Aviva Retirement Insurance Plans details are provided below. The Aviva Life Insurance offered Retirement plans such as Dhan Samruddhi, Life Bond Advantage, Next Innings Pension Plan, Wealth Builder, i-Growth, Annuity Plus, New Family Income Builder, Affluence, Dhan Vriddhi Plus, Live Smart. Check the brief details of Retirement plans here.
Aviva Retirement Insurance Plans
The Aviva India Life Insurance Company is a private Financial services and Insurance Industry. Aviva Life Insurance is a joint venture between Aviva Group and Dabur Group. Aviva Company’s vision is to be amongst India’s largest life insurers with a quality business model, focused on sustainable growth. This Company seek to build a robust product portfolio that meets all customer lifecycle requirements related to Protection, Savings, Retirement and Investments. So, we need to invest our money to live tension freely. Therefore Aviva Life Insurance Policy provides some plans that may help policyholders from any uncertainties.
Aviva Insurance offers the variety of insurance products from different categories to its customers such as Term Insurance Plans, Endowment Plans, Health Insurance Plans, ULIPs (Unit Linked Plans), Retirement or Pension Plans, Child Plans, Saving Plans and Rural Plans. For each category, there are different plans. The customer can select the plan as per their requirements.
Furthermore, information about the offered Aviva Retirement Insurance Plans follow the details in which explained individually.
Aviva Life Insurance Retirement Policy
Aviva Insurance policy provides various Retirement plans. Therefore the list of Aviva Life Insurance Retirement Plans are as follows:
- Dhan Samruddhi.
- Life Bond Advantage.
- Next Innings Pension Plan.
- Wealth Builder.
- Annuity Plus.
- New Family Income Builder.
- Dhan Vriddhi Plus.
- Live Smart.
Aviva Dhan Samruddhi Plan Details
The Dhan Samruddhi plan A Non-linked, non-participating money back plan with guaranteed returns. Aviva Dhan Samruddhi a savings-cum-protection plan that enables insured to build the corpus for future investments, while periodically giving money back during the policy term. Hence one can continue to meet their ongoing financial requirements with ease. Also, the Unique Identification Number is 122N097V02. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given below.
Key Features of Aviva Company Dhan Samruddhi Plan
- Yearly Guaranteed additions up to 9% of Annualized Premium.
- Guaranteed Money Back after every five years.
- Maturity Benefit Guaranteed.
- Rebate for High Sum Assured.
- Tax Benefits on all premiums paid & Payouts.
Benefits of Dhan Samruddhi Policy
- Guaranteed additions.
- Survival Benefit.
- Maturity Benefit.
- Death Benefit.
The Guaranteed Addition for a policy year will accrue at the end of each policy year during the policy term. The accrued guaranteed additions will be paid along with the maturity benefit, or on earlier death of the life assured.
The insured will get guaranteed survival benefit equal to 125% of Annual Premium at the end of every 5th policy year except at maturity, with all due premiums till due date have been paid.
If the policyholder pays all the due premiums, then insured get a guaranteed maturity benefit equal to the sum assured plus accrued Guaranteed Additions till maturity.
In the unfortunate event of death of the life insured within the policy term, the following payment made to the nominee, with all due premiums till date of death have been paid:
- Ten times of Annualised Premium.
- 105% of all the premium paid.
- Sum assured of the policy plus the Guaranteed Additions accrued till the date of death without deduction of any survival benefits already paid.
Eligibility Criteria for Aviva India Dhan Samruddhi Retirement Policy
Minimum: 13 years last birthday
Maximum: 55 years last birthday
|Maturity Age||23 to 70 years|
|Policy Term||10, 15 or 20 years, subject to maximum maturity age|
|Premium Payment Term||10 years for all the Policy terms|
Minimum: Rs. 100,000
Maximum: Rs. 5 Crore
|Premium||Depends on Age, Policy term and sum assured
Minimum Premium: Rs. 6,464 for yearly mode, Rs. 3,302 for Half-Yearly, Rs. 1,675 for Quarterly mode, Rs. 563 for monthly mode
Maximum Premium: Rs. 47.53 lacs
|Premium Payment Frequency||Annual, Half-yearly, Quarterly & Monthly for monthly mode, only ECS/ Direct Debit is allowed|
Furthermore, Details about Dhan Samruddhi Plan are provided below through brochure.
