Aviva Life Pension Plans

Aviva Life Insurance Company is a venture between Dabur Invest Corp and Aviva Group. Dabur Invest Corp is one of India’s oldestand most respected business houses producing traditional healthcare products since time immemorial.Aviva Group is a UK based insurance group serving 31 million customers across 16 countries. Together Aviva Life Insurance has become a key player in the insurance market by offering quality products and efficient service.

Read more
Best Pension Options
  • Get Tax Free Pension For Life

  • Flexibility to withdraw fund value any time

  • Guaranteed Tax Savings

    Under Sec 80 C & 10(10D)

*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
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

The company boasts of being among the first companies to introduce modern unit-linked and unitized with-profit plans. The company leads the market in protection and child plans with world-class products and a strong sales force.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What are Pension Plans?

Annuity plans are those plans which provide a steady stream of pension payments after retirement so that the policyholder can plan for his retirement needs.

Some of the common features of pension plan are discussed underneath:

  • The plan matures and payment of annuity starts from the Vesting Date

  • Deferred and Immediate are two annuity options. Deferred annuity is one where payments are deferred or delayed and are payable after the lapsation of the accumulation phase where the customer is supposed to pay premiums. Death during deferment calls for the payment of death benefit. Immediate annuity is one where no waiting is required as annuity payments accrue from the next period as chosen by the policyholder after paying the single premium. In case of death, the company stops paying annuity.

  • 1/3rd of the accumulated corpus can be withdrawn in cash which does not attract tax while the other 2/3rd is to be availed as a pension attracting tax in the policyholder’s hand.

Aviva Pension Plans

Aviva Life Insurance Company is offering two types of retirement plans to its customers. Let us look at the types of plans available.

Aviva Next Innings Pension Plan

Is a traditional deferred annuity plan which aims to build a guaranteed corpus for retirement. The features and benefits are as follows:

  • Premiums under the plan are payable either for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.

  • On maturity, a guaranteed benefit of 210% of total premiums paid till maturity is payable which can be used in multiple ways. The policyholder can choose to commute 1/3rd and avail annuity from the remaining corpus or avail annuity payouts guaranteed for life from the corpus. A one-time premium Deferred Annuity can also be purchased alternatively

  • If death happens, the death benefit will be given to the nominee which and it will be higher of the aggregate premiums paid until death compounded @6% annually or 105% of total premiums paid till death

  • The nominee can choose to either withdraw the amount entirely in lump sum or avail annuity from the amount.

  • Section 10(10A) exempts commuted pension while Section 80CCC exempts premiums from taxation. Section 10(10D) also exempts death benefit received

Eligibility Details

  Minimum Maximum
Entry Age 42 years 60 years
Maturity Age 55 years 78 years
Policy Term 13, 16 or 18 years
Premium Paying Term Single Pay or 5 or 10 years
Annual Premium amount Limited Pay - Rs.50, 000 Single Pay – Rs.1.5 lakhs Rs.5 crores
Premium Paying Frequency Yearly, half-yearly or monthly or Single Pay

Aviva Annuity Plus Plan

It’s a traditional immediate annuity plan where annuity payments start immediately after the single premium. The features and benefits of the plan are:

  • The annuity payment startssimultaneously from the next chosen frequency after the premium has been paid

  • There are different payout options which inlcude:

    • Lifetime annuity

    • Lifetime Annuity along withtotal purchase price payable on death

    • Life Annuity which is guaranteed for 5 years and thereafter for life

    • Life Annuity guaranteed for 10 years and thereafter payable for life

    • Life Annuity guaranteed for 15 years and thereafter payable for life

    • Life Annuity which increases at a simple rate of 3% p.a.

    • Joint Life Last Survivor annuity

    • The policyholder can increase the annuity payout rates if he supplements the purchase price utilizing his own savings if the purchase price is the maturity proceed of an existing pension plan from the company

  • Section 80CCC of the Income Tax provisions exempts the premium amount paid for the plan

Eligibility Details                                                                                     

  Minimum Maximum
Entry Age 18 years 80 years
Annual Annuity amount Rs.500 No limit
Purchase Price Rs.25, 000 No limit
Annuity Payout Frequency Yearly, half-yearly, quarterly or monthly

Applying for a Pension Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Applying For Pension Plans through PolicyBazaar

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

How is an annuity plan different from a life insurance plan?

An annuity plan is actually the exact opposite of a life insurance plan. In the case of a life insurance policy, the payments commence once the policyholder dies. But in an annuity plan, the payments stop after the death of the policyholder. Also, in a life insurance plan, the risk lies on the insurance company as they cover the life of the policyholder. However, in an annuity plan, the risk lies with the policyholder as he or she pays the purchase price without knowing whether or not they will survive till the time the annuity period begins.

How much Annuity do I need?

