Aviva Next Innings Pension Plan

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Aviva Next Innings Pension Plan is a non-linked non-deferred pension plan that is specially designed to ensure a comfortable retired life for its customers. The policy ensures guaranteed income post retirement so that the policyholder does not have to compromise on his lifestyle and enjoyment when retired.

Key Features of Aviva Next Innings Pension Plan

  • The policy provides a guaranteed corpus for retirement that is 210% of the sum of all the premiums paid.
  • The nominee, under the policy, receives a lump sum as the Death Benefit. This sum is provided to take care of his/her financial needs when the policyholder is no more.
  • The policy offers a single premium payment option and a limited premium payment term. After the completion of the premium paying term, the policyholder can enjoy post-retirement income and live a life free of any worries.

Benefits under Aviva Next Innings Pension Plan

  • On survival until the end of the policy term, when the policy matures, the policyholder receives the Maturity Benefit, which is 210% of the premiums paid. The Maturity Benefit is compulsorily used in one of the two ways, which are:
  1. The policyholder can purchase Immediate Annuity, which is guaranteed for life for the Life Insured as long as he or she survives.
  2. The policyholder can purchase a single premium deferred pension product.
  • On the death of the policyholder, the nominee receives the guaranteed Death Benefit. The Death Benefit is the higher of the total of all premiums paid plus 6% annual compound interest or 105% of all premiums paid.

The nominee can use the Death Benefit to purchase an annuity from the Company or to withdraw the entire amount.

  • Tax benefits are available as per sections 80 (C) and 10 (10D) of the Income Tax Act.

Product Specification of Aviva Next Innings Pension Plan

 Criterion

Minimum

Maximum

Entry age of the insured (as per last birthday)

42 years

60 years

Maturity age of the insured (as per last birthday)

55 years

78 years

Policy Term (PT) in years

13 years

18 years

Premium Paying Term (PPT) in years

13 years = Single

16 years = 5 years

18 years = 10 years

Premium Paying Frequency

Single, Annual, Semi-Annual and Monthly

Annual Premium

Single: Rs. 1,50,000

Limited: Rs. 50,000

Rs. 500,00,00,000

       

 

Details about Premium

Age of life insured (Yrs)

Policy year

Annualized Premium

Guranteed vesting Benefit (at the end of the policy year)

Guranteed Death Benefit (at the end of the policy year)

Guranteed Surrender Benefit (at the end of the policy year)

During the Year

Cumulative

42

1

Rs. 1,50,000

Rs. 1,50,000

 

Rs. 159,000

Rs. 90000

43

2

Rs. 1,50,000

Rs. 300,000

 

Rs. 327540

Rs. 135000

44

3

Rs. 1,50,000

Rs. 450,000

 

Rs. 506192

Rs. 300000

45

4

Rs. 1,50,000

Rs. 600,000

 

Rs. 695564

Rs. 375000

46

5

Rs. 1,50,000

Rs. 750,000

 

Rs. 896298

Rs. 450000

47

6

Rs. 1,50,000

Rs. 900,000

 

Rs. 109076

Rs. 630000

48

7

Rs. 1,50,000

Rs. 1,050,000

 

Rs. 1334620

Rs. 840000

49

8

Rs. 1,50,000

Rs. 1,200,000

 

Rs. 1573697

Rs. 1080000

50

9

Rs. 1,50,000

Rs, 1,350,000

 

Rs. 1,827,119

Rs. 1350000

51

10

Rs. 1,50,000

Rs. 1,500,000

 

Rs. 2095746

Rs. 1500000

52

11

 

Rs. 1,500,000

 

Rs. 2221491

Rs. 1650000

53

12

 

Rs. 1,500,000

 

Rs. 2354781

Rs. 1800000

54

13

 

Rs. 1,500,000

 

Rs. 2496067

Rs. 1950000

55

14

 

Rs. 1,500,000

 

Rs. 2645832

Rs. 2100000

56

15

 

Rs. 1,500,000

 

Rs. 2804581

Rs. 2250000

57

16

 

Rs. 1,500,000

 

Rs. 2972856

Rs. 2550000

58

17

 

Rs. 1,500,000

 

Rs. 3151228

Rs. 2700000

59

18

 

Rs. 1,500,000

Rs. 3,150,000

Rs. 3340301

 

 

Policy Details of Aviva Next Innings Pension Plan

Grace Period: A limited time period of 30 days from the due date is allowed for the payment of the unpaid premium and to clear all the dues. The Grace Period for policies paid under monthly premium payment mode is 15 days. A policy lapses or expires in case the first 2 years’ premiums have not been paid within the Grace Period.

