Aviva Pension Plans

Aviva Pension Plans
  • Ranked 8 Among 1000 Brands
  • Fast Claim Settlement
  • 15K+ Financial Advisors
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About Aviva Life Insurance Company

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.

  • Ranked 8: It ranked 8 among 1000 most trusted brands of India which makes it one of the leading life insurance companies in India.
  • Great Claim Settlement: The company has a great claim settlement ratio of 96.06%. It shows that it will be there to assist you in case of emergency
  • Strong Salesforce: It has 15000 plus financial planning advisors to assist you. It means your all queries will be taken care of.
Aviva Pension Plans

Statistics

HeadquartersGurgaon
Business LineLife Insurance
Employees15000+
Branches63
Main Distribution challengesAgency Relationship Connect, Business
Alliances, E-Commerce

Aviva Life Pension Plans in India

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.

1. Aviva Next Innings

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.

Features of Aviva Next Innings

  • The plan offers the guaranteed corpus for your retirement that will be 210% of the premiums that you have paid. Only if you pay all premiums till maturity.
  • The plan offers the required protection to your family in case of your death. In case of demise, your family will receive a corpus basis the premium which you have paid.
  • It comes out with the limited premium payment term which makes sure you can relax and have fewer worries near retirement.
  • It offers both - maturity and death benefits as well.

Eligibility of Aviva Next Innings

Entry Age(last birthday)42 to 60 years
Maturity (Vesting) Age (last birthday)55 to 78 years
Maximum/ Minimum PremiumMinimum Premium
Single1,50,000
Limited50,000 p.a.
Maximum Single/ Limited Premium: Rs.5,00,00,000
Premium Payment FrequencySingle, Annual, Half-yearly and Monthly

2. Aviva Annuity Plus

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.

Features of Aviva Annuity Plus

  • It provides the option to select from 7 annuity options to deal with the specific financial needs of the customers.
  • An annuity amount will be payable for the life of the policy guaranteed.
  • It comes out with the flexibility to increase Purchase Price at inception for higher annuity installment.
  • It makes sure that you are getting a regular stream of income as long as you live.

Eligibility of Aviva Annuity Plus

Entry Age (last birthday)
MinimumMaximum
18 years (last birthday)80 years (last birthday)
Purchase PriceMinimum: Rs.25,000 - Maximum: No Limit
Annuity InstallmentMinimum Rs.500 for any of the annuity frequency chosen
Annuity FrequencyYearly, Half Yearly, Quarterly, Monthly

Why Pension Plan?

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:

  • Retirement plans assist you with the required funds to deal with any unexpected circumstances whether it is related to your health issues or wealth.
  • After retirement, with a pension plan, you will be able to financially support your loved ones.
  • With the same, you can easily fulfill your goals that include traveling the world, etc.
  • With the same, you will have your financial freedom after you retire.

How Does A Retirement Pension Plan Work?

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.

  • At the start, you have to select a pension plan with an estimated amount that you want to receive on maturity. This will help you align your policy term to your desired age of retirement.
  • Choice of Premium Paying Term - Depend upon your lifestyle and risk appetite. You have to choose the period for which you have to pay the premium of the plan. In case of a lump sum investment, you have to pay the whole amount at a single time.

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.

Why Invest in Aviva Life Insurance Pension Plans?

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.

FAQs

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.

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Last updated on 04-11-2019