Aviva Signature Increasing Income Plan
Aviva Signature Increasing Income Plan
India is currently in a demographic sweet spot, with 63% of the population in the working age. However, by 2050, this landscape will change dramatically, resulting in fewer workers and more dependents. As life expectancy continues to rise, the non-earning years will also increase, making it essential to secure a stable income for the future. Coupled with rising household expenses and inflation, the need for a post-retirement income and securing your loved ones becomes critical. But imagine a future where your income adapts seamlessly to your evolving needs, offering you a Lifelong# Guaranteed Monthly Increasing Income to meet your raising expenses.
Introducing Aviva Signature Increasing Income Plan - a guaranteed savings life insurance plan that provides a Lifelong# Badhti Income that gives you Badhti Security and brings you Badhti Khushiyan. With a tax-free* 15% monthly increase in income every three Policy years, this plan is designed to beat inflation and ensure a consistent income stream for life.
Beyond post retirement income, this plan also offers a financial security net in case of unforeseen events. If the unexpected happens, future Premiums are funded by Aviva, while your loved ones continue to receive the benefits, ensuring their financial security remains intact. Embrace a future in which your income grows, so does your security and joy, while safeguarding your loved ones and your financial well-being even in unpredictable situations.
Why should you buy Aviva Signature Increasing Income Plan
-
Growing Income: Aviva Signature Increasing Income plan provides you with increasing income payouts over your lifetime. This ensures your income keeps pace with potential inflation, allowing you to maintain your purchasing power in the future.
-
Receive a lump sum of future benefits at a discounted rate.
-
Death Benefit Protection: The beneficiaries will receive a guaranteed death benefit upon the demise of the Life Assured, providing them with crucial financial support during difficult times.Secure your family financially with life insurance coverage.
-
Premium Guarantee Benefit: In the unfortunate event of the demise of the life assured, company pays all future premiums. This ensures your loved ones are not burdened financially while still receiving the promised benefits.
-
Additional sum assured on accidental death or critical illness
*** In case the Aviva Accidental Causality and New Critical Illness Riders are opted at the start*** -
Take advantage of tax benefits under Sections 80C and 10(10 D) of the IT Act, 1961.
Benefits of Aviva Signature Increasing Income Plan
-
Maturity Benefit: On survival of the life insured till the maturity date, provided all due premiums have been paid, a Guaranteed Monthly Income shall be paid during the Payout Period. The first monthly guaranteed income shall start from the Maturity date and thereafter payable at each monthly policy anniversary during the Payout Period. In addition, ‘105% of the Total Premiums Paid’ during the policy term shall also be returned to the policyholder along with the last payout of the guaranteed monthly income.
The Guaranteed Monthly Income amount shall increase by a simple interest rate of 15% on every 3rd anniversary of the Payout Period. For example, if the monthly income starting amount is ₹10,000:
it will remain ₹10,000 till the 36th month and
it will become ₹11,500 from 37th month to 72nd month and
it will become ₹13,000 from 73rd month to 108th month and so on.
The maturity benefit would be payable to the claimant irrespective of whether the life insured is surviving or not during the Payout Period. -
Policy Revival: If your policy lapses due to missed payments, you have a revival period of five years to reinstate it by paying all overdue premiums plus interest, ensuring you don't lose your benefits.
-
Loan Benefit: You can take a loan against your policy once it acquires surrender value. The maximum loan amount is typically 80% of the surrender value under the base plan.
-
Enhance Your Coverage: You can add optional riders like the Aviva Accidental Casualty Non-Linked Rider and Aviva New Critical Illness Non-Linked Rider with this plan for extra financial security against unforeseen risks.
-
Secure Your Family Financially: In case life insured dies during the policy term, provided all due premiums have been paid till the date of death, highest of the following amounts shall be paid immediately as lump sum.
a) Death Sum Assured or
b) 105% of the Total Premiums Paid#
In addition, to above, a Guaranteed Monthly Income shall be paid during the Payout Period to the claimant. The first monthly guaranteed income shall start from the Maturity date and thereafter payable at each monthly policy anniversary during the Payout Period. -
Lump Sum Option: You can choose to get a lump sum of all future benefits at a discounted value either when your policy matures or during the payout period. This flexible option gives you more control over your finances.
