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  • Aviva Annuity Plus Retirement Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the Aviva Life Insurance Annuity Plus Retirement Secured Plan for?

    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
    • Policyholders receiving pension from Aviva: 18 years of age
    • Nominees of deceased policyholders receiving pension from Aviva: 0 years
    • Others: 50 years of age
    Maximum age at entry
    • Policyholders receiving pension from Aviva: 80 years
    • Nominees of deceased policyholders receiving pension from Aviva: 80 years
    • Others: 80 years
    Plan options to choose from
    • Option 1: Lifetime Annuity
    • Option 2: Guaranteed Annuity for a period of 5 years, and then for life
    • Option 3: Guaranteed Annuity for a period of 10 years, and then for life
    • Option 4: Guaranteed Annuity for a period of 15 years, and then for life
    • Option 5: Increasing Annuity at the rate of 3% p.a.
    • Option 6: Lifetime annuity and Return of Purchase Amount
    • Option 7: Joint Life Last Survivor Annuity

    Purchase Price and Annuity - What you get and what it costs?

    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
    • Annual
    • Bi-Annual
    • Quarterly
    • Monthly

    Plan Coverage - What the Aviva Life Insurance Annuity Plus Retirement Secured Plan covers

    Annuity The annuity you are entitled to receive as per this plan will depend on which plan option you choose.
    • Option 1: The insurer will pay annuity to the annuitant until he/she passes away. The plan and its benefits will cease upon the annuitant’s death.
    • Option 2: For the first five policy years, annuity will be paid to the annuitant, or to the nominee in case the annuitant passes away. If the latter occurs, the policy benefits will cease after 5 years. If the annuitant survives this 5-year period, he/she will receive annuity for lifetime, thereafter.
    • Option 3: Annuity will be paid for the first 10 years to the policyholder, or the nominee if the policyholder has passed away. If the policyholder survives this guaranteed 10-year period, he/she will receive annuity for his/her lifetime, thereafter.
    • Option 4: Guaranteed annuity is payable by the insurer for a period of 15 years to the policyholder or the nominee, if the policyholder has passed away. Post 15 years, if the annuitant is alive, the insurer will continue to pay annuity, until when he/she passes away.
    • Option 5: The insurer will pay the annuitant an annuity that will increase at the rate of 3% p.a. This amount will be payable till when the annuitant survives.
    • Option 6: Annuity is guaranteed for as long as the annuitant survives. If the annuitant passes away, the purchase price of the policy will be paid to the nominee.
    • Option 7: If both spouses are joint annuitants, the insurer will pay annuity for as long as even one of them is alive.

    Riders/Add-On Plans – Additional coverage under the Aviva Life Insurance Annuity Plus Retirement Secured Plan

    There are no additional riders that can be purchased along with this plan, by the policyholder.

    Other Key Features

    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.

    Other Benefits

    • Pay Premiums Online: As an Aviva Life policyholder, you can effortlessly pay your premiums online, through the insurer’s website.
    • Mobile App: Through Aviva Life’s mobile app, you can view your policy details, manage your policy, and do a lot more, from any place of your convenience.
    • Claims Intimation: In order to file a claim and receive the due benefits, you will first need to intimate the insurer of the upcoming claim.
    • Range of Plans: Aviva has a range of plans for both individuals and groups, including protection plans, health plans, savings plans, pension plans, etc. to meet the varying needs of both individual buyers and corporates.

    Why you should buy the Annuity Plus Retirement Secured Plan from Aviva Life Insurance Company

    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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