• Aviva Next Innings Pension Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    The Aviva Next Innings Pension Plan is a non-linked, non-participating pension plan that can help you build a guaranteed lump-sum that will enable you to receive regular and uninterrupted payments through your retirement years. What’s more, all the premiums you pay towards this policy and the payouts that you will receive are eligible for tax benefits, as per prevailing tax laws.

    Eligibility – Who is the Aviva Next Innings Pension Plan for?

    In order to purchase the Aviva Next Innings Pension Plan, policyholders need to keep a few basic eligibility criteria in mind.

    Parameters Criteria for eligibility
    Minimum age at entry 42 years
    Maximum age at entry 60 years
    Age at maturity 55 years-78 years

     

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured

    Sum Assured is a guaranteed amount of money that will be payable to either the policyholder or the nominees of the policyholder by the insurer. For the Aviva Next Innings Pension Plan, your Sum Assured will depend on your policy term and your total premiums.

    Premiums

    The Premium is a certain sum of money that a policyholder pays to the insurer to keep the policy active.  Listed below are the key information you need to know about premium payment related to the Aviva Next Innings Pension Plan:

    Policy Tenure (in years) 13, 16 or 18
    Premium Paying Term (in years) Single, 5 or 10
    Premium Payment Frequency Single, Annual, Half-Yearly or Monthly
    Minimum Premium Amount
    • For Single Premium: Rs.1.5 lakh
    • For Limited Premium: Rs.50,000 p.a.
    Maximum Single/Limited Premium Amount Rs.5 crore per life

     

    Plan Coverage – What the Aviva Next Innings Pension Plan covers

    The Aviva Next Innings Pension Plan comes with a range of benefits for both the policyholder and the nominees, such as:

    Maturity Benefit Policyholder will be entitled to receive a maturity benefit of 210% of all premiums paid excluding any extra premiums and taxes, if any. The policyholder can then use the maturity benefit to purchase Immediate Annuity or a Single Premium Deferred Pension Product.
    Death Benefit In case the policyholder happens to meet with an untimely demise, the death benefit will be paid to the nominees. Death benefit payable will be the higher of:
    • Premiums paid, excluding extra premiums and taxes, till the date of death, including an interest of 6% p.a. which will be compounded annually, or
    • 105% of all premiums paid, excluding any extra premiums and taxes, till the date of death.

     

    Riders/Add-on plans – Additional coverage under the Aviva Next Innings Pension Plan

    No additional riders can be availed by the policyholder under the Aviva Next Innings Pension Plan.

    Other Key Features

    A few other points that could help you make an informed decision are:

    Grace period Policyholders are provided a grace period of 30 days for yearly and half-yearly payments, and a grace period of 15 days for monthly payments.
    Free-look period If you are unsatisfied with the terms and conditions of the policy, you can return it within the free-look period of 15 days.
    Surrender value
    • A single premium policy can be surrendered any time after the first policy year.
    • A limited premium policy can be surrendered anytime as long as the last two years’ premiums have been paid.
    • The Surrender Value will be the greater of the Guaranteed Surrender Value or the Special Surrender Value.
    Paid-Up and Reinstatement Policyholders who have taken up Limited Premium Policies are entitled to nonforfeiture provisions under the Aviva Next Innings Pension Plan.
    Loan The policyholder is not entitled to take a loan against this policy.
    Annuitisation For annuitisation on maturity, surrender or death, the insurer offers policyholders/nominees its Immediate Annuity Plan.
    Nomination As per Section 39 of the Insurance Act, 1938, Nomination is permitted under this policy.
    Assignment As per Section 38 of the Insurance Act, 1938, Assignment is permitted under the policy.
    Alterations Policyholders are allowed to shift from yearly frequency to half-yearly frequency, and vice versa, by paying an alteration charge of Rs.100 and any applicable taxes.

    Tax Benefits – How you can save with the Aviva Next Innings Pension Plan

    All premiums paid towards the Aviva Next Innings Pension Plan are eligible for tax benefits as per the prevailing tax laws of Section 80C and 10 (10A) of the Income Tax Act, 1961. However, policyholders are advised to consult with a Tax Advisor from time to time since tax laws are subject to change without prior notice.

    Why you should buy the Aviva Next Innings Pension Plan

    The Aviva Group, one of the oldest insurance companies in the world, had over 43 million customers in 20 countries, as of June 2012.Aviva Life Insurance Company India Limited is one of the best ranked insurance companies in India and has a Claim Settlement Ratio of 90.60% for the financial year 2016-2017. The Aviva Next Innings Pension Plan not only protects you and your depends with a much-needed life cover, but it also safeguards your future by ensuring you receive uninterrupted payouts during your retirement years. Aviva also has a wide range of insurance products that cater to the needs of all its customers. What’s more, customers are also provided a range of channels – a dedicated toll-free number, email ID, etc. – to contact them, should the need arise!

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.