The Pension Plan offers benefits like guaranteed regular income for the rest of the policyholder's life by paying just once, flexibility to receive annuity Monthly, Quarterly, Half-Yearly and Yearly, and loans against the policy.
Aviva Life Insurance has launched Aviva Saral Pension Plan, a non-participating single premium individual immediate annuity plan. This non-linked product comes with simple features and standard terms and conditions that will enable customers to decide on planning their retirement.
The company claims that the plan will allow customers to adopt the policy basis their needs to ensure their secure retirement and provide financial protection to their loved ones in their absence. It is a single premium immediate annuity plan that guarantees a regular income for the rest of the policyholder’s life.
The Pension Plan offers benefits like guaranteed regular income for the rest of the policyholder’s life by paying just once, flexibility to receive annuity Monthly, Quarterly, Half-Yearly and Yearly, and loans against the policy. In case of demise of the annuitant, the entire purchase price Premium Amount is paid to the nominee(s). Additionally, the policy can be surrendered any time after 6 months from the commencement date if the annuitant, spouse, or any of the children of the annuitant is diagnosed with any critical illnesses specified in the policy.
Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance says, “In line with IRDAI’s vision to offer standard immediate annuity product with simple features, Aviva Saral Pension Plan was launched. There is a need for regular income in the later years of life and the importance of securing the financial future of loved ones even in one’s absence, making Aviva Saral Pension a helpful instrument for retirement planning.”
He further adds, “Keeping in mind that the life expectancy is increasing because of improved healthcare facilities, nuclear families becoming a norm, retirement planning has become a necessity. So many people imagine themselves sitting comfortably, free of responsibilities, enjoying life in their golden years, the launch of this product, will help individuals live this dream.”
Key features of the Aviva Saral Pension Plan;
- Guaranteed income for a whole life: Pay only once and enjoy guaranteed regular income for the rest of the policyholder’s life starting as soon as the next month.
- Option to secure loved ones’ future: With the Joint Life option, the policyholder will have the opportunity to secure his/her spouse’s future income too.
- Loan availability: For those unexpected needs that life throws, one will have the option to avail loan against the policy after 6 months from the time of purchase of the policy.
- Enjoy tax benefits: Tax benefits may be available as per prevailing tax laws