Aviva Life Bond Advantage Plan Details
The Aviva Life Bond Advantage A single premium Unit-linked insurance plan. It is a Non-participating unit-linked savings oriented insurance plan that allows lump sum investment to help grow your wealth. This plan offers you an opportunity to invest a lump sum for medium to long term together with Life Cover and flexibility to access your money after five years. Also, the Unique Identification Number is 122L086V03. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given below.
Key Features of Life Bond Advantage Plan
- Single premium unit linked plan.
- Partial withdrawals after five years.
- Option to switch between 7 funds.
- Enhanced investment returns.
Benefits of Aviva Company Retirement Life Bond Advantage Policy
- Death Benefit.
- Accidental Death Benefit.
- Maturity Benefit.
If the policyholder and life insured are different, and death of the policyholder occurs before the life insured, the policy does not terminate, and no benefit is payable on such event. On the death of Life Insured, following shall be payable.
- Higher of base Sum Assured/ Fund value about single premium at the date of notification of death/ 105% of single premium paid.
- Higher of top-up sum assured/ Fund value about top-up premiums/ 105% of top-up premiums paid.
Accidental Death Benefit
In the case of Accidental Death, if the age of insured is more than 18 years as on last birthday but not more than 60 years last birthday as on date of death then A benefit equal to the Accidental Death Sum Assured as specified in the Policy Schedule shall also be payable.
If insured survive till maturity, then they get payed with the fund value (Value of units about single premium and top-up premium) as on maturity date.
Eligibility Criteria for Aviva India Life Bond Advantage Retirement Policy
|Entry Age (Last Birthday)||2 to 65 years (Risk commences immediately)|
|Maturity Age||18- 75 years|
|Policy Term (PT)||10- 73 years Subject to maximum age of 75 of Life insured at maturity|
|Premium Paying Term (PPT)||Single|
|Single Premium|| Minimum: Rs. 50,000
Maximum: No limit, Subject to Underwriting
|Base Sum Assured (Fixed)||1.25 * Single Premium|
|Inbuilt ADB Sum Assured||Equal to Base Sum Assured, Subject to the maximum of Rs. 50 lacs|
|Top-up Premium|| Minimum: Rs. 5000
Maximum: Up to sum of premiums paid
|Top-up Sum Assured||1.25 times of top-up premium paid|
|Lock-in-Period for Single Premium||5 years from the date of Commencement of the policy|
|Lock-in-Period for Top-up Premium||5 years from the date of allocation of Top-up premium|
Furthermore, Details about Aviva Retirement Insurance Plans of Life Bond Advantage are provided below through brochure.
Aviva Next Innings Pension Plan Details
The Aviva Next Innings Pension Plan a Non-linked, Non-participating deferred pension plan for building guaranteed lump sum. It is a unique combination of a built-in guarantee to build a lump sum amount to secure regular income for insured retirement years. Also, the Unique Identification Number is 122N101V01. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given below.
Key Features of Next Innings Pension Plan
- Guaranteed lump sum of 210% of premiums paid at maturity.
- Protection for your family in case of death.
- Tax Benefits on all premiums paid & Payouts.
Benefits of Aviva India Next Innings Pension Policy
- Death Benefit.
- Maturity Benefit.
- Paid-Up and Reinstatement.
- Surrender value.
In the case of death of Insured during the policy term, the death benefit paid to nominee shall be as follows:
- Premiums paid, excluding extra premiums and taxes, till the date of death, along with 6% interest per annum.
- 105% of all premiums paid, excluding extra premiums and taxes, till the date of death.
In case Policyholder survives till maturity, the maturity benefit will be 210% of the premiums paid, excluding extra premiums and taxes. The policy proceeds will compulsorily be used in the following ways:
- By purchasing Immediate Annuity.