The amount of annuity you need depends on a number of factors like your financial liabilities, goals, daily expenses, lifestyle, savings etc. You need to evaluate what your spending would be after you retire and then you will know how much annuity insurance to opt for.

My children are married and I have my own house and car. How much annuity do I need?

If the major financial liabilities, like your children’s marriages are already taken care of, you need not opt for a very large annuity. This is because you just need the financial assistance to pay your day to day bills, not to pay for a major event or an investment. If on the other hand, a person has a financial liability left, he may need a higher annuity.

Read Also: What is Annuity | Types of Annuity

Aviva Life Term Insurance Plans- FAQs

Pension Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 24 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
How to Get a 50K Pension Per Month?

15 Jun 2022

Retirement planning should form an essential part of your...
Read more
NPS Premature Withdrawal

15 Jun 2022

The National Pension Scheme is the Central Government’s social...
Read more
Get 30K Pension Per Month

15 Jun 2022

Planning retirement is extremely important and crucial these...
Read more
Atal Pension Yojana Premium Chart

08 Jun 2022

Atal Pension Yojana (APY) is a government of India initiative to...
Read more
Monthly Pension Scheme for Senior Citizens

02 Jun 2022

Retirement planning is paramount to creating a constant source...
Read more
National Pension Scheme (NPS) – Govt Approved Pension Scheme
National Pension Scheme (NPS) is an investment cum pension plan launched by the Indian Government. This scheme is...
Read more
NPS Calculator - National Pension Scheme Calculator Online
National Pension Scheme Calculator is an online tool, which allows the individual to calculate the estimated...
Read more
Post Office NPS Calculator 2022
National Pension System is a scheme launched by the Government of India that offers stability to all Indian...
Read more
LIC Senior Citizen Pension Scheme
Post demonetization the banks are cutting down the interest rates on fixed deposits. Hence, to safeguard the...
Read more
NPS Tier 2 Account Advantages and Disadvantages
NPS or the National Pension Scheme is an initiative taken by the Central Government that protects the holders'...
Read more

Aviva Life Pension Plans Reviews & Ratings

4.1 / 5 (Based on 24 Reviews)
(Showing Newest 10 reviews)
Umakant
Nainital, August 04, 2016
Retirement policy
After taking aviva pension plan the future is fully secured, the investment is also less. The policy coverage is high and claiming become very easy due to fast service facilitated by the company members. No long waiting in the queue due to fast service.
Rajesh
Howrah, July 15, 2016
Pension Plan
I have pension plan which i purchase from aviva life insurance. Policy premium is less but the returns are high. Policy coverage is good and investments are less. Service is fabulous facilitate by the executives and the staff members of the company.
Aman
Kanpur, July 04, 2016
Perfect
The insurance plan i have is pension plan which is very beneficial. Premium is less but the paybacks are high. Claims are easy to sanctioned because of quick service of staff members of your company. Future security is here in low investment which has full security.
Gaurav
Jorhat, June 27, 2016
Good
My pension plan is good and premium is low. Good future investment which reduces taxes. Service provided by staff of the company is good. Policy coverage is high and claims is easily sanctioned due to fast and on time service. Hassle free documentations and easy renewal.
Nirmal
Nilagiri, March 22, 2016
Normal Policy
Service is bit slow but the work is completed after taking time. Claims are good and the policy coverage is high. Premiums are normal ~30 K thrice per year and the returns are Rs.35 L after policy get mature. Normal pension policy plan which i buy from aviva life insurance.
Pariniti
Yamunanagar, March 22, 2016
Okay Okay
The policy i buy from aviva life insurance is fine pension plan but the returns are not that high as the premiums. The policy coverage is good and the claims are normal. Service is slow but the work is done after some waiting in the queue. The staff members are behave well but the claiming procedure is very long.
Sunidhi
Ludhiana, March 22, 2016
Future Savings
Pension policy plan for my husband i buy from aviva life insurance. The policy coverage is good 82% and the claims are high. The premiums are low ~1 L per year and the returns are high 1 C after policy ends. Service is fast and the waiting is not necessary because no paper work is there for most work and the web services are also good.
Heemani
Khalilabad, March 22, 2016
Great Deal
The pension policy plan i have is great on which i buy from aviva life insurance. Premium is low approx. 50 K twice per year and the returns are high ~Rs.60 L after policy ends. Services is great with fast interface and the executives behave well. I must say great work you guys do.
Yajan
Sonipat, March 22, 2016
Average Policy
Policy i buy through aviva life pension policy plan is an average policy. Policy coverage is 60% and the claims are okay. Services you provided is bit slow but the work is done nicely. The behaviour of the executives and the staff members are very good. Fair policy plan.
Prabhjot
Gwalior, March 22, 2016
Manageable Policy Plan
My pension policy plan is with aviva life insurance. The policy is not good either not bad. The policy coverage and claims are high. The premiums are low and the payback returns are really very high. I must say you guys doing great work. The services have super sonic speed.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL