Aviva Pension Plans

Aviva Pension Plans

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Aviva Pension Plans In India

The Aviva Life Insurance Company Ltd. is a joint venture between Dabur Invest Corporation and Aviva Group. Dabur Invest Corporation is one of the India's oldest and most respected business houses producing traditional healthcare services & products since long time. Aviva Group is a UK-based insurance company. Aviva Life Insurance has become a key player in the insurance market by offering quality products & efficient service. The Aviva Life Insurance company claims of being among the first companies to introduce modern unit-linked and unitized with-income plans. The company leads the market in protection and child plans with world-class products and a strong sales force. Aviva Life Insurance Company provides Aviva Life Pension Plans.

Aviva Retirement Plans

Pension plans by Aviva are designed in a manner to ensure a steady income for you in the form of a pension during your post retirement life,so that you can continue living a financially independent life. The company offers plans to suit your requirements with easy payment options and excellent returns.

Pension Plans:

Before proceeding further, let's have a look at some of the basics of pension plans for better understanding:

The payment of pension begins from the Vesting Date after the plan matures

These are also called aviva life and annuity plans and two kinds of annuity options are offered: Deferred and Immediate! In deferred annuity, the payments are deferred or delayed and the customer starts receiving them after he finishes paying all the premiums. However, if a person dies before payments start, his nominee will receive the death benefits. In case of immediate annuity, the payments start immediately after the customer pays the single premium as per the pre-decided period of payment. In this case, the company ceases to make annuity payments after the death of the policyholder.

A policyholder can withdraw 1/3rd of the accumulated corpus of premiums as cash without paying any tax on it while the remaining 2/3rd is mandatorily paid as taxable pension to the insured.

Common Features of Aviva Pension Plans:

  • Cost effective pension plans

  • Withdrawal of annuity at one go or in installments

  • Maturity benefits with guaranteed returns

  • Death benefits for the family

  • Income Tax benefits on premium payments

Types Of Plans

Aviva Dhan Samruddhi

A traditional life Insurance Plan that gives guaranteed cash back every 5 years in addition to guaranteed maturity benefit, to meet your short and long term needs.

Aviva Life Bond Advantage

A unit linked insurance plan that helps to grow your wealth.

Aviva Next Innings Pension Plan

A traditional life insurance plan that can guarantee a regular income stream for your post retirement years.

Aviva Wealth Builder

A traditional life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed.

Aviva iGrowth

A unit linked insurance plan that not only makes your money work harder, but also provides comprehensive protection for you and your family.

Aviva Annuity Plus

A traditional insurance plan specially designed to provide you with lifetime income during your post-retirement years

Aviva Family New Income Builder

A saving cum protection oriented traditional life insurance plan that assists you financially by guaranteeing returns in the form of regular payouts for 12 years.

Aviva Affluence

A Unit Linked insurance plan which helps you live to the fullest & demand the maximum out of your finances.

Aviva Dhan Vriddhi Plus

A traditional participating life insurance plan that helps you save systematically and build a corpus

Aviva Live Smart Plan

A Unit Linked Insurance Plan, which gives you the flexibility to make your own investment decisions for long term growth

Aviva Pension Plans - Key Features

  • Guaranteed corpus for retirement

  • Ensures family protection

  • Single/Limited premium pay term

  • Alteration for premium frequency allowed

  • Avail tax benefits

Why Aviva's Pension Plans?

Aviva's retirement and pension plans are among the best products in the market at the moment. With an expansive network of outlets and a dedicated customer service team, Aviva is more than a viable option when it comes to retirement and pension planning.

Tips For Investing In Aviva's Retirement And Pension Products

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.

In the case of the Annuity Plus plan, there are five options to choose from based on a number of 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.

FAQ's

1
Once I start taking my pension, can I stop?

No. You cannot stop payment of your pension benefit once it begins

2
Can my pension payment be directly deposited?

Yes. Simply complete and return the Direct Deposit Agreement Form.

3
Can I borrow against my pension?

No. A loan against your pension is not allowed.