- By purchasing a single premium deferred pension product.
Paid-Up and Reinstatement (Applicable to limited Premium Policies)
In case of limited premium policies, following Non-forfeiture benefits will be applicable
- If less than two years premiums have been paid.
- If at least two years premiums have been paid.
Surrender Value payable will be greater of the guaranteed surrender value and special surrender value.
- A Single premium policy can be surrendered anytime after completion of the first policy year.
- A limited premium policy can be surrendered anytime provided at least two years premiums have been paid.
Eligibility Criteria for Aviva Next Innings Pension Retirement Policy
|Entry Age (on last birthday)||42- 60 years|
|Maturity Age (on last birthday)||55- 78 years|
|Policy Term (PT) & Premium Payment Term (PPT)||PT||PPT|
| Premium payment term
Single: Rs. 1,50,000 Premium amount
Limited: Rs. 50,000 p.a Premium amt
| Single/ Limited Premium
Rs. 5,00,00,000 per life.
|Premium Payment Frequency||Single, Annual, Half Yearly and Monthly Premium for Half yearly and monthly f Frequency is calculated as below:|
Furthermore, Details about Aviva Retirement Insurance Plans of Next Innings Pension policy are provided below through brochure.
Aviva Wealth Builder Plan Details
The Aviva Wealth Builder a Non-Linked, non-participating insurance plan. It helped life assured achieve their dreams to the fullest and ensured that their family well protected, in case insured is not around. A Life insurance plan that doubles the total amount of premiums paid and returns it as a lump sum at maturity, guaranteed. Also, the Unique Identification Number is 122N100V02. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given below.
Key Features of Wealth Builder Aviva Plan
- Get double of the premiums paid at maturity.
- 3 policy term options.
- Tax Benefits as per applicable tax laws.
Benefits of Aviva Life Insurance Wealth Builder Policy
- Death Benefit.
- Cash Benefit.
- Maturity Benefit.
In case, a death of insured the payout to the nominee will be equal to the sum assured, provided all due premiums till the date of death are paid.
Sum Assured (Double of the sum of premiums paid excluding taxes and extra premiums) will be paid at maturity if all due premiums paid and insured survives till maturity date.
Eligibility Criteria for Aviva Wealth Builder Retirement Insurance Policy
|Entry Age||5 to 50 years Last Birthday|
|Policy term & Premium payment term||Policy Term||Premium Payment Term|
|13 years||Single Premium|
|15 years||5 years|
|17 years||10 years|
|Maturity Age||Policy Term||Minimum Maturity Age||Maximum Maturity Age|
|13 years||18 years||63 years|
|15 years||20 years||65 years|
|17 years||22 years||67 years|
| Regular Premium: Rs. 50,000 per annum
Single Premium: Rs. 1,50,000
|Sum Assured||PPT||Sum Assured|
|Single||2 times the single premium|
|5 years||10 times the annual premium|
|10 years||20 times the annual premium|
|Maximum/ Minimum Sum Assured||Frequency||Minimum Sum Assured||Maximum Sum Assured|
|Single||Rs. 3,00,000||Rs. 2,00,00,000|
|5 years||Rs. 5,00,000||Rs. 10,00,00,000|
|10 years||Rs. 10,00,000||Rs. 20,00,00,000|
|Premium Payment Frequency||Single or Annual|
Furthermore, Details about Aviva Retirement Insurance Plans of Wealth Builder policy are provided below through brochure.
Aviva India i-Growth Plan Details
The Aviva i-Growth plan a Unit-linked, Non-participating savings oriented life insurance plan to accelerate policyholders savings. This plan ensures secure future for insured as well as their family. The benefits offered are Death and Maturity benefit. Also, the Unique Identification Number is 122L106V02. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given brochure.
Hence, Details about Aviva Retirement Insurance Plans of i- Growth are provided below through brochure.
Aviva Annuity Plus Plan Insurance Company Details
The Aviva Annuity Plus is a Non-participating, non-linked single premium immediate annuity plan. This plan is specially designed to provide insured with lifetime income during their post-retirement years. Also, the Unique Identification Number is 122N018V04. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given in brochure.
