The Annuity Plus Retirement Secured Plan from Aviva Life Insurance is a single premium, non-linked, immediate annuity policy. This plan provides lifetime income to the annuitant during his/her post-retirement years, and thereby offers financial security to the policyholder and their family. Annuitants can also increase the purchase price of their policy by adding a top-up to their plan, which will enable them to receive a higher annuity, in turn. Tax implications and surcharge will be applicable, as per the prevailing laws.
Insurance providers have a few eligibility criteria set that need to be met in order for one to be covered under this plan. For the Annuity Plus Retirement Secured Plan, the eligibility criteria varies as per the category under which you fall.
|Parameters||Criteria for eligibility|
|Minimum age at entry||
|Maximum age at entry||
|Plan options to choose from||
Annuity is the amount of money that is payable to you by the insurer, during your post-retirement years. The sum of money that you will receive as annuity and the duration for which you will receive the said sum will vary as per the annuity option chosen by you, the purchase price of the policy, your age, and annuity frequency opted for by you. The particulars related to your annuity payments are mentioned in the table below.
|Minimum Purchase Price||Rs.50,000|
|Maximum Purchase Price||No limit|
|Minimum Annuity Instalment Amount||Rs.500|
|Frequency of Annuity Payments||
|Annuity||The annuity you are entitled to receive as per this plan will depend on which plan option you choose.
There are no additional riders that can be purchased along with this plan, by the policyholder.
|Increasing Purchase Price||Annuitants can choose to increase their purchase price by adding a lump sum of their pension savings, into this plan. This will lead to an increase in your annuity payments, as well.|
|Loan||Annuitants cannot apply for a loan against this policy.|
|Nomination||Nomination facility is provided to annuitants, as per Section 39 of the Insurance Act, 1938.|
|Tax Implications||Surcharge and taxes and tax benefits, as per the prevailing laws, will be applied to this policy.|
|Free-Look Period||You can review the policy terms and return the policy if you don’t find it satisfactory. However, you will have to do this within 15 days, from when you receive the policy. The free-look period is 30 days if the policy was sourced through distance marketing.|
The Annuity Plus Retirement Secured Plan from Aviva Life offers policyholders monetary benefits when they need it the most – during their post-retirement years! With this plan, you can ensure that your needs and your family’s needs are not compromised, even well after you have retired. Further, you can select your annuity option from between 7 different plan options for one that meets your needs perfectly.
Aviva Life Insurance Company is one of the most trusted insurance companies in India. It was setup in the year 2002 and currently has over 108 branches, in India. The insurer has a presence in 16 countries and serves over 33 million customers globally. For the financial year 2016-2017, the Claim Settlement Ratio was 90.60%. They also have over 13,500 insurance advisors and an excellent customer service team to meet your every need and attend to your queries in a timely manner.
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