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Aviva Next Innings Pension Plan

What is the Plan all About?

Aviva Next Innings is a non-linked & non-participating deferred pension plan that helps you build a guaranteed lump sum, so you can enjoy a comfortable lifestyle after the retirement. A lump sum under this plan enables you to get a regular income throughout your post retirement life.

What are the Key Features?

  • Guaranteed corpus for retirement
  • Ensures family protection
  • Single/Limited premium pay term
  • Alteration for premium frequency allowed
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of unfortunate demise of the life insured within the policy term, the death benefit payable to the nominee is the higher of premiums paid plus interest of 6% p.a compounded annually or 105% of the total premiums paid till the date of death.

    The nominee has the option to either purchase the annuity at the prevailing annuity rates or to withdraw the entire proceeds.

Maturity/Vesting Benefit

    In case of survival of the life insured till vesting date, the benefit payable is equal to 210% of the premiums paid.

    Amount received as a maturity benefit can be used in one of the following ways:

    • Commute a portion of the vesting benefit (up to the limit applicable under the Income Tax Act) and then, the remaining amount shall be used to purchase annuity for lifetime. You can also buy the immediate annuity from Aviva Life Insurance Company.
    • Use the entire proceeds for purchasing a single premium deferred pension plan.

Commutation Benefit

    A policyholder can take up to 1/3rd of the benefit as tax-free lump sum as per the prevailing income tax regulations. The rest of the amount shall be used to purchase an annuity at the then prevailing annuity rates.

Reinstatement Benefit

    You will have the option to reinstate the policy with-in 2 years from the date of first unpaid premium by paying all the due premiums plus interest on delayed premiums at the rate of 9% p.a compounded monthly along with the revival fee of Rs 250 plus taxes.

    In case, the premium/s is not paid before completion of grace period, no benefit is payable and the policy is lapsed.

Revival of Paid-Up Policy

    You will have the option to revive the paid-up policy with-in 2 years from the date of first unpaid premium by paying all the due premiums plus interest on delayed premiums at the rate of 9% p.a compounded monthly along with the revival fee of Rs 250 plus taxes.

Alteration

    Alterations between semi-annually to annually frequency or vice versa is allowed. An alteration charge of Rs 100 is applicable.

Bonus

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

Loan Benefit

    No loan is available under this policy.

Surrender Value

    A single premium policy can be surrendered anytime from 2nd policy year onwards. A limited premium policy can be surrendered anytime after payment of at least 2 policy years’ premiums. The surrender value payable is the higher of Guaranteed Surrender Value or Special Surrender Value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 42 Years 60 Years
Vesting Age 55 Years 78 Years
Policy Term 13/16/18 Years -
Premium Payment Term Single & Limited Pay Term (5/10 Years) -
Premium Amount Rs 50,000 Per Annum (limited Pay), Rs 1,50,000 (single Premium) Rs 5,00,00,000 Per Life
Premium Paying Mode Single, Annually, Semi Annually & Monthly -
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
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?

This policy provides tax benefits as per section 80C & 10(10A)(iii) under the Income Tax Act, 1961. The tax benefits are applicable, subject to prevailing tax laws.

How the Plan Works?

Mr. Rai aged at 42 years wants to accumulate a corpus that can help him to get a regular income after the retirement. He decides to buy ‘Aviva Next Innings’ with the policy term of 18 years, premium payment term of 10 years, and annual premium invested is Rs 1,00,000.

Scenario A: On survival of Mr. Rai
In case of survival of the life insured till vesting date, the benefit payable is equal to 210% of the total premiums paid, excluding extra premium & taxes.

Scenario B: On demise of Mr. Rai
On the unfortunate death of Mr. Rai, the higher of premiums paid plus interest of 6% p.a compounded annually or 105% of the total premiums paid till the date of death, is payable to the nominee.

Benefit Illustration:
 

Aviva Next Innings Pension Plan Benefit Illustration