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Aviva Annuity Plus Plan

What is the Plan all About?

Aviva Annuity Plus is a non-participating, non-linked single premium immediate annuity plan that is designed to provide you the guaranteed lifetime income after your retirement. This policy provides you the option to choose from 7 annuity options to fulfill your financial objectives.

What are the Key Features?

  • Guaranteed lifetime annuity payable
  • 7 annuity options
  • Top-up the pension plan proceeds
  • Single premium plan
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of unfortunate demise of the annuitant, following is the death benefit payable.

    If you opt for ‘Annuity Guaranteed for 5 years and for life thereafter’, the annuity amount during the guaranteed 5 policy years is payable to the nominee.

    If you opt for ‘Annuity Guaranteed for 10 years and for life thereafter’, the annuity amount during the guaranteed 10 policy years is payable to the nominee.

    If you opt for ‘Annuity Guaranteed for 15 years and for life thereafter’, the annuity amount during the guaranteed 15 policy years is payable to the nominee.

    If you opt for ‘Life Annuity with Return of Purchase Price’, the purchase price of the annuity is paid to the nominee.

    If you opt for ‘Joint Life Last Survivor Annuity’, the annuity is payable to the last surviving annuitant.

Annuity Benefit

    7 annuity payment options are available.

    Option I - Life Annuity: Annuity is payable till survival of the annuitant and terminates upon his/her death.

    Option II - Annuity Guaranteed for 5 years and for life thereafter: Under this option, Annuity is payable guaranteed for the first 5 years, regardless of survival of the annuitant. In case of death of the annuitant within the first 5 policy years, the annuity till completion of this period is paid to the nominee, and then the Policy terminates thereafter. In case, the annuitant survives beyond the guaranteed period, annuity continues till his/her survival.

    Option III - Annuity Guaranteed for 10 years and for life thereafter: This option provides annuity for the first 10 years, irrespective of survival of the annuitant. In case of death of the annuitant within the first 10 policy years, the annuity completion of this period is payable to the nominee. In case, the annuitant survives the guaranteed period, annuity continues till his/her survival.

    Option IV - Annuity Guaranteed for 15 years and for life thereafter: Annuity is payable during the guaranteed period of 15 years, irrespective of survival of the annuitant. In case of death of the annuitant within the first 15 policy years, the annuity is payable to the nominee till the completion of this period, and then the policy terminates thereafter. If the annuitant survives the guaranteed period, annuity continues till survival of the annuitant.

    Option V - Annuity for Life increasing @ 3% per annum simple: The amount of annuity payable increases at a rate of 3% p.a. simple rate and it is payable till survival of the annuitant.

    Option VI - Life Annuity with Return of Purchase Price: Under this option, annuity payout will be made through the entire life of the annuitant and on the death of the annuitant, the purchase price of the annuity is paid to the nominee.

    Option VII - Joint Life Last Survivor Annuity: Under this option, both the spouses are annuitants. This option provides the income payout as long as one of the two annuitants is alive.

Top-up

    If you are buying an annuity from the vesting value of your pension plan, you can increase the purchase price by adding a lump sum amount that will then boost the annuity amount payable.

Bonus

    No bonuses are payable, as it is a non-participating annuity plan.

Loan Benefit

    No loan is available under this policy.

Surrender Value

    No surrender value is payable.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years (for Policyholders), 0 Year & 18 Years For Joint Life Last Survivor (for Nominees), 50 Years (for Others) 80 Years
Purchase Price Rs 25,000 No Limit
Annuity Installment Rs 500 -
Annuity Frequency Annually, Semi Annually, Quarterly & Monthly -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed as per the prevailing tax laws.

How the Plan Works?

Mr. Raj aged at 40 years, buys Aviva Annuity Plus with ‘Life Annuity with Return of Purchase Price’ annuity option with a purchase price of Rs 1,00,000.

Scenario A: On survival of Raj
A regular annuity payout i.e., Rs 5466 (annual) will be made through the entire life of the annuitant that will help him/her attain financial independence after the retirement.

Scenario B: On demise of Raj
On the death of Raj, the purchase price of the annuity i.e., Rs 1,00,000 is paid to the nominee.

Benefit Illustration:
 

Aviva Annuity Plus Plan Benefit Illustration