Aviva Secure Pension plan can be said as a complete Pension plan that provides dual benefits of protection and pension to the policy holder. It also offers guaranteed additions to the sum assured in the first three years of the policy. By taking part in company’s profits you can get attractive returns and additional terminal bonus on maturity of the policy.
Key features of Aviva life insurance – Secure Pension policy are:
• The entry age for the policy is 18 to 60 years as on the last birthday.
• The available policy term is 10years to 40 years which is subject to a minimum and maximum maturity age of 40-75 years.
• The minimum sum assured is Rs 1 lakh and there is no maximum limit.
• The annual premium is minimum Rs 5000 and maximum depends on Sum Assured.
• Premium can be paid yearly, half yearly, quarterly or monthly.
Benefits of Aviva Secure Pension plan are:
Death benefit
• If there is any case of sudden death of the policy holder the nominee of the policy holder will get the entire maturity value with the guaranteed additions and simple reversionary bonuses.
• The amount is paid in lump sum and also to purchase annuity.
Maturity benefit
• The sum assured is returned along with reversionary bonus and terminal bonus.
• The customer has the option to take back up to 1/3rd of the maturity claim as lump sum free of tax use the balance to acquire annuity from Aviva Life Insurance Company or from other life insurance companies registered with IRDA.
Tax benefit
Tax benefits can be availed under Section 80C/ 80CCC (1) and Section 10(10A)(3) of the Income Tax Act, 1961.
Other benefits
• Guaranteed Additions of Rs 30 per Rs 1000 are paid to the sum assured for the first 3 years of the policy.
• Discounts of Re 1 to Rs 2.5 per thousand are offered on sum assured bigger than Rs 2 lakh.
• A share in the profits of the company in the form of Simple Reversionary Bonus, from 4th policy year onwards and Terminal Bonus, at maturity basing on the experience of the company
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