Everyone looks forward to their sunset years, a time when can relax, sit back and reap the rewards of all the hard work that was done during their youth. However, enjoying the retirement phase can only be possible through proper planning and saving a good amount of money. In order to help plan this better, a number of insurance providers have introduced retirement plans that also come with a number of other benefits and features, so as to enable an individual to live out his/her retirement period in dignity.
One such plan is the Dhan Vriddhi Plus Retirement Plan by Aviva Life. This traditional, participating insurance plan enables individuals to save a certain amount of money systematically every month and thereby build a corpus. A number of advantages can be availed through this endowment insurance policy such as a bonus at policy maturity and tax benefits.
In order to avail this insurance policy, individuals will have to fulfill the predetermined eligibility criteria that is listed below:
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||50 years|
|Age at Maturity||70 years|
|Premium Payment Tenure||5 years/7 years/11 years|
|Policy Tenure||20 years|
All ages are based on previous birthday of the individual.
The amount of sum assured will vary based on the premium payment term and the age of entry, among other factors.
|Sum Assured||In case premium payment tenure is 5 years -
The premium range varies based on the needs and requirements of the policyholder, among other factors.
|Minimum Annual Premium||Rs.21,258 and this is exclusive of GST or extra premium, if applicable|
|Maximum Annual Premium||Rs.4,868,500 and this is exclusive of GST or extra premium, if applicable|
|Frequency of Premium Payment||Annual|
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
|Death Benefit||In case of untimely demise of policyholder, the following benefits will be paid -
For information regarding this, individuals can contact the insurance policy provider directly.
In case of death of policyholder due to attempted to actual suicide, whether sane or insane, within a period of 12 months from date of policy inception, the nominee will receive 80% of all premiums that have been paid and this does not include payment for GST or extra premiums, as long as the policy is in force.
In case of death of policyholder due to attempted to actual suicide, whether sane or insane, within a period of 12 months from date of policy revival, the nominee will receive 80% of all premiums that have been paid and this does not include payment for GST, Surrender Value or extra premiums, as long as the policy is in force.
|Free-look period||In case the policyholders are not satisfied with the plan, they have the option to return the same within a period of 15 days from receipt of document along with stated reasons. Aviva Life will refund the premium that has been paid after expenses such as stamp duty, has been deducted.|
|Lapsation/Revival||In case less than two years’ premium has been paid-
|Surrender Value||Policyholders can surrender the plan as long as a minimum of two policy years’ premiums have been paid. Surrender value that can be paid will be greater of the Special Surrender Value and Guaranteed Surrender Value.|
|Grace Period||Policyholders have a period of 30 days within which they will have to pay their premium.|
|Loan||This facility is not available with this plan.|
|Assignment||Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938.|
|Nomination||Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938.|
Policyholders can avail tax benefits under the plan as per provisions of Section 80C and 10(10D) of the Income Tax Act of 1961. However, as tax benefits are subject to variations from time to time, policyholders are asked to consult their tax advisors prior to availing the plan.
In addition to the number of beneficial plans provided by Aviva Life, a number of other advantages can also be procured such as the following:
A joint venture between prolific companies, Aviva Life Insurance Company is known for its unique and advantageous plans. This insurance company has the best of both Aviva International Holdings Limited and Dabur Invest Corp and works to ensure that all individuals avail the benefits of insurance policies.
This company boasts of numerous customers across the country and is one of the very companies in the country that introduced the concept of modern unit-linked policies. Aviva Life Insurance has over 100 branches across the country and employs more than 13,500 advisors who help individuals plan their finances. With the aim of becoming one of the leading insurance providers in the company, Aviva Life Insurance provides a number of other benefits and advantages such as a robust customer care service. As a testament to its products and services, Aviva Life Insurance has been the recipient of a number of awards such as ‘Certificate of Excellence’ at the PR Week Asia Awards in Hong Kong in 2014 and gold for ‘What’s Your Big Plan’ campaign in the year 2014 at the DMAi awards.
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