Aviva Next Innings Pension Plan

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.

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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.

  • This pension 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:

    • The policyholder can purchase an Immediate Annuity, which is guaranteed for life for the Life Insured as long as he or she survives.

    • 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 buy 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.

You may also like to read: Types of Annuity | Annuity Calculator

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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