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 oldest and 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. 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.
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- 1/3rd of the accumulated corpus can be withdrawn in cash which does not attract tax while the other 2/3rd is to be availed as a pension attracting tax in the policyholder’s hand.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
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
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
Annual Annuity amount
Annuity Payout Frequency
Yearly, half-yearly, quarterly or monthly
Applying for a Pension Plan from the company:
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
Aviva Life Term Insurance Plans- FAQs
1. How to pay premium? What are the modes of payment available?
For receiving continuity of your benefits, it is critical to pay premiums on time. You can pay your AVIVA Life Insurance premium through these 7 methods:
- Airtel money
- Auto Debit card or Credit card
- HDFC/SBI/AXIS Bank debit card
- ECS SYSTEM
- Cash/Cheque Payments
- Change Payment Mode
Step 1: Enter your policy details – policy number and policyholders date of birth
Step 2: Select your online bank account or debit/ credit card to make the payment
Step 3: Authenticate and confirm your payment details and receive online confirmation
2. How can I check policy status for Aviva Life pension plans?
As a registered user, you must log into the e-portal with your Client ID and password to check the policy status.
3. What is the policy renewal process for Aviva Life pension plans?
Online Policy Renewal facility is available to all Aviva customers. The process is as follows;
Step 1: Login into e-portal with your Client ID and password.
Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now
Step 3: Choose payment option- NEFT, Credit Card/Debit Card
Step 4: Authenticate and confirm your payment details and print out the payment receipt
4. What is the company’s process to settle claim for Aviva Life pension plans?
For Aviva Health Plus policyholders, Cashless facility is permitted in case of for surgery or hospitalization. For others the process is as follows;
You may also like to read National Pension Scheme Details
Step 1: Complete the claim form
As per your policy T&C and options, you need to duly fill the forms for claims against riders, hospital cash benefit, death benefit, gratuity and group term insurance.
Step 2: Arrange for correct documents
Based on the claims made, you need to attach the correct supporting documents. You can submit the documents in original or photocopies attested by a Gazetted officer or Magistrate.
Step 3: Arrange for medical reports for medical related claims
In case of hospitalization or surgery; produce the relevant medical reports and bills, issued by the attending physician, who is qualified to issue such a report.
Upon completion of the above-stated documentation, submit them to your nearest AVIVA branch office. Alternatively, you can send the documents to us by post:
Aviva Life Insurance Company India Limited
Aviva Towers, Sector 43,
Opposite DLF Golf Course,
5. What is the policy cancellation process for Aviva Life pension plans?
The Aviva Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their units will be calculates at the current market rates, if documents are submitted before 3:00 PM, else the next day’s market rates will be used to calculate unit price.
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Aviva Life Pension Plans Reviews
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
My pension policy plan is wonderful. The policy coverage is high with high claims. The premiums are low and the payback returns are really very good. Service is fast with good nature and behaviour of executives and the staff members. I enjoying the policy.
Perfect Policy Plan
The pension policy plan i have is the perfect one. The policy coverage is good ~96% and the claims are high. The premiums are low ~27 K quarterly per year. And the returns are much more than this around Rs.55 L. Service is very fast and the executives with staff members are behave well.
I have pension policy plan from aviva life insurance. Policy is good and the paybacks are high. Policy coverage is good ~91% and the claims are high. Premiums are around 30 K trice per year and the amount i get at the end of the policy is 49 L.
Superb Pension Policy
I bought pension policy plan for my parents from aviva life insurance. The policy coverage is 93% and the claims are high around 92% of the investment. The premiums are low approx. 2 L per year for both of them. The payback returns is really good ~Rs.35 L for each of them. Nice policy, i like it even my parents like it too.
Got pension policy plan, great benefits like the policy coverage is high ~90%, Claims are easily sanctioned, Claiming amount is also high ~Rs.22 L, Service provided is the best, each and every work is done so quickly. Nice future investment and tax cutter.
Pension Policy Plan
I buy pension policy plan from aviva life insurance. The policy coverage is nice ~82% and the claims are good. The premiums are low but the paybacks are really good in respect of premiums. The service is fast and on time. Good work guys.
Poor Policy Coverage
Policy coverage is poor 30% rather than this all is good in my pension policy plan. The policy claims around Rs 20 L before it end. Investment is low and the returns are high. Claiming is easy because of fast service provided by the company members.
My pension policy plan is above average and i buy this policy from aviva life insurance. The policy needs 29 K thrice per year for premiums and the returns are ~Rs.42 L. Policy coverage is good ~82% and the claims are ~Rs.15 L minimum after 10 years.
Okay Policy Plan
I have got pension policy plan from aviva life insurance. The policy is not that good or poor. This policy directly proportion to premiums. The investment is low so the returns are not high but okay. The services is good facilitate from executives and staff members. Nice policy plan.
I'm Securing my future by investing my money on aviva life pension plans. The best investment according to me, the policy covers 85% and the claiming is easy due to fast services provided by the executives and staff members. The policy saves taxes also.
Nice Pension Plan
The pension policy plan i bought from aviva life insurance. The policy coverage is 82% and the claims are of Rs.45 L after the policy ends. The investment is low approx. Rs.25 K thrice per year. The services are nice which provided by the company. Nice future savings.
My future is secured with aviva life pension policy plan. The policy is fine and the returns are good. The policy coverage is high ~80% and the policy claims are around 30 L. The service provided by the executives and the staff members are really very good. No paper work for sanctioning the claiming amount.
Fantastic Policy Plan
My pension policy plan is fantastic which has great terms and conditions. Aviva life insurance provide me low premiums but the returns are high. The services is fast and always on time. One can buy it after 40 years and the max age is 61.
I buy Pension policy plan from aviva life insurance. The policy coverage is 80% and the claims are high around Rs.50 L. Service you provided is good and fast too. Nice future investment with tax saving. Web services is also up to date. I like the policy very much.