-
Increasing Income Benefit: The Aviva Signature Increasing Income Plan gives you a monthly payout that increases by 15% every 3 years during the payout period (applies to both maturity and death benefits). This helps keep up with inflation, so your income stays strong over time.
Terms & Conditions of Aviva Signature Increasing Income Plan
-
Free Look Period: You have 30 days to review the policy terms after receiving the documents. If you disagree with the terms, you can cancel the policy and get a refund. The refund will deduct costs for coverage during the review period, medical exams (if applicable), and stamp duty.
-
Tax Implications: You get tax benefits according to the prevailing tax laws, which are subject to change over time.
-
Acceptance: Aviva is only liable for claims after accepting the risk and receiving the full premium payment.
-
Nomination & Assignment: You can nominate a beneficiary (nominee) to receive the death benefit or assign the policy benefits to someone else, as per Sections 39 and 38 of the Insurance Act 1938, subject to amendments.
-
Suicide Clause: If the insured person dies due to suicide within 12 months from the policy start or revival date, the beneficiary will receive:
• 80% of the total paid premiums, or
• The surrender value (if any), whichever is higher.
This amount is only paid if the policy is active at the time of death. -
Grace Period: You have a grace period to pay your premium after the due date without penalty and maintain coverage.
• 30-day grace period for yearly, half-yearly, and quarterly premiums
• 15-day grace period for monthly premiums -
Alterations: You can switch your premium payment mode on any policy anniversary, but no other changes are allowed.
Features of Aviva Signature Increasing Income Plan
-
Receive a guaranteed monthly income till the age of 100.
-
Immediate financial support for beneficiaries with both a death benefit and monthly income.
-
Cancel the policy and get a refund if the terms are unsatisfactory within 30 days.
-
Pay your premiums within 30 days of the due date with no late fees.
-
Switch between monthly, quarterly, half-yearly, and yearly payment options at any policy anniversary, free of charge.
-
Option to take out a loan against the policy.
Eligibility
| Premium Payment Term | ||
|---|---|---|
Frequently Asked Questions - Aviva Signature Increasing Income Plan
The Aviva Signature Increasing Income Plan is a non-linked, non-participating life insurance plan that offers guaranteed, increasing income to policyholders. It provides monthly income that increases every 3 years to keep up with inflation, along with life insurance coverage for beneficiaries, ensuring financial support for your loved ones.
The guaranteed monthly income ensures you receive a consistent payout starting when your policy matures, increasing by 15% every 3 years to match inflation. If you outlive the policy and have paid all premiums, you'll get this monthly income and a lump sum equal to 105% of what you've paid in premiums. Should you pass away during the policy, your nominee(s) will receive either the death sum assured or 105% of total premiums paid, whichever is greater, along with the guaranteed monthly income.
If the insured person passes away during the policy term, and the policy is active with all premiums paid, the nominee(s) will receive either the death sum assured or 105% of the total premiums paid, whichever is higher. Additionally, they will receive a guaranteed monthly income starting from the policy's maturity date. This monthly amount increases by 15% every 3 years.
Yes, you can customize your coverage with riders such as the Aviva Accidental Casualty Non-Linked Rider and the Aviva New Critical Illness Non-Linked Rider for additional benefits.
With the Aviva Signature Increasing Income Plan, you have the option to pay premiums yearly, half-yearly, quarterly, or monthly.
Yes, this plan has a grace period of 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly payments. You can pay without penalty or late fee during this time, and the policy remains active with uninterrupted coverage.
The Aviva Signature Increasing Income Plan allows you to take a loan against your policy once it has built up a surrender value. You can take out a loan of up to 80% of the surrender value under the base plan.
During the free-look period, policyholders can check their insurance policy within 30 days of receiving it. If they disagree with any terms or conditions, they can return the policy to the company for cancellation, stating the reasons. They'll get a refund of the premium paid, minus a proportionate risk premium for the coverage period and any expenses like medical exams and stamp duty charges.
We are always there to assist you
AN Sep 06/24, UIN: 122N158V01
