Aviva Next Innings Pension Plan

Overview

Wouldn’t it be great if you could lead a comfortable lifestyle even after retirement? Realizing this need, Aviva presents a plan that can guarantee a regular income stream for your post retirement years. Aviva Next Innings Pension Plan- a pension plan that helps in building a lump sum through a regular or onetime premium payment. This lump sum allows you to get an uninterrupted income throughout your retirement years. 

Aviva Next Innings Pension Plan is a unique combination of a built in guarantee to build a lump sum amount to secure regular income for your retirement years. So go ahead and plan for a great next innings!

Key features of the plan are:

• Guaranteed corpus for retirement which will be 210% of Total Premiums you have paid, if you continue this policy till maturity date by paying all due premiums.

• Protection for your family in case of death to ensure that your family receives a corpus basis the amount of premiums you have paid along with an interest.

• Limited Premium Payment term to ensure that you enjoy your income without worries when you are nearing retirement

Specifications

Entry Age(last birthday)

42 to 60 years

Maturity (Vesting) Age (last birthday)

55 to 78 years 

Policy Term (PT) and Premium Payment Term (PPT) in Years


Policy Term


Premium Payment Term


13

 
Single

16

5

18

10

Maximum/ Minimum Annualized Premium

Minimum Annualized Premium


Premium Payment Term (in years)


Minimum Premium Amount (Rs.)


Single

 
1,50,000

Limited

50,000 p.a.


Maximum Single/ Limited Premium: Rs.5,00,00,000

Premium Payment Frequency

Single, Annual, Half-yearly and Monthly

Premium for Half-yearly and monthly frequency is calculated as below:

Half-yearly = Annualized Premium x 51.08%
Monthly = Annualized Premium x 8.71%

For monthly mode, only ECS/ Direct Debit is allowed

“Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes

Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Single Premium shall be the premium amount payable as a lump sum at start of the policy by the policyholder, excluding the taxes, rider premiums and underwriting extra premiums, if any

What Benefits will I Receive?

Maturity Benefit:

In case you survive till maturity (vesting date), the maturity benefit will be 210% of Total Premiums paid. The policy proceeds will compulsory be used in one of the following ways:

  1. To utilize the entire proceeds of the policy for purchasing an immediate annuity or deferred annuity from the same insurer (Aviva Life Insurance Company India Ltd) at the then prevailing annuity rate subject to c) below. Or
  2. To commute up to 60% and utilize the balance amount to purchase immediate annuity or deferred annuity from same insurer (Aviva Life Insurance Company India ltd) at the then prevailing annuity rate subject to c) below. Or
  3. To utilize 50% (or any other extent of percentage as stipulated by the IRDA of India from time to time) of the entire proceeds of the policy net of commutation, if any, to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate
  4. In case the proceeds of the policy on maturity(vesting) are not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended form time to time, such proceeds of the policy may be paid to the policyholder or beneficiary as lump sum.

Presently for annuitisation, Aviva offers its immediate annuity plan viz. Aviva Annuity Plus (UIN:122N018V04).

Death Benefit:

In case of death of the life insured during the policy term, the death benefit paid to the nominee shall be the higher of:

• Total Premiums paid, till the date of death, along with interest of 6% per annum compounded annually

• 105% of Total Premiums paid, till the date of death

“Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.