Aviva Life Annuity Plan

What is an Aviva Annuity Plan?

An Aviva Annuity Plan helps you turn your savings into a steady income that supports you throughout your retirement. You can start receiving income immediately through an immediate annuity or build a retirement corpus first and then convert it into regular income through a deferred pension plan. These annuity plans provide fixed and reliable income even when market rates change.

Types of Aviva Life Annuity Plans

Aviva offers different types of annuities designed to suit varying retirement needs. Here is a clear overview of the different types of annuities currently offered by Aviva :

• Aviva Annuity Plus: This plan offers flexibility with seven payout options. These include choices like increasing income and joint-life coverage. It is well-suited for individuals looking for a stable and guaranteed income after retirement.
  
  
• Aviva Saral Pension: Aviva Saral Pension is a single-premium immediate annuity plan that provides lifelong guaranteed income. It ensures financial independence during retirement and security for loved ones after the annuitant’s lifetime.
• Aviva New Innings Pension Plan: Aviva New Innings Pension Plan is a non-linked, non-participating retirement plan designed to help you build a secure post-retirement corpus through flexible premium options and guaranteed maturity benefits.

Aviva Annuity Plus

Aviva Annuity Plus is a non-linked, non-participating immediate annuity plan that provides a guaranteed income stream during retirement in exchange for a single premium payment. It is designed to offer financial security and peace of mind by ensuring steady payouts to cover living expenses and personal goals. It allows a free-look period of 15 days (30 days if purchased through distance marketing).

Key Features of Aviva Annuity Plus

Note: If the annuity installment is below the minimum amount, the mode of annuity payment will be adjusted so that the installment is at least ₹500.

Sample Illustration – Aviva Annuity Plus (Monthly Payout)

Below is a sample illustration of monthly annuity payouts for a purchase price of ₹1,00,000 at age 60 under different annuity options:

Aviva Saral Pension

Aviva Saral Pension is a standard, single-premium, non-linked, non-participating immediate annuity plan that provides guaranteed income for life. By paying once, you can enjoy a steady lifelong income starting as early as next month. The plan offers Life Annuity with Return of Purchase Price (ROP) and Joint Life Last Survivor with Return of Purchase Price (ROP) to suit individual and family needs. 

Key Features of Aviva Saral Pension

Sample Illustration – Aviva Saral Pension

The following table illustrates indicative annuity payouts in arrears for a 60-year-old annuitant with a purchase price of ₹10,00,000 under the Aviva Saral Pension plan. Goods and Services Tax (GST) shall be charged separately on the purchase price.

Note: Primary and Secondary lives are of the same age.

Aviva New Innings Pension Plan

Aviva New Innings Pension Plan helps you build a secure retirement corpus through single or limited premium payments. When vesting, you can withdraw a part of the amount as a lump sum and use the remaining to buy an annuity for regular income during retirement. This pension plan also ensures financial security for your family by providing a payout in case of your death. 

Key Features of Aviva New Innings Pension Plan

Sample Illustration - Aviva New Innings Pension Plan

The table below shows the Maturity Sum Assured per ₹1,000 of Total Annualised/Single Premiums paid during the premium payment term (for annualised premium below ₹1,00,000 or single premium below ₹3,00,000).

For example, a 35-year-old person pays an annual premium of ₹50,000.

If the Policy Term (PT) is 18 years and the Premium Payment Term (PPT) is 10 years, the Maturity Sum Assured is calculated as:

₹50,000 × 2090 × 10 ÷ 1000 = ₹10,45,000

Similarly, for a Policy Term of 16 years and a Premium Payment Term of 5 years, the Maturity Sum Assured is:

₹50,000 × 2040 × 5 ÷ 1000 = ₹5,10,000

Key Takeaways

Aviva offers a range of annuity solutions, including Aviva Annuity Plus, Aviva Saral Pension, and Aviva New Innings Pension Plan. These plans cater to different retirement needs with options such as immediate income, increasing payouts, and joint-life coverage. The minimum annuity amount starts from ₹500, and policyholders can choose their preferred payment frequency from monthly, quarterly, half-yearly, or yearly options. With flexible features, safety from market fluctuations, and tax benefits, these annuity plans in India serve as dependable tools for long-term retirement planning.