchase those plans from the banks, agents, brokers, etc. who will guide you through the application process.
- What is the entry age criteria for buying Aviva Next Innings Pension Plan?
The minimum entry age is 42 years and the maximum entry age is 60 years. The age is usually considered by the last birthday of the applicant.
- What are the single payment plans available under Aviva Next Innings Pension Plans?
You can pay through four premium payment modes
- Single pay
- Annual pay
- Semi-annual pay
- Monthly
- What are the available modes of payment for premium?
To continue enjoying the benefits of the policy, you must pay the premium regularly, on time. For Aviva Life Pension Plans, you can make the payment through
- Auto Debit/Credit Card
- Cash/Cheque Payment
- Change Payment Mode
- NEFT
- Airtel Money
- HDFC/SBI/AXIS Bank debit card
- ECS System
- How to pay premium?
- Enter your policy details
- Select your online bank account or credit/debit to make the payment
- Authenticate and confirm your online payment
- Receive online confirmation
- How is annuity plan different from life insurance plan?
Annuity plan and life insurance plans are exactly opposite. In life insurance policy, the payments start when the policyholder dies. Here, the risk lies on the company as they cover the life of the one who holds the policy.
However, in annuity plan, the payment stop immediately after the policyholder passes away. Here, the risk lies on the policyholder as the purchase price is paid without the knowledge of the duration of their life; without knowing if they will be able to survive till the time the annuity begins.
- What is the minimum and maximum amount payable in the form of premium?
For Aviva Next Innings Pension Plans, the minimum annual premium under the policy of 1.5lac is in case of single pay option is 50,000. The maximum annual premium is 5 crores.