Hence, Details about Aviva Retirement Insurance Plans of Annuity Plus are provided below through brochure.
Aviva Life Insurance New Family Income Builder Plan Details
The Aviva New Family Income Builder a Non-linked, Non-participating life insurance that doubles policyholders money. It is a saving cum protection oriented plan that assists life assured financially by guaranteeing returns in the form of regular payouts for 12 years. Death, Maturity, Guaranteed terminal benefits included in this plan. Also, the Unique Identification Number is 122N103V02. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given in brochure.
Hence, Details about Aviva Retirement Insurance Plans of New Family Income Builder are provided below through brochure.
Aviva Insurance Affluence Plan Details
The Aviva Affluence an unit-linked, Non-participating insurance plan. A Unit Linked endowment plan which helps insured live to the fullest & demand the maximum out of their finances. The benefits in this plan are Death and Maturity benefit. Also, the Unique Identification Number is 122L111V01. Furthermore, information about key features, Benefits, and Eligibility Conditions of Aviva Retirement Insurance Plans are given in brochure.
Furthermore, Details about Aviva Retirement Insurance Plans of Affluence are provided below through brochure.
Aviva Dhan Vriddhi Plus Policy Details
The Aviva Dhan Vriddhi Plus a Non-linked, Participating, Limited pay endowment insurance plan. By this plan insured can get Safe investment and Healthy Bonus. A life insurance plan that helps policyholders save systematically and build a corpus. The benefits in this plan are Death, Maturity Benefits, Flexible premium payment term. Also, the Unique Identification Number is 122N110V01.
Furthermore, Details about Aviva Retirement Insurance Plans of Dhan Vriddhi Plus are provided below through brochure.
Aviva Live Smart Life Insurance Details
Aviva Live Smart Plan a savings oriented life insurance plan. It helps insured achieve their dreams to the fullest. A Unit Linked Insurance Plan which gives the flexibility to make life assured their own investment decisions for long term growth. The benefits in this plan are Death, Maturity Benefits. Also, the Unique Identification Number is 122L098V03.
Furthermore, Details about Aviva Retirement Insurance Plans of Live Smart Life are provided below through brochure.
Aviva Insurance Premium Calculator
With the help of Aviva Life Insurance Premium Calculator, you can easily calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and other factors of Aviva Freedom Plan. To calculate the premium amount you need to enter some values such as Policy period, Age and Sum assured, etc.
Aviva Insurance Policy Buying Procedure
To buy this Aviva Life Insurance Freedom Plan, you need to visit the nearest Aviva Life Branch or the official website. Buying or paying premium through online is the easy way than doing it in offline. The documents required to buy a new Aviva Life Insurance Retirement Freedom Plan are:
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
Aviva India Life Insurance Company Claim Procedure
For claiming the Aviva Life Insurance Freedom Plan, you may visit the nearest Aviva Life Branch. And can also visit the official website. Claiming for a benefit through online is the easier way than doing it in offline. The documents required for the Claim Process given below.
- NEFT Form.
- Discharge Form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death certificate.
Additional Information on Aviva Life Insurance Company
Policy Revival: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Grace Period: In case you have missed paying your premium by the deadline, the Grace Period will allow in one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
In the case of Policyholder death during the Policy grace period, then your policy will be in force and will pay the Death Benefit as defined in the benefits section.
Cooling-Off Period (Free Look Period): You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Get more information about Aviva Freedom Retirement Plan
In Aviva Life Insurance Freedom, the Policy Loan is available provided policy acquires Surrender Value. So you can apply for the policy loan for an amount within the extent of 65% of the Surrender Value.
Suicide Clause/ Exclusion:
If the life insured commits suicide at any time within 12 months from the commencement of risk, then the Aviva Life company will not allow any claim under this Aviva Life Insurance Freedom Plan. Instead, he/ she will return to 80% of premiums he paid excluding all taxes and extra premium if any.
Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
Assignments/ Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can make in the policy. As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.