Saral Pension Yojana, Retirement Savings Plan

Aviva Saral Pension Plan

Guaranteed life long pension

Pay one time
Tax benefits

*Tax benefits are as per prevailing tax laws which are subject to change

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) 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, guaranteed income and financial security.

One-time payment to enjoy guaranteed regular income for the rest of your life
Joint Life option which also secures the future income of your spouse

Option of loan against policy after the completion of the first 6 months
Tax Benefits based on prevailing tax law, which are subject to change

Benefits of Aviva Saral Pension Plan

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 alive

For 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

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 heirs

For 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

Aviva Saral Pension Plan options

Single Life

Entry Age: Min 40 years, Max 80 years
PPT: Single premium which would be purchase price of the annuity
Max. Single Premium: INR 264,959; for minimum annual annuity amount of INR 12,000

Joint Life

Entry Age: Min 40 years, Max 80 years
PPT: Single premium which would be purchase price of the annuity
Max. Single Premium: INR 260,813; for minimum annual annuity amount of INR 12,000

Frequently Asked Questions - 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

You only have to pay once (Single Premium) which becomes your purchase price for the Aviva Saral Pension Plan.

The plan is available for individuals 40 years and older. The maximum age to enrol for this retirement plan is 80 years. There is no maximum maturity age for this plan as it is a whole life policy.

Aviva Saral Pension Plan offers the below benefits:

Regular lifetime income through annuity payout
Option to cover self and spouse
Flexibility to choose between monthly, quarterly, half-yearly, and yearly annuity payouts

The Aviva Saral Pension Plan is an annuity plan.

To avail of the benefits, you must make an upfront lumpsum single payment while purchasing the policy

On making the payment, annuity payments will begin immediately

The returns of this plan are guaranteed and do not depend on markets or the insurers’ profits. Aviva Saral Pension Plan doesn’t have any cap on the investment amount.

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). On payment of surrender value, the policy will stand as terminated.

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.