Aviva Life Insurance has launched Aviva Saral Pension Plan, a non-participating single premium person instant annuity strategy. This non-linked item comes with uncomplicated features and common terms and circumstances that will allow consumers to choose on preparing their retirement.
The corporation claims that the strategy will enable consumers to adopt the policy basis their desires to make certain their safe retirement and provide economic protection to their loved ones in their absence. It is a single premium instant annuity strategy that guarantees a normal revenue for the rest of the policyholder’s life.
The Pension Plan gives positive aspects like assured normal revenue for the rest of the policyholder’s life by paying just as soon as, flexibility to acquire annuity Monthly, Quarterly, Half-Yearly and Yearly, and loans against the policy. In case of demise of the annuitant, the complete acquire price tag Premium Amount is paid to the nominee(s). Additionally, the policy can be surrendered any time following 6 months from the commencement date if the annuitant, spouse, or any of the children of the annuitant is diagnosed with any important illnesses specified in the policy.
Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance says, “In line with IRDAI’s vision to offer standard immediate annuity product with simple features, Aviva Saral Pension Plan was launched. There is a 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.”
He additional adds, “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, the launch of this product, will help individuals live this dream.”
Key features of the Aviva Saral Pension Plan
- Guaranteed revenue for a complete life: Pay only as soon as and get pleasure from assured normal revenue for the rest of the policyholder’s life beginning as quickly as the next month.
- Option to safe loved ones’ future: With the Joint Life selection, the policyholder will have the chance to safe his/her spouse’s future revenue as well.
- Loan availability: For these unexpected desires that life throws, one will have the selection to avail loan against the policy following 6 months from the time of acquire of the policy.
- Enjoy tax positive aspects: Tax positive aspects could be out there as per prevailing tax laws