Aviva Annuity Plus – Guaranteed Lifetime Income | Aviva Life Insurance

Aviva Annuity Plus Plan

Aviva Annuity Plus Plan

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According to a recent survey, 59 is considered the ideal retirement age. However, only 32% recognize the importance of starting retirement planning as early as 30.1 This gap highlights a lack of awareness among us about the long-term benefits of early retirement planning. Especially, in a world where healthcare costs are rising, and many of us find ourselves in the 'sandwich generation'—taking care of both aging parents and young children.

The consequence? We risk retiring with insufficient savings. Therefore, prioritizing retirement should be just as important as our children's education and other financial aspects. 

Presenting the Aviva Annuity Plus—a non-participating, non-linked single premium immediate annuity designed to address these concerns. It offers a guaranteed income stream throughout your retirement, providing peace of mind and a reliable source of income for your living expenses and passions.

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According to a recent survey, 59 is considered the ideal retirement age. However, only 32% recognize the importance of starting retirement planning as early as 30.1 This gap highlights a lack of awareness among us about the long-term benefits of early retirement planning. Especially, in a world where healthcare costs are rising, and many of us find ourselves in the 'sandwich generation'—taking care of both aging parents and young children.

The consequence? We risk retiring with insufficient savings. Therefore, prioritizing retirement should be just as important as our children's education and other financial aspects. 

Presenting the Aviva Annuity Plus—a non-participating, non-linked single premium immediate annuity designed to address these concerns. It offers a guaranteed income stream throughout your retirement, providing peace of mind and a reliable source of income for your living expenses and passions.

Why should you buy Aviva Annuity Plus Plan

The Aviva Annuity Plus plan is perfect for those who seek a stable income after retirement, ensuring financial security and peace of mind.

  • Get financial freedom to enjoy your golden years.

  • Increase your guaranteed income by adding a lump sum at purchase, securing a prosperous retirement.

  • Choose from a wide range of annuity plan options to meet specific financial goals.

  • Secure your spouse's financial standing in case if an eventuality.

  • Get your premium back if you don't like the policy terms within 30 days.

  • Easily switch premium payment modes - monthly, quarterly, half-yearly, and yearly - at any policy anniversary for financial adaptability.

  • Avail tax benefits under Section 80C and 10(10 D) of the IT Act, 1961.

Benefits of Aviva Annuity Plus Plan

Here are the following benefits of buying the Annuity Plus plan from Aviva:
  • Guaranteed Income for Life: You can enjoy a steady income stream throughout your retirement with high guaranteed annuity rates. This plan helps ensure you have a reliable source of income to cover your living expenses and enjoy financial security well after you stop working.
  • Secured Retirement Income: Investments like stocks and bonds can fluctuate significantly, leaving you unsure of your future income. Annuities offer a unique solution, providing guaranteed income and peace of mind. With an annuity, you can lock in a predictable income stream, regardless of market conditions, ensuring financial security throughout your golden years.
  • Boost Your Purchase Price: If purchasing an annuity from your pension plan's Vesting/Maturity Value, you can increase the purchase price by adding a lump sum from your savings. This increases your future annuity payout.
  • Secure Your Spouse's Future: With the Aviva Annuity Plus Plan, you have the option to choose a joint-life last-survivor annuity to ensure your spouse continues to receive income from the annuity even after you pass away. This helps ensure your spouse maintains financial independence throughout their retirement.
  • No Investment Limits: Unlike some government schemes with investment caps, such as the Senior Citizens Savings Scheme (SCSS) and Post Office Monthly Income Scheme (PO-MIS), the Aviva Annuity Plus plan allows for larger investments, providing greater flexibility.
  • Flexible Options to Suit You: Choose from seven annuity options to fit your individual needs and circumstances.

Terms & Conditions of Aviva Annuity Plus Plan

Here are the following benefits of buying the Annuity Plus plan from Aviva:
  • No Policy Loans:Aviva Annuity Plus plan does not provide the option for policy loans.
  • Nomination: You can designate a beneficiary (nominee) to receive the benefits in case of your death, as per Section 39 of the Insurance Act 1938, subject to amendments.
  • Tax Implications: Tax and surcharge will be applicable following the prevailing tax laws.
  • Freelook Period: You have the right to review the terms and conditions of the policy within the freelook period, which extends for 15 days from the date of receiving the Policy Document (or 30 days in the case of policies solicited through distance marketing). If you disagree with any terms or conditions, you can return the policy by stating the reasons for your objection.
  • Alterations: Policyholders can change their premium payment frequency on any policy anniversary by providing a written notice at least 45 days in advance.

