Aviva Secure Pension Plan
Secure Pension is a traditional pension plan which gives you an opportunity to make regular savings during your income earning years and ensure pension during your retired life.
Decide the amount you want to invest, the premium payment frequency, policy term and the time you want the pension to start. This is a very simple, basic and easy to understand pension plan.
Key Features of Aviva Secure Pension Plan
§ Regular income after you retire
§ Guaranteed Addition of Rs 30 per Rs 1000 Sum Assured during the first 3 years
§ Simple Revisionary Bonus based on Company’s experience from 4 year onwards
§ Terminal Bonus, if any, at maturity
Benefits you get from Aviva Secure Pension Plan
Death Benefit – In the unfortunate event of your death, full Sum Assured + vested Guaranteed Additions + Simple Revisionary Bonus is either paid as lumpsum or used to buy annuity
Maturity Benefit – Sum Assured + vested Guaranteed Additions + Simple Revisionary Bonus + Terminal Bonus (if any) is used to buy annuity. You will have the option to take back up to 1/3rd of the Maturity Claim and use balance money to buy annuity
Income Tax Benefit – Premiums paid under Forever Life Pension Policy will be eligible for Tax Benefit under Section 80CCC. Premium paid for Critical Illness Rider is eligible for Tax Benefit u/s 80D.
Eligibility conditions in Aviva Secure Pension Plan
|
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Minimum
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Maximum
|
|
Yearly Premium (in Rs.)
|
5,000
|
NA
|
|
Sum Assured (in Rs.)
|
1,00,000
|
No limit
|
|
Policy Term (in years)
|
10
|
40
|
|
Premium Payment Term (in years)
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Equal to Policy Term
|
|
Entry Age of Policyholder (in years)
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18
|
60
|
|
Age at Maturity (in years)
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40
|
75
|
Additional Features and Benefits of Aviva Secure Pension Plan
Riders – There are no rider available in Secure Pension Policy
You stop paying the premium – If you stop paying premiums before 3 full years, policy will lapse and no death or surrender benefits will be paid. If you stop paying premiums after 3 years, then policy will lapse after acquiring paid-up Sum Assured. You can revive lapsed policy within 2 years
You want to surrender the policy – Guaranteed surrender value and paid-up value after you pay premiums for 3 years
You want a loan against your policy – No loan facility is available under this policy
Alternate pension plans from different insurance companies
ICICI Prudential Forever Life
Tata AIG Life Nirvana
Bajaj Allianz Pension Guarantee
Bajaj Allianz Swarna Vishranti Plan
LIC Pension Plus
