Pension plan provider, Aviva Life Insurance had announced the launch of its new ‘Aviva Saral Pension Plan’. This was announced on August 31 and it was stated as being a non-linked, non-participation, single premium individual Immediate Annuity Plan. The new pension scheme is essentially a plan that has simple features and maintains a set of standard terms and conditions that would allow the customers to adopt the policy on the basis of their needs. It was rolled out with the intention of enabling customers to secure their retirement while simultaneously providing financial protection to their families in the wake of their absence. The insurance policy was set to take effect from the month of September.
The pension scheme offers its customers several benefits as per the press release issued by the company. It claimed that the company offered benefits such as guaranteed regular income for the duration of the customer’s life after just one payment. It was also touted as providing customers with annuity on a monthly basis as well as on a quarterly, half-yearly and yearly basis. In addition to this, the scheme also enables loans against the policy. As per the standard life insurance policy function, upon the death of the insured person, the nominee would receive the payout of the policy.
It was also mentioned that the policy could be surrendered at any time after six months from the commencement date of the annuitant, spouse or any of the children of the annuitant if they are diagnosed with critical illnesses. However, these illnesses need to be specified as per the list of illnesses provided by the Policy Department.
Vinit Kapahi, the Head of Marketing Functions for Aviva Life Insurance said, “In line with IRDAI’s vision to offer standard immediate annuity product with simple features, we have launched Aviva Saral Pension Plan. We understand the need for regular income in the later years of life and the importance of securing the financial future of loved ones even in one’s absence, making Aviva Saral Pension a helpful instrument for retirement planning.”
“Keeping in mind that the life expectancy is increasing because of improved healthcare facilities, nuclear families becoming a norm, retirement planning has become a necessity. So many people imagine themselves sitting comfortably, free of responsibilities, enjoying life in their golden years, and we want to help our customers live this dream with this launch of this product,” he added.
The Benefits of the Aviva Saral Pension Plan
1) It provides a guaranteed income for the entirety of the insured person’s life with a ‘pay only once’ option. One can enjoy this regular income as of September 2021 as per the release.
2) Using the ‘Joint Life’ option under this scheme one can secure the well-being of one’s spouse as well in terms of future regular income.
3) The policy also comes equipped with a loan availability that allows customers to avail loans against the policy after six months from the time the policy was purchased.
4) As the customer, you can also enjoy the tax benefits that accompany this scheme under prevailing tax laws.
Aviva Life Insurance Company India Limited was launched as a joint venture by Dabur Invest Corp and Aviva International Holdings Limited, a UK based insurance group. Aviva International has been associated with India since 1834 according to the release issued by the company. The company’s primary focus is to provide streamlined customer experiences and high levels of service via digital innovations. At present, the company caters to around 33 million customers across 10 different countries.