Aviva Annuity Plus Plan
Aviva Annuity Plus Plan is a Single Premium Immediate Annuity Plan. This is a Traditional Annuity Plan. In this plan, pension starts immediately after the plan starts from the next instalment.
What is Immediate Annuity – An Annuity is a product which provides regular payments and can be used as a Retirement Strategy. The person who purchases the annuity is called the annuitant.
In this plan, you need to pay a lump sum amount of money at the beginning of the plan so that you receive annual payments in the form of Annuity for the rest of your life. Thus, in this plan, you would start to receive the payment immediately without having to wait. You can choose to receive the payments even after your death, for as long as your spouse is alive. The rate at which you would receive the Annuity depends on the type of the Annuity chosen.
Hence this plan is a good choice if you have not planned your retirement before but would like to avail pension now by paying a lump sum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money.
Key Features
This plan is an immediate pension plan.There are 5 annuity options in this plan.Annuity may be paid quarterly, half yearly or yearly intervals.There is no requirement for any medicals in this plan
Annuity Mode= Yearly
Benefits
Pension stops when Annuitant dies and nothing further would be payable to nominee
During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops
After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee
Pension stops when Annuitant dies. Nothing further would be payable to nominee.
Being an Immediate Annuity Plan, there is no Maturity Benefit in this plan.
Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.
- Life Annuity
- Annuity Guaranteed for 5 years and then Life thereafter
- Annuity Guaranteed for 10 years and then Life thereafter
- Annuity Guaranteed for 15 years and then Life thereafter
- Increasing Annuity
How it works
- Life Annuity- In this option, Annuity is paid immediately from the next instalment and continues till the death of the Annuitant and nothing further is payable on death
- Annuity Guaranteed for 5 years and then Life thereafter- In this option, Annuity is definitely paid for the certain number of years of 5 years and then till the death of the Annuitant. However, if the Annuitant dies before 5 years of annuities are paid, they are paid to the nominee and then the policy terminates
- Annuity Guaranteed for 10 years and then Life thereafter- In this option, Annuity is definitely paid for the certain number of years of 10 years and then till the death of the Annuitant. However, if the Annuitant dies before 10 years of annuities are paid, they are paid to the nominee and then the policy terminates
- Annuity Guaranteed for 15 years and then Life thereafter- In this option, Annuity is definitely paid for the certain number of years of 15 years and then till the death of the Annuitant. However, if the Annuitant dies before 15 years of annuities are paid, they are paid to the nominee and then the policy terminates
- Increasing Annuity- In this option, Annuity is paid till the Annuitant is alive at an increasing rate of 3% p.a. and nothing is payable to the nominee on his death and then the policy terminates.
Eligibility
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Minimum
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Maximum
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Purchase Price of Annuity (in Rs.)
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25,000
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No Limit
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Annuity Payout (in Rs.)
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500
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No Limit
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Premium Payment Term (in years)
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Single
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Entry Age of Aviva Pension Holders (in years)
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40
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80
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Entry Age of nominees of deceased Aviva Pension Holders (in years)
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20
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80
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Entry Age for others (in years)
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50
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80
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Payment modes for Annuity
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Yearly, Half-yearly, Quarterly or Monthly
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FAQs
What happens if You stop paying the premium ?What happens if You want to surrender the policy ?There is no Surrender Value for this plan and it cannot be paid up.
What happens if You want a loan against your policy ?Loan facility is not available under this policy