Policy Surrender or Termination Benefit: The policy that has a single premium payment option acquires Surrender Value after completing one full policy year. It, therefore, might be surrendered after completing the first policy year, on the condition that all premiums have been paid. A Limited premium policy acquires Surrender Value after two full policy years, and so it may be surrendered after paying all premiums for two full policy years. As the Surrender Value, either the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher, is paid out. Termination of the policy also occurs on the payout of the Death benefit or the Maturity Benefit.

Free Look Period: The insured has a limited span of free look period (15 days) from the receipt date of policy documents in order to review the features and benefits of the policy. In case the policyholder does not want to continue with the insurance policy, he/she can cancel it. However, the customer would have to pay the policy expenses borne by the insurance company, such as medical examination expenses etc.

Additional Features or Riders

  • The renewal of a lapsed insurance policy is possible if the insured submits a reinstatement request for the same, within a period of 2 years since the date of the 1st unpaid premium. The insured would have to make a payment of all the due premiums along with interest and a revival amount of Rs. 250. Satisfactory evidence of insurability also needs to be provided.
  • In case the policyholder has paid all the premiums for 2 policy years and then doesn’t pay any premiums even untill the end of the Grace Period, then the policy would acquire a Paid-up Value.

Exclusions

  • The policy has no exclusions.

Documents Required

The insured needs to fill up an ‘Application form’ along with a photo ID proof (such as Driving License, Passport, or PAN Card) and an income proof, such as a copy of last Income Tax Return, copy of salary slips or last 3 months or Form 16.

You may also like to read:  Aviva Life Pension Plan

Frequently Asked Questions

Q1. What are the entry age criteria for buying Aviva Next Innings Pension Plan?

A. The minimum entry age for the policy is 42 years, while the maximum entry age is 6 years. However, the age here needs to be considered as per the last birthday of the policyholder.

Q2. What is the minimum and maximum maturity age under Aviva Next Innings Pension Plan?

A. The minimum and maximum vesting age or maturity age as per the policy is 55 years and 78 years respectively.  However, the age here needs to be considered as per the last birthday.

Q3. What are the minimum and maximum amounts of annual premium payable in favor of Aviva Next Innings Pension Plan?

A. The minimum annual premium under this policy is Rs. 1.5 Lacs in case of the single pay option and Rs. 50,000 in case of the limited pay option. On the other hand, the maximum annual premium is Rs. 5 Crores.

Q4. What are the premium paying term options available under Aviva Next Innings Pension Plan?

A. The policy offers 3 premium paying term options in all. They are as follows:

  • Single Pay
  • 5 Years
  • 10 Years

Q5. What are the Premium payment modes available under Aviva Next Innings Pension Plan?

A. The policy boasts 4 premium payment modes in all. They are as follows:

  • Single Pay
  • Annual
  • Semi-annual
  • Monthly

Q6. What are the options available for the term of Aviva Next Innings Pension Plan?

A. Aviva Next Innings Pension Plan offers 3 policy term options to the buyers. They are as follows:

  • 13 years
  • 16 years
  • 18 years

Q7. Are there any riders available under Aviva Next Innings Pension Plan?

A. No, there are no rider options available under Aviva Next Innings Pension Plan.

Q8. How much grace period is allowed under Aviva Next Innings Pension Plan?

A. In case of non-payment of premiums till the due date, the insurer offers a grace period of 30 days for annual and semi-annual premium payment modes and 15 days for the monthly mode.