Aviva Guaranteed Income Plan

Every individual puts in the effort and earns a livelihood to ensure the best quality of life for their loved ones. This requires a constant flow of income from various sources. A financial plan that offers income and financial protection would be the most suited for this purpose. Aviva Guaranteed Income Plan enables savings of finances with insurance to result in adequate monetary coverage.

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This policy provides returns in the form of 11 payments made regularly over the course of 10 years. Moreover, the plan offers coverage to the family members in the event of any unfortunate instance or death of the policyholder, ensuring adequate financial security. 

Aviva Guaranteed Income Plan Details:

Parameters  Details 
Policy Tenure 15 years
Premium Paying Term 10 years
Premium Paying Mode Annually
Entry Age Minimum – 3 years Maximum – 50th birthday 
Maturity Age Minimum - 18 years Maximum - 65th birthday
Grace Period 30 days
Sum Assured 20.2 times the annual premium payable over 10 years.
  • For the minimum premium being Rs 50,000, the sum assured is Rs 50,000 x 20.2 = Rs 10, 10,000.
  • If the maximum premium is Rs 1 Crore, the sum assured is Rs 1,00,00,000 x 20.2 = Rs 20,20,00,000.
Liquidity  No loans can be taken against the policy.

Benefits for Aviva Guaranteed Income Plan

Listed below are the key benefits of Aviva Guaranteed Income Plan offered by Aviva Life Insurance

  • Maturity Benefit: In the event of timely payments made by the policyholder, the surviving insured individual can avail of the entire sum assured benefit, inclusive of applied bonuses and other applicable discounts. The amount is considered as follows : 
  • 11 payouts – The value is 1.2 times the annualized premium, excluding taxes paid at the payout period, starting from the maturity period.
  • Lump-sum payment – The value is 7 times the annualized premium, issued as a one-time benefit.
  • Death Benefit: In the event of the insured individual's death in the middle of the policy term, the policy benefits will be paid to the nominee. This includes base payment, additional benefits, discounts, bonuses, etc. 

The Aviva Guaranteed Income plan policy death benefit is the highest amount among one of the following:

  • Ten times payment for the premium,
  • 105% of the total premium payment made till the date of death (excluding taxes),
  • Policy maturity benefit
  • Sum Assured as applicable
  • Guaranteed Terminal benefit: This depends on the age and the annual Aviva Guaranteed Income plan premium of the policyholder. This works on the concept that younger policyholders can invest more due to decreased chances of ailments. 

The benefits comprise of the specific payout per age with the 11th payment of the maturity benefit. 

  • Tax Benefits: The benefits received through the Aviva Guaranteed Income plan are eligible for tax benefits under Sec 10(10D) and Sec 80 C of the Income Tax Act, 1961.

          * Tax benefit is subject to changes in tax laws

The premium for Aviva Guaranteed Income Plan

The premium for the Aviva Guaranteed Income plan is factored by two aspects – age and the payment period.

For age 3 to 45 years, the minimum premium payment is Rs. 50,000.

For ages 46-50 years, the minimum payment is Rs. 75,000.

However, the maximum premium to be paid remains the same across all age groups – Rs 1, 00, 00,000 per insured individual.

The insurance premium is required to be paid annually. For the policy, the payout period is 10 years. Therefore, the premium payment is required to be made over 10 years, i.e., the duration of the policy maturation. 

*Standard T&C Apply

For individual policies, the Aviva Guaranteed Income Plan calculator allows policyholders to know the specific premium amount required to be paid.

Additional Riders for Aviva Guaranteed Income Plan

Additional riders are not available under the Aviva Guaranteed Income Plan.

Eligibility for Aviva Guaranteed Income Plan

  • Policy purchase – 

Minimum – 3 years

Maximum – 50th birthday

  • Policy maturation

Minimum – 18 years

Maximum – 65th birthday

What are the documents required to buy this policy?

To buy the Aviva Guaranteed Income plan, the documents required are -

  • Identity proof – PAN card, Aadhar card, passport, driver's license 
  • Proof of Residence – Telephone bill, passport, AADHAR card
  • Passport-size photographs

Please ensure the identity proof contains the date of birth; the premium amount is affected by age.

How to buy this plan online?

As of now, Aviva Guaranteed Income Plan online purchase is not available. Therefore, policy purchase can be made as follows:

Step 1: Visit the official website of Policybazaar.com or contact their customer service department.

Step 2: After finalizing the plan, choose the policy with the appropriate premium amount.

Step 3: Fill the application form and submit it with the required documents.

Step 4: Make the payment through card or cheque as accepted.

Exclusions for Aviva Guaranteed Income Plan

Based on the Aviva Guaranteed Income plan reviews available, the policy fulfils the policy holder's financial requirements and family. However, there is an exclusion under this policy:

In the event of suicide of the policyholder within 12 months of the policyholder, the policy ceases to exist. The policyholder's family or the nominee is provided 80% of the premium paid, or the policy surrender value, whichever is higher, as applicable from the day of policy purchase.

FAQ's

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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