*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Aviva Life Insurance, which is a private insurance company, has launched a retirement policy that is particularly designed for defense personals. This Aviva life insurance plan is called ‘Aviva Income Suraksha’.
The plan gives soldiers the ability to financially plan their life after retirement with much ease. It also offers additional monetary aid with a regular monthly income flow for all Aviva term insurance customers.
Aviva life insurance customized this plan for their defense channel, which was introduced last year, the channel specifically focused on the soldiers of our country.
The Chief Customer, Marketing, Digital and IT Officer of Aviva Life Insurance, Anjali Malhotra, said that with Aviva Income Suraksha, they aim to financially secure the future of the defense personnel. She said that it is an effort to secure the lives of those who work relentlessly to protect us and our country. This plan is specifically designed to help them plan out a proper financial future for their increasing requirements through different phases of life as it has been customized to their particular needs, according to Anjali.
It is a flexible life insurance plan that assists the insured financially by guaranteed returns in the form of regular monthly payments. According to Aviva Life insurance’s website, the regular payments are passed on to the family of the insured in case of the policy holder’s untimely demise.
The duration of Aviva life insurance is 10 or 12 years (it depends on the choice and paying capacity of the insured).
The deferment period is of 0, 3, or 5 years post premium paying terms, it gives customers the flexibility to adjust their inflow of guaranteed monthly income payouts with their different needs of different life stages.
This plan guarantees monthly income for 10 years for a premium paying period of 10 years (post deferment period).
It guarantees monthly income for 12 years for a premium paying term of 12 years (post deferment period).
It also has an additional age-related one- time benefit payment along with the last monthly payout.
Aviva Life Insurance offers its customers two frequencies for premium payments i.e. monthly and annually. A policy buyer can avail of any one option as per his/ her capacity and requirements. There are no extra charges on paying the premium every month and additional benefits for insured individuals paying on an annual basis. This puts the policy holder's mind at peace when it comes to the premium payment.
Aviva Life Insurance’s structured income payments and benefits after maturity are important to keep in mind as they provide a regular inflow of income for 10 to 12 years to meet the recurring expenses and provide security to the insured and his/ her family even after his/her death. The death benefits are given to the policy holder’s family after his/ her untimely demise only. Aviva life insurance also provides additional age-related one-time benefits with the last monthly payment. The terminal benefit along with the maturity amount is given on the last payment. This insurance cum savings- oriented plan's significant part is that it continues to be beneficial even after the death of the policyholder.
This exclusive scheme for Armed forces was made to provide monetary aid for their needs and requirements and financial help for their families. It is designed to provide additional insurance coverage advice of savings and retirement planning and work opportunities for retired personnel and their family members.
Anjali further said that the defense personnel generally retire at a very early age between 38 years to 42 years that result in lower primary income for them. And with Aviva Income Suraksha, Aviva life insurance offers a solution to support the soldiers with a monetary/ financial plan to meet their life goals like education of their child, saving for their child's marriage post early retirement, whereas they find substitute source of income or employment after defense forces. Paying the premium every month will make it simple and easy for them to save in small sections or installments.
Although this plan was made after keeping the defense forces in mind, it can be availed by anyone as it would be equally significant for other segments of customers who require supplementary income or replacement.
These are the details of ‘Aviva Income Suraksha’, a scheme by Aviva Life Insurance. Any policy buyer needs to read all the documents and policy terms and conditions and get to know the whole policy much more intricately to take full benefit of the plan. Moreover, keep in mind the cases not covered in the insurance may create a hurdle in case the policyholder dies due to any such cases.