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.
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 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.
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||
|Maximum Single/Limited Premium Amount||Rs.5 crore per life|
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:
No additional riders can be availed by the policyholder under the Aviva Next Innings Pension Plan.
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.|
|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.|
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.
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!
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