Features of Aviva Annuity Plus Plan

  • Enjoy a guaranteed income stream post-retirement.
  • A safe investment, unaffected by market fluctuations, unlike stocks and bonds.
  • The advantage of higher annuity payouts for large premium.
  • Easy online application and claim process
  • Benefit from expert investment management - your financial well-being is in safe hands.

Aviva Annuity Plus Plan options

Eligibility
Premium Payment Term

Eligibility

Entry age (last birthday) Category of Annuitant Minimum Maximum
Aviva pension Policyholders (last birthday) 18 Years 80 Years
Nominees of deceased Aviva pension Policyholders (last birthday) 0 years (18 years for joint life last survivor annuity) 80 Years
Others (last birthday) 50 Years 80 Years
In the case of joint life last survivor annuity, the age of both lives must fall within the minimum and maximum entry age.
Purchase Price Minimum: Rs. 25,000
Maximum: no limit
Annuity Installment* Minimum Rs. 500 for any frequency of annuity (chosen).
Annuity frequency Monthly, quarterly, half-yearly, and yearly (the mode can be changed on any policy anniversary; notice must be given in writing at least 45 days in advance)

Frequently Asked Questions - Aviva Annuity Plus Plan

An annuity plan is a reliable insurance agreement between you (the annuitant) and an insurance company. It ensures a consistent, guaranteed pension throughout your lifetime after retirement. Think of it as a safety net for you and your family, ensuring financial security for your golden years.
You can contribute to your annuity retirement plan in two ways:
• Regular payments: Spread the cost over time with convenient installments.
• Lump sum payment: Invest a larger amount upfront to maximize your returns.
The insurance company manages your contributions by investing them in various assets. In return, you receive a guaranteed income stream for your entire life, offering peace of mind and long-term financial stability.

The choice between an annuity and a fixed deposit (FD) depends on your financial goals and risk comfort level. An annuity could be a good fit if you prefer a guaranteed income flow with protection from market ups and downs. On the other hand, if you're more interested in potentially higher returns and easy access to your money, a fixed deposit may be more fitting.

The annuity rate is the percentage at which an insurance company or financial institution pays you regular sums in exchange for your initial investment (lump sum or installments). This rate is influenced by many factors:
• Your age and life expectancy: The longer you're expected to live, the lower the rate might be.
• Current interest rates: When rates are high, annuity rates may also be higher.
• The type of annuity and its specific terms: Different plans offer various features and impact the rate you receive.
Remember, the annuity rate directly affects your income payout, so consider these factors carefully when selecting the best annuity plan.

An annuity plan is not a one-size-fits-all solution, and deciding if it is a wise investment relies on your unique financial goals, situation, and risk appetite. While an annuity investment plan offers a guaranteed income stream during retirement, ideal for those seeking financial stability, it's crucial to thoroughly evaluate all features and associated costs before committing.

Calculating annuity payments depends on multiple factors, such as:
• Initial investment (the starting amount of money put into the annuity)
• Payment period (the duration for which annuity payments are made)
• Interest rate (the rate of return used to calculate the payments)
The formula for calculating these payments varies based on the annuity type (fixed or variable) and its terms.

In India, annuities are subject to specific limits and regulations. The Insurance Regulatory and Development Authority of India (IRDAI) establishes guidelines on annuity products offered by insurance companies. These regulations can include:
• Age limitations for purchase (both minimum and maximum)
• Premium amount caps
• Boundaries for annuity payouts (both minimum and maximum)

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The name of the Aviva Product/Plan does not in any way indicate the quality of the insurance contract, its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Riders are not mandatory and are available for a nominal extra cost. Please read respective rider brochure before taking a decision.

*Guaranteed benefits are available only if all due premiums are paid.

Unit Linked Life Insurance products are different from traditional insurance products and are subject to market risks. Please know the associated risks and the applicable charges from your sales representative or the intermediary or policy document issued by the insurance company. The premium paid in Unit Linked life insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his/ her decisions.

The various funds offered under Unit Linked Insurance contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Unit Linked Funds are subject to market risks and there is no assurance or guarantee that the objective of the investment fund will be achieved. Past performance of the investment funds do not indicate the future performance of the same.

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