Aviva Saral Pension Plan, a non-participating single premium individual instant annuity plan, has been introduced by Aviva Life Insurance. This non-linked product has simple features and standardized terms and conditions, allowing consumers to plan their retirement.
According to the corporation, the plan would allow clients to customize the policy to meet their specific needs, ensuring a safe retirement and providing financial security to their loved ones in their absence. It’s a single-premium instant annuity that pays a certain amount of money every month for the remainder of the policyholder’s life.
The Pension Plan provides features such as guaranteed regular income for the rest of the policyholder’s life by paying only once, the chance to receive annuities monthly, quarterly, half-yearly, and annually, and loans against the policy. If the annuitant dies, the entire purchase price Premium Amount is paid to the nominee (s).
Furthermore, the insurance can be surrendered at any time after 6 months from the start date if the annuitant, spouse, or any of the annuitant’s children is diagnosed with any of the catastrophic conditions listed in the policy.
Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance stated that in keeping with IRDAI’s objective to offer standard instantaneous annuity products with simple features, Aviva Saral Pension Plan was launched.
The necessity of protecting the financial future of loved ones even in one’s absence, as well as the requirement for regular income in later years of life, make Aviva Saral Pension a useful instrument for retirement planning.
He further added that with life expectancy rising due to increased healthcare facilities and nuclear families being the norm, retirement planning has become a necessity. The debut of this product will assist persons in realizing their dream of resting comfortably, free of duties, and enjoying life in their golden years.
The Aviva Saral Pension Plan’s main features are:
- Guaranteed lifetime income: Pay once and receive guaranteed monthly income for the rest of the policyholder’s life, beginning the following month.
- Option to guarantee the future of loved ones: With the Joint Life option, the policyholder can also secure the future income of his or her spouse.
- Loan availability: For those unanticipated requirements that life throws at you, you’ll be able to take out a loan against your policy after 6 months from the date of purchase.
- tax advantages: Tax incentives may be available depending on the current tax regulations.