Aviva Life Insurance is one of the most preferred Life insurance company in India. It is a joint venture between Dabur Invest Group and Aviva Group. The company is among the leading insurance company in India. The company has 63 branches in all over India. It is among the first insurance companies that introduce modern unit-linked and unitized with-profit plans.
The company has a partnership with leading brands such as DBS for bancassurance. Aviva Life Insurance company has chosen as the most trusted private life insurance company by TRA- Brand Trust Report, India Study. The company leads the market with pension plans, child plans, protection plans, and a strong sales force.
|Business Line||Life Insurance|
|Main Distribution challenges||Agency Relationship Connect, Business |
Aviva designed Aviva life insurance pension plan in such a way which can cater to different needs of the customers. It is offering a wide range of product pension policies. It also offers group pension plans that is something great for large groups as well.
It is a traditional life insurance plan which assured a regular income stream to secure your post-retirement days. The plan is designed to offer a lump sum of 210% premium paid at maturity along with the protection of your family in case of death. The plan keeps all your requirements in mind and comes out with the relevant features.
|Entry Age(last birthday)||42 to 60 years|
|Maturity (Vesting) Age (last birthday)||55 to 78 years|
|Maximum/ Minimum Premium||Minimum Premium|
|Premium Payment Frequency||Single, Annual, Half-yearly and Monthly|
It is a traditional life insurance plan that is designed to offer lifetime income during the post-retirement years. The plan provides 7 annuity options to suit different financial needs. It offers the flexibility to increase to purchase price at inception for great annuity installment. It is designed to offer income immediately. In exchange for a lump-sum premium, the company will pay a stream of income as long as you live.
|Entry Age (last birthday)|
|Purchase Price||Minimum: Rs.25,000 - Maximum: No Limit|
|Annuity Installment||Minimum Rs.500 for any of the annuity frequency chosen|
|Annuity Frequency||Yearly, Half Yearly, Quarterly, Monthly|
There is no doubt in saying that we all want a secure life. And Retirement is the golden period of life that we want to enjoy without any worries and for the same we need to invest in a retirement plan. Insuring yourself with an Aviva pension plan will bring a lot of comfort in your life., It will take care of almost all your post-retirement needs. Time flies so fast which makes it necessary to own a retirement plan to enjoy your post-retirement days.
Here's how Retirement Plans in India help in keeping the financial freedom intact:
Normally, those people who invest in a retirement plan take it as a saving until you become 65. If you start investing in a long term plan, you will be able to grab whopping benefits, if you start early and are in for long-term planning, these plans offer whopping benefits.
A Retirement Pension Plan works in two stages:
1) Accumulation stage: When you start investing in policies to build a retirement corpus.
2) Vesting age: It refers to the age at which your pension plan will start paying out. Once, your retirement pension policy matures, you can avail of the built corpus.
Aviva Life Insurance is one of the leading life insurance with experience of many years in the same domain. The company has expertise in the same and has 15000+ financial advisors to assist you with all your queries. The company is offering multiple pension plans that cater to different needs of yours. Aviva's insurance products are clearly defined and segregated for different customer types and customer needs. Identify and systematically note down your specific needs before applying for a policy. Aviva life insurance pension plan has come out with multiple features to cater to different needs of customers.
In the case of the Annuity Plus plan option under Aviva pension plans, there are 7 options to choose from based on several factors that would vary in importance for different customers. It is advisable to study these carefully and even consider the optional "Enhance Purchase Price" addition which essentially increases the value of your annuity amount payable. You can compare such policies and can but online as well.
First, it is important to decide your retirement safe and the amount that you want to save. Secondly, it is vital to compare all the available options based on an annuity, vesting age, premium, benefits, surrender charges and much more. Take assistance from experts in the industry.
If you surrender your pension plan before maturity, you might receive a surrender value. This will be taxable as per the tax slab. Moreover, you have to pay taxes that were exempted for all premiums paid till the exit. You must talk to your advisor for more details on the same.
Yes, a person can make premium payments online as well. Most of the insurance companies have a secure payment system through which you can make online payments safely. Without any hassles or visiting branches.
No, not all pension plans provide guaranteed benefits. You have to compare plans for the same only then you can get a plan that can offer guaranteed benefits.
On investing, you will become liable to receive tax benefits under section 80CCC of the Income Tax Act. However, it offers a deduction up to a maximum amount of Rs. 10,000 on your taxable income.
The interest rate on your pension plan will get fixed at the time of enrolment only. Irrespective of its fluctuations. The interest rate is fixed by your insurance companies and market rates as well.
Last updated on 26-08-2020