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  • Aviva Annuity Plus

    Aviva Life Insurance

    Overview

    The Aviva Annuity Plus scheme aims to give you a dignified and peaceful life after retirement. Annuity is the regular pay-out the company gives you after retirement. You will have the power to choose whether you receive the annuity on an annual, bi-annual, quarterly or monthly basis. The amount you receive will depend on your investment (which is also known as the Purchase Price), annuity option, age and frequency you select. The investment or Purchase Price here refers to the one-time lump-sum amount you pay to Aviva Life Insurance Company Ltdto get the scheme started.

    Eligibility Conditions of Aviva Annuity Plus

    Entry Age

    • Aviva Pension Policyholders – from 18 years to 80 years.

    • Nominees of deceased Aviva Pension Policyholders – from 0 years (18 in the case of joint life last survivor annuity) to 80 years.

    • Others – 50 years to 80 years.

    • It should be noted that in the case of joint life last survivor annuity, both lives must be between the minimum and maximum entry age limit.

    Key Features of Aviva Annuity Plus

    Purchase Price

    Minimum = Rs.25,000.

    No Maximum limit.

    Annuity Instalment

    Minimum of Rs.500 for any frequency option chosen.

    If the annuity instalments are below the minimum amount, Aviva will change the mode of annuity payment so that the minimum instalment of annuity becomes (or exceeds) Rs.500.

    Annuity frequency

    • Monthly, Quarterly, Bi-annually, or Annually.

    • Annuity frequency can be changed on policy anniversaries by intimating Aviva Life Insurance Company Ltd. at least 45 days in advance.

    Type

    Non-linked, non-participating single premium immediate annuity plan.

    Coverage and Annuity Benefits

    There are 7 options for the payment of annuity:

    1. Option 1: Life Annuity

    Under this option, annuity will be paid to you till you’re alive, and will terminate when you die.

    1. Option 2: Annuity Guaranteed for 5 years and for life thereafter

    Annuity will be paid to you (or your nominee) for 5 years irrespective of whether you’re alive or not. If you die during the 5 guaranteed annuity payment years, Aviva will pay annuity to your nominee for 5 years and then terminate the policy at the end of 5 years. If you survive the 5 year guarantee period, Aviva will continue to pay you the Annuity for as long as you live.

    1. Option 3: Annuity Guaranteed for 10 years and for life thereafter

    Annuity will be paid to you (or your nominee) for 10 years irrespective of whether you’re alive or not. If you due during the 10 guaranteed annuity payment years, Aviva will pay annuity to your nominee for 10 years and then terminate the policy at the end of 10 years. If you survive the 10 year guarantee period, Aviva will continue to pay you the Annuity for as long as you live.

    1. Option 4: Annuity Guaranteed for 15 years and for life thereafter

    Annuity will be paid to you (or your nominee) for 15 years irrespective of whether you’re alive or not. If you die during the 15 guaranteed annuity payment years, Aviva will pay annuity to your nominee for 15 years and then terminate the policy at the end of 15 years. If you survive the 15 year guarantee period, Aviva will continue to pay you the Annuity for as long as you live.

    1. Option 5: Annuity for life increasing at 3% per annum simple

    Annuity will be paid to you regularly and will increase at the rate of 3% per annum (simple rate) and will be payable for as long as you survive.

    1. Option 6: Life Annuity with return of purchase price

    Under this option, you will be paid an annuity throughout your lifetime and when you die, the Purchase Price of the annuity (excluding taxes) will be paid to your nominee.

    1. Option 7: Joint Life Last Survivor Annuity

    Under this option, both spouses are Annuitants, so annuity will be paid out for as long as either one of the two Annuitant spouses are alive.

    Surrender Value

    No option for surrender.

    Free look period

    Customers can return the policy within 15 days (30 days in case the policy was marketed to them through Distance Marketing channels) from the date of receipt of policy, if anything is not to their specific liking. The policy document must be returned after stating the reason for objecting to or returning the same. The entire premium paid will be returned after adjusting relevant stamp duty charges during the free look period.

    Loan

    Aviva Life Insurance Company Ltd. does not provide any loans against this policy.

    Alterations

    Shifting between annual, bi-annual, quarterly or monthly frequency options and vice-versa is allowed on the submission of a written notice at least 45 days prior and can be done on policy anniversaries only.

    Tax benefit

    This plan offers tax benefits under section 80C.

    Advantages of the Aviva Annuity Plus Plan

    • Death benefit payable depending on the annuity option chosen.
    • Guaranteed Annuity benefits that are paid till the guarantee period, and continue in case you survive.
    • Increasing annuity option.
    • Income Tax benefit.
    • Choice of 7 annuity options.

    How the Plan Works

    Mr. Shetty is a 60-year-old who decides to invest in Aviva Annuity Plus Plan. He invests Rs.1,00,00,000 as a one-time premium payment. He will receive Rs.5,98,000 every year for as long as he survives, and on his death (whenever that may be), his nominee will be paid back the initial Rs.1,00,00,000 premium.

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