Aviva Annuity Plus

Overview

Aviva Annuity Plus is a non-participating, non-linked immediate annuity plan specially designed to provide you with lifetime income during your post-retirement years.

Immediate annuities are designed to provide you with income immediately, by exchanging your Pension Plan proceeds. In exchange for this lump sum premium, the insurance company pays you a stream of income as long as you live. 

Key attractions of the plan are:

  • Option to select from  7 annuity options to suit your specific financial needs

  • Annuity amount payable is guaranteed for the life of the policy

  • Flexibility to enhance the Purchase Price at inception for higher annuity installment

Eligibility


Entry Age (last birthday)                                                        

Category of Annuitant 

Minimum

Maximum                              

For Aviva's Pension Product policyholders                                    

18 years (last birthday)

   80 years (last birthday)

In case of joint life, last survivor annuity, age of both lives must be less than 80 years (last birthday)


 

Nominees of deceased Aviva pension policyholders 

18 years (last birthday), for joint life last survivor annuity option
0 years (for all other annuity options)

For general public other than the above two categories

50 years (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 

Benefits That I Will Receive

The following options are available for annuity payment. Annuity can be paid monthly, quarterly, half yearly and yearly.

 

1. Life Annuity: It means a level annuity is paid in arrears as long as the annuitant survives.

 

2. Annuity Guaranteed for 5 years and for life thereafter: It means a level annuity is paid in arrears for the first 5 years irrespective of whether the annuitant survives or not during these 5 years. However, after elapse of guaranteed period i.e. first 5 years, annuity will be paid as long as the annuitant survives. 

 

3. Annuity Guaranteed for 10 years and for life thereafter: It means a level annuity is paid in arrears for the first 10 years irrespective of whether the annuitant survives or not during these 10 years. However, after elapse of guaranteed period i.e. first 10 years, annuity will be paid as long as the annuitant survives.

4. Annuity Guaranteed for 15 years and for life thereafter: It means a level annuity is paid in arrears for the first 15 years irrespective of whether the annuitant survives or not during these 15 years. However, after elapse of guaranteed period i.e. first 15 years, annuity will be paid as long as the annuitant survives.

 

For options 2, 3 and 4 above, in case the annuitant dies during guaranteed period, the nominee of the annuitant will receive the annuity amount in the same way as it would have been paid to the Annuitant if he would have been alive, for the remaining guaranteed period. 

5. Annuity for Life increasing @ 3% per annum simple: It means a life annuity increasing @ 3% p.a. simple is paid in arrears as long as the annuitant survives.

6. Life Annuity with Return of Purchase Price: It means a level annuity is paid in arrears as long as the annuitant survives and the Purchase Price of the annuity (excluding taxes) is paid to the nominee on death of the Annuitant. 

7. Joint Life Last Survivor Annuity: It means a level annuity is paid in arrears as long as both or either of the two annuitants survives. 

 

Sample Annuity Rates

Sample annuity amount payable in arrear on yearly basis for a Purchase Price of Rs 100,000 

 

Age (last birthday)

Option 1  

Option 2 

Option 3  

Option 4  

Option 5 

Option 6

Option 7 

40

6258

6253

6243

6232

4443

 5466

 5820

50

6837

6822

6792

6759

5026

 5626

 6243

60

7816

7773

7693

7604

5999

 5823

 6930

70

9820

9662

9346

9025

7943

 6063

 8232

Annuity rate depends on the age of the Annuitant at inception of the policy and the option chosen.

The annuity payable will be higher for a lower frequency. The annuity rate is multiplied by a multiplying factor to arrive at the final annuity amount payable based on the mode of annuity payment.

 

Mode of Annuity Payment 

Monthly     

Quarterly     

Half-Yearly    

Yearly      

Multiplying Factor

1.0000 

1.0049 

1.0123

1.0272