pension scheme The provider, Aviva Life Insurance had announced the launch of its new ‘Aviva Saral Pension Scheme’. It was announced on 31st August and was touted as a non-linked, non-participating, single premium individual immediate annuity plan. New pension scheme Essentially a plan which has simple features and maintains a set of standard terms and conditions that will allow the customers to adopt the policy based on their requirements. It was launched with an intention to enable customers to secure their retirement as well as provide financial security to their families in the wake of their absence. NS insurance policy It was scheduled to take effect from September.
According to the press release issued by the company, the pension plan offers many benefits to its subscribers. It claimed that the company offered benefits like guaranteed regular income for the duration of the customer’s life after just one payment. It was also known as providing annuity to the customers on monthly basis as well as on quarterly, half-yearly and yearly basis. Apart from this, the plan also enables loan against the policy. As per the standard life insurance policy function, on the death of the Life Assured, the nominee will receive the policy payout.
It was also mentioned that the policy can be surrendered at any time after six months from the date of commencement of the annuitant, spouse or any child of the annuitant, if they are diagnosed with critical illnesses. However, these diseases need to be specified as per the list of diseases provided by the policy department.
Vineet Kapahi, Head of Marketing Functions, Aviva Life Insurance said, “In line with IRDAI’s vision of offering standard immediate annuity products with simple features, we have launched the Aviva Saral Pension Scheme. We understand the need for regular income in later years of life and the importance of securing the financial future of loved ones even in one’s absence, making Aviva a helpful tool for Saral Pension Retirement Planning. “
“Considering that with increasing life expectancy due to better healthcare facilities, nuclear families becoming a norm, retirement planning has become a necessity. Many people imagine that they are sitting comfortably, free of responsibilities. We are enjoying life in our golden years, and we aim to help our customers fulfill this dream with the launch of this product.”
Benefits of Aviva Saral Pension Scheme
1) It provides a guaranteed income for the entire life of the Life Assured with ‘Pay Only Once’ option. As per the release one can enjoy this regular income till September 2021.
2) By using the ‘Joint Life’ option under this scheme, one can be safe in terms of future regular income along with that of his/her spouse.
3) The policy is also equipped with a loan availability that allows the customers to take a loan against the policy after six months of purchasing the policy.
4) As a customer, you can also enjoy the tax benefits that come with this scheme under the existing tax laws.
Aviva Life Insurance Company India Limited was launched as a joint venture by Dabur Invest Corp and UK based insurance conglomerate Aviva International Holdings Limited. According to a company release, Aviva International has been associated with India since 1834. The primary focus of the company is to provide streamlined customer experience and high level of service through digital innovations. Currently, the company serves approximately 33 million customers in 10 different countries.
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