Aviva Pension Plans – Review, Types, Features, Eligibility Criteria & moreLast Updated Date: Sep 01, 2023
You may have the life you wish to, all the while you are working. It is when you retire, that your income sources turn out to be void. Aviva Pension Plan is for the rescue, which allows you to keep your quality life, constant. Planning is the essence, and when you begin planning and investment prior your retirement age, you can maintain constant lifestyle.
Staying financially self sufficient through all the period of your life is necessary, and investing is the key. We have gathered information from our sources, and present this article on the Aviva NPS to you. The Aviva Retirement Plans have it all covered, life and needs of the holders and their near and dear ones.
About Aviva Pension Plans
Merger between two remarkable companies led to the formation of Aviva Life insurance Company. Companies part of the venture are Dabur Invest Corp and Aviva Group.
India based company; Dabur Invest Corp is a reputed firm, serving Indians with household products. However, Aviva Group is an insurance group based out of UK.
With their share of history and excellence, they formed this merger, contributing their share an expertise. Aviva Life insurance Company raised the bars of the insurance provider’s competition.
It is because they introduced modern unit-linked and unitized with-profit plans. Keep your source of income figured out, with Aviva Life Pension Plan.
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Types of Aviva Life Pension Plans
To fulfill the needs of the clients in general, this company provides two different kind of Aviva Pension Plan. You can take a keen look at both of them, and further decide to opt for the one which best suits you in all terms.
The liberty and choice rests upon you, so based on the features, benefits and eligibility criteria, you may choose.
- Next Innings Pension Plans
- Annuity Plus Plan
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Aviva Next Innings Pension Plans – By Aviva Pension Plans
Having the desire to opt for a traditional deferred annuity Aviva National Pension Scheme, you may choose this. This Aviva Retirement Plan being the first offering from the company, you weigh in its benefits, and guaranteed returns.
We give you a details portfolio look of the Aviva National Pension Funds below:
- Company provides you two modes of premium payment in this Aviva Life National Pension Funds plan. You can make limited payment, as provided by limited pay option. On the contrary, you can opt for the lump sum payment, as directed through the single pay option.
- Upon death of the holder in this Aviva National Pension Scheme, the entitlement will be transferred to the nominee automatically. The nominee will bear an entitlement of 6% of aggregate premiums paid by holder in addition to premiums paid, compounded annually. The other option is of 105% of entire premium amount paid.
- Maturity time of this Aviva Life Retirement Plans guarantees 210% of the premium amount. Ways in which the assured amount can be paid ranges. Holder can avail for 1/3rd withdrawal followed by annuity payment for leftover ratio. Also, holder may choose for annuity payments on entire amount for life. Finally, option for purchase of one time deferred annuity exists too.
- Taxation is applied for withdrawal of amount exemption to section 10(10A), premiums from Section 80CCC, and death benefits Section 10(10D).
- For the death benefits received by the nominee under this Aviva Retirement Plans, two modes of availing exist. Nominee can opt for regular annuity payments, or take over the lump sum amount altogether.
Eligibility Criteria for Aviva Next Innings Pension Plans
- Age criteria: 42 to 60 years
- Vesting age: 65 to 78 years.
- Policy Period: 13, 16 or 18 years
- Premium to be paid per year: Rs.50,000 for the Limited pay, Rs.1.5 lakhs for the single pay option. Maximum limit for this Aviva Life NPS is however, Rs.5 crores.
- Payment term: single, 5 or 10 years
- Intervals of premium payments allowed: half yearly, monthly, single pay or even annually.
Aviva Annuity Plus Plan – By Aviva Life Pension Plans
Payments or return from this Aviva NPS Scheme commence right after one payment of premium, i.e. single premium. You may take a quick look on the features, which also happen to be the benefits of the plan opted.
Right after you pay the premium, you will receive the payment from the frequency period you choose in this Aviva NPS. Also the Income Tax Provisions as per Section 80CCC is applied, with exemption to premium paid. However, you need to choose the payout options and they are:
- Annuity for life
- Annuity for life, alongside the payment of the purchase price, to be paid on death.
- Guaranteed annuity for 5 years, followed by payment for life.
- Guaranteed annuity for 10 years, followed by payment for life.
- Also, guaranteed annuity for 15 years, followed by payment for life.
- Increasing annuity, at the rate of SI 3%.
- Annuity for joint life of holder and spouse, for life.
Eligibility Criteria for Aviva Annuity Plus Plan
- Age criteria: 18 to 80 years
- Price of Purchase: Rs.25,000 with no provided maximum limit.
- Premium to be paid per year: Rs.500 with no provided maximum limit.
- Intervals of premium payments allowed: half yearly, monthly, quarterly or even annually.
Check out more Pension Plans available for Investment
Aviva Pension Plans / Retirement Plans – Conclusion
You have the option of a well planned retired life at your disposal, with facilitation of Aviva Pension Plan. We highly recommend you to start with the planning process in the right time, so your retirement age is filled with peace and comfort, rather than stress and insecurity.
The way you plan your retirement really matters and for such a crucial decision, you want a trusted company. With all the insights on Aviva Life, we believe you will be a client of one of the strong competitors of the industry. Their Aviva Life Pension Plans are in context with the needs people have with a pension plan.
Plus, the perk is you can easily invest in one of the Aviva Pension Scheme. To opt for Aviva Life NPS you can hit the official website, or on the contrary get in touch with one of the intermediaries. They will give you access to the investment process, and guide you thoroughly.
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