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