Aviva New Innings Pension Plan
Aviva New Innings Pension Plan
Make way for a perfect retirement.
A Pension Plan that can guarantee a regular income stream for post-retirement years.
Guaranteed corpus for retirement
Secured life for your family
Limited Premium Payment Term
Tax benefits* as per applicable Tax laws
*Tax benefits under section 80C and 10 10(D) as per applicable tax laws | Aviva New Innings Pension Plan is (122N145V01) a Non-Linked Non-Participating Pension Plan. T&C apply. | AN Nov 16/22
Aviva New Innings Pension Plan
Everyone works hard to have a comfortable and hassle-free life after retirement. Many people prefer to secure post-retirement life with a lump sum pension plan or lump sum retirement plan to gain control over income assets... Read more
A lump sum pension plan or lump sum retirement plan is a one-time payment from your pension or retirement plan. With a large sum of money received, one can use it to either invest or manage retirement life needs.
Aviva New Innings Pension Plan is a Non-Linked, Non-Participating Individual Pension Plan. This 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.
Plan your new innings with Aviva and lead a comfortable lifestyle even after retirement now!
Smart planning is the key to enjoying your golden years post-retirement on your terms!
Shape your hard-earned income into savings and safeguard your post-retirement life by investing in the best retirement plans.
Why should you buy Aviva New Innings Pension Plan
Aviva New Innings Pension Plan is that one plan which offers you both, wealth creation and financial security, with added convenience.
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Aviva New Innings Pension Plan is specially designed for convenience during your retired life. With the New Innings Pension Plan offered by Aviva, you can get guaranteed income and have financial security even after retirement to enjoy your new innings with no worries about expenses when you do not have a regular source of income.
- This plan guarantees The corpus will be dependent on the Total Premiums paid and the policy and premium term chosen return at the time of maturity and the protection of your family in case of your unfortunate death.
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Aviva’s New Innigns Pension Plan is adequate for the accumulation phase and comes with a built in guarantee to build a lump sum amount to secure regular income for your retirement years.
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The Aviva Group is one of the trusted names in the industry, with millions of customers all across the globe. Aviva Life Insurance Company India Limited is one of the best-ranked insurance companies in India, with the best claim settlement Ratios. This non-linked and non-participating pension plan helps a policyholder to build a guaranteed lump sum, which makes life after retirement hassle-free. This pension plan offers a unique combination of built-in guarantees to protect your lifestyle in addition to financial security for your family in case of untimely death.
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Your pension fund from UK shall be transferred into this Policy in a lump sum. You shall get a guaranteed amount at the end of the Policy Term with a onetime investment
Benefits of Aviva New Innings Pension Plan
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Death Benefit -in case of death of the life insured during the policy term, death benefit highest of X% total premium paid till the date of death or Surrender value shall be Payable, for X% please Refer Brochure.
Options to the Nominee on Death of the Life Insured:- If the life insured dies during the policy term, the nominee shall exercise one of the following options:
- To utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity or deferred annuity from the same insurer (Aviva Life Insurance Company India Ltd.) at the then prevailing rate. However, the nominee shall be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by the Authority (IRDAI), currently 50%, of the entire proceeds of the policy net of commutation.
- Withdraw the entire proceeds of the policy
- In case the proceeds of the policy are not sufficient to purchase the minimum annuity amount as stipulated by the IRDA of India from time to time, the proceeds of the policy may be paid as lump sum.
Presently for annuitisation, Aviva offers its immediate annuity plan viz. Aviva Saral Pension
- If the life insured dies during the policy term, the nominee shall exercise one of the following options:
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Other Benefits -
- Flexibility to select a policy term
- Ensures family protection
- Single/Limited premium paying term
- Alteration for premium frequency allowed
- The plan does not offer any bonus
- No loans are available under the plan
- This plan does not offer any riders
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Tax Benefit - as per applicable Tax Rules
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Maturity/ Vesting Benefit – In case the life insured survives till vesting date, the Maturity Sum Assured shall be payable. The policy proceeds of the Maturity Sum Assured will compulsory be used in one of the following ways:
- 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. The policyholder shall be given an option to purchase immediate annuity or deferred annuity from any other insurer. Or
- 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. However, the policyholder shall be given an option to purchase available annuity from any other insurer. Or
- Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority (IRDAI), currently 50%, of the entire proceeds of the policy net of commutation.
- 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 from time to time, such proceeds of the policy may be paid to the policyholder or beneficiary as lump sum.
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Other Benefits -
- Nomination is permitted under this policy as per Section 39 of the Insurance Act 1938.
- Free look period- The policyholder has a free look period of 15 days (30 days in case of electronic policies and policies obtained through distance mode) from the date of receipt of the policy document to review the terms and conditions of the policy. If the policyholder disagrees with any of those terms and conditions, the policyholder has the option to return the policy to the company for cancellation, stating the reasons for his objection.
Plan options
Eligibility
FREQUENTLY ASKED QUESTIONS
What is Aviva New Innings Pension Plan?
New Innings Pension Plan offered by Aviva is a non-linked and non-participating deferred pension plan, which helps a policyholder to build a guaranteed lump sum and make life after retirement worry-free.
How does New Innings Pension Plan work?
Aviva New Innings Pension Plan is one of the best pension plans, which is designed specially to make the New Innings of your retired life hassle-free. It helps build a retirement corpus to get an uninterrupted income stream for the golden years of life. A policyholder can start the plan by selecting the tenure, frequency of premium payment, amount of premium and premium paying term. The premium payment can be selected as in one lump sum or to pay for a limited tenure.
When should I buy the New Innings Pension Plan?
Certainly, it is the best option to begin planning, saving and preparing for your New Innings as soon as you are settled in your job. Early in your retirement planning, you will likely have a comfortable and hassle-free retired life. So, buy the New Innings Plan as early as possible.
Who should opt for the New Innings Pension Plan?
A New Innings pension plan is the best option for everyone who wants a long-term investment where you pay small regular premiums to build a retirement corpus and enjoy golden years post-retirement without any hassle.
What is Qualifying Recognized Overseas Pension Scheme?
Qualifying Recognized Overseas Pension Schemes offer investment opportunities and tax breaks usually unavailable in UK-based retirement savers. QROPS ensures seamless and tax-effective transfer of retirement funds accumulated in the UK to India.
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