Aviva Saral Pension Plan
Life-long pension for you and your better half, guaranteed.
Introducing Aviva Saral Pension,
An immediate annuity plan that provides guaranteed regular income for life to you, and to your spouse thereafter, to ensure a better tomorrow.
#PensionForLife
Aviva Saral Pension is a Non-Linked Non-Participating Individual Single Premium Immediate Annuity Plan. AN: June 35/21, UIN: 122N138V02
Aviva Saral Pension Plan
Doesn’t everybody dream of a financially independent and secure future, where they can live on their terms without constantly thinking about how to manage finances once retired? Aviva Saral Pension Plan is one such type of a retirement plan that can guarantee a regular income for the rest of your life (also a Joint Life, Applicable only for Non-POSPs channel) and also provide financial security to your loved ones. This means you can live your retirement days to the fullest, absolutely tension free, and let Aviva Saral Pension plan take care of not only your retirement but also your family’s financial needs for a time when you might not be around!
Why should you buy Aviva Saral Pension Plan
Aviva Saral Pension Plan is that one plan which offers you both, guranteed income and financial security.
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One-time payment to enjoy guaranteed regular income for the rest of your life
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Option of loan against policy after the completion of the first 6 months
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Joint Life option which also secures the future income of your spouse
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Tax Benefits based on prevailing tax law, which are subject to change
Benefits of Aviva Saral Pension Plan
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Survival Benefit:
For Single life annuity:
1. Annuity payments will be made in parts as per the chosen mode, for as long as the annuitant is aliveFor Joint life annuity:
2. Annuity payments will be made in parts as per the chosen mode, for as long as the primary and/or secondary annuitant is alive -
Tax Benefit:
The premiums paid and the claims made are entitled to tax benefits under Section 80CCC and Section 10(10A)(iii) of the Income Tax Act, 1961
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Death Benefit:
For Single life annuity:
1. Upon the death of the Annuitant, the annuity payments would be discontinued immediately, and 100% of the purchase price would be paid to the nominees/legal heirsFor Joint life annuity:
1. Upon the first death of either of the covered lives, 100% of the annuity amount will continue to be paid as long as one of the annuitants is alive
2. Upon the death of the last survivor, annuity payments would be discontinued immediately, and the purchase price will be payable to the nominee (s)/legal heirs
Plan options
Single Life
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Entry Age: Min 40 years, Max.70Years{For POSPs channel}
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PPT: Single premium which would be purchase price of the annuity
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Max.Single Premium with Min. Single Premium/Purchase Price: INR.200245 for Annual Annuity Payout,
INR.204188 for Half-Yearly Annuity Payout,
INR.206193 for Quarterly Annuity Payout,
INR.207223 for Monthly Annuity Payout.
Note: Minimum purchase price may vary from age to age.
Joint Life*
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Entry Age: Min 40 years, Max 80 years
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PPT: Single premium which would be purchase price of the annuity
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Max.Single Premium with Min. Single Premium/Purchase Price: INR.199310 for Annual Annuity Payout,
INR.203220 for Half-Yearly Annuity Payout,
INR.205225 for Quarterly Annuity Payout,
INR.206185 for Monthly Annuity Payout.
Note: Minimum purchase price may vary from age to age.
*Only applicable for Non-POSPs Channel
Frequently Asked Questions
WHAT IS THE AVIVA SARAL PENSION PLAN?
Aviva Saral Pension is a single premium immediate Annuity Plan- a retirement pension plan that not only guarantees* a regular income for the rest of your life but also provides financial security to your loved ones after you. *T&C apply
WHAT ARE THE AVAILABLE PREMIUM PAYMENT TERM OPTIONS FOR THIS PLAN?
You only have to pay once (Single Premium) which becomes your purchase price for the Aviva Saral Pension Plan.
WHAT ARE THE ELIGIBILITY CRITERIA OF THE AVIVA SARAL PENSION PLAN?
The plan is available for individuals 40 years and older. The maximum age to enroll for this retirement plan is 80 years(For Non-POSPs) & 70 years(For POSPs).There is no maximum maturity age for this plan as it is a whole life policy.
WHAT ARE THE KEY FEATURES OF THE AVIVA SARAL PENSION PLAN?
Aviva Saral Pension Plan offers the below benefits:
- Regular lifetime income through annuity payout
- Option to cover self and spouse (Joint Life only available with Non-POSPs)
- Flexibility to choose between monthly, quarterly, half-yearly, and yearly annuity payouts
HOW DOES THE AVIVA SARAL PENSION PLAN WORK?
The Aviva Saral Pension Plan is an annuity plan.
- On making the payment, annuity payments will begin immediately
IS THERE AN OPTION TO SURRENDER THE POLICY?
You can surrender the policy at any time after the completion of six months from the date of commencement of the policy, if the annuitant or the spouse or any of your children is diagnosed with a critical illness specified in the Policy Document. To initiate the surrender approval, the necessary documents have to be submitted for the satisfaction of our medical examiner. On approval of surrender, the annuitant will be paid 95% of the Purchase Price, after deductions (if any). For the purpose of surrender value calculation, the purchase price excludes taxes, if any. Any change in the surrender value method shall be applicable only after prior approval from IRDAI. On payment of surrender value, the policy will stand as terminated.
WHAT IS THE MAXIMUM LOAN AMOUNT I CAN TAKE AGAINST THE AVIVA SARAL PENSION PLAN?
The maximum amount of loan that can be availed under the Aviva Saral Pension Plan can be such that the effective annual interest amount payable on the loan will not exceed 50% of the annual annuity amount payable under the policy.
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