Aviva Signature Monthly Income Plan
Get Guaranteed Lifetime Monthly Income##
Upto 10X of total Premiums Paid#
"Zero Cost" Savings Plan
#Including Return of Premium | ##Income upto 100 years of age
Aviva Signature Monthly Income Plan
In life, we generally have two main financial needs- how to live a comfortable life and how to take care of our loved ones in case of any unfortunate event.
Life expectancy has increased in India owing to various factors like rising modern health care breakthroughs, control of epidemics, better living conditions and more. And to cater to life longevity, it’s important that you are financially prepared to face life’s planned and unplanned expenses.
Introducing, Aviva Signature Monthly Income Plan, a Zero cost savings plan that provides you with Guaranteed Lifetime Monthly Income and Lifelong Financial Security for you and your loved ones.
This plan comes with tax benefits and is an all-in-one solution to all your needs. You can choose your payout period and customize your plan to meet your needs. It’s easy to manage, fits your budget, and lets you focus on living life to the fullest.
So, no matter what your goals and dreams are, you can now fulfil them. This plan ensures your financial wellness today and tomorrow.
Why should you buy Aviva Signature Monthly Income Plan
A comprehensive plan that provides you with Guaranteed Lifetime Monthly Income* and Lifelong Financial Security* to your loved ones.
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Regular monthly payouts help with living costs and bills
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Life insurance protects your loved ones financially
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Accidental Causality Rider Sum Assured on accidental death
***In case Aviva Accidental Casualty Non–Linked Rider is selected at the start*** -
Tax benefits applicable as per prevailing tax laws. Tax laws are subject to change
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Get your total premiums back at the end of payout period
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Get all future benefits as a lump sum payment at a discounted rate (if necessary)
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Flexibility to choose policy term / premium payment term & payout period as per your requirement
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*Income upto 100 years of age
Benefits of Aviva Signature Monthly Income Plan
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Maturity Benefits:
If the insured survives until the end of the policy term and has paid all premiums, a guaranteed monthly income will be provided during the payout period. The total premiums paid during the policy term (excluding extra premiums, rider premiums, and taxes) will be returned along with the last payout of the guaranteed monthly income. The maturity benefit is paid to the claimant regardless of whether the insured person is alive during the payout period. -
Tax Benefits:
Tax benefits may apply as per prevailing laws and are subject to change. -
Choose Your Premium Payment Frequency:
Premiums can be paid annually, quarterly, half-yearly, or monthly.
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Flexibility for Lump Sum Benefit:
Option to receive all future benefits as a lump sum at a discounted value. -
Death Benefit:
If the insured person dies during the policy term, and all due premiums have been paid until the date of death, the death benefit will be payable. -
Aviva Accidental Casualty Non-Linked Rider:
If the optional rider is chosen, and the insured person dies due to an accident during the rider policy term, the accidental death rider sum assured will be paid.
Terms & Conditions of Aviva Signature Monthly Income Plan
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Free Look Period:
Policyholders have 15 days (30 days for electronic or distance mode policies) to review the policy after receiving the policy document.
If the policyholder disagrees with any terms, they can return the policy within this period for cancellation and get a full refund with only stamp duty charges deducted (if any). -
Loan Availability:
Policy loans are not permitted under this plan. -
Acceptance:
Aviva is not liable for any claim until the risk is accepted and the full premium is received.
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Grace Period:
The insurer grants a grace period for premium payment without penalties or late fees.
The grace period is 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly payments. -
Suicide Clause:
If the life insured dies by suicide within 1 year of policy start or revival, the beneficiary will receive at least 80% of the total premiums paid or the surrender value, whichever is higher. -
Nomination & Assignment:
Policyholders can nominate a beneficiary to receive the fixed monthly income plan benefits as per Section 39 of the Insurance Act 1938.
Policyholders can also assign the policy to someone else as per Section 39 of the Insurance Act of 1938.
Features of Aviva Signature Monthly Income Plan
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Secure your family's future with life insurance coverage
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Choose a premium payment term and policy term that fit your budget and timeline
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Select your payout period:
Option A (25 or 30 Years)
Option B (40 or 45 Years)
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Enjoy guaranteed income during the payout period, even if the Life Assured passes away
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Get additional protection with an optional rider
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Receive your total premiums back at the end of the payout period
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Earn higher income benefits for higher Premium/Sum Assured
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Option to receive the discounted value of future payouts during the Payout Period
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Tax benefits according to current tax laws
Aviva Signature Monthly Income Plan options
Option A
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A comprehensive plan with an entry age starting at 3, offering coverage up to 80 years, and customizable premium payment / Policy term & payout period.
Option B
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A long-term plan with an entry age range of 25 to 48 years, providing coverage until 60 years , and flexible premium payment / Policy term & payout period.
Eligibility
| Premium Payment Term | ||
|---|---|---|
Eligibility
| Plan Options | Minimum Entry Age | Maximum Entry Age | Minimum Maturity Age/Maximum Maturity Age | Premium Payment Term (PPT) | Policy Term (PT) | Payout Period (PP) |
|---|---|---|---|---|---|---|
| (in years) | (in years) | (in years) | ||||
| A | 3 Years last birthday (without Rider) 18 Year last birthday (with Rider) |
60 Years last birthday | 18 Years last birthday/80 Years last birthday | 10 | 15 | 25 |
| 11 | 16 | 25 | ||||
| 12 | 15 or 17 | 25 | ||||
| 13 | 16 or 18 | 30 | ||||
| 14 | 17 or 19 | 30 | ||||
| 15 | 18 or 20 | 30 | ||||
| B | 25 Year last birthday | 48 Year last birthday (Payout Period 40 Years) 43 Year last birthday (Payout Period 45 Years) |
60 Year last birthday (Payout Period 40 Years) 55 Year last birthday (Payout Period 45 Years) |
Min. 7 Years Note :The Premium Payment Term (PPT) would be {55 Years minus Entry Age} for Payout period of 40 years) and PPT would be {50 Years minus Entry Age} for Payout period of 45 years) |
Min. 12 Years Max. 35 Years |
40 Years or 45 Years |
Note: Under Plan Option-B, the Policy Term (PT) would be {60 Years minus Entry Age} for Payout period of 40 years) and PT would be {55 Years minus Entry Age} for Payout period of 45 years)
Frequently Asked Questions - Aviva Signature Monthly Income Plan
A monthly income plan (or MIP) is a financial tool created to offer investors a consistent monthly income. Its main goal is to generate a stable cash flow for people who depend on regular income to cover expenses. This best investment plan for monthly income is particularly appealing to retirees, those in need of extra income, or individuals who want a regular payout while protecting their initial investment.
Monthly income plans offer regular payouts, and you should consider buying one if looking for:
- Steady income: You're retired or nearing retirement and need a regular cash flow.
- Lower risk tolerance: You prioritize income over growth and prefer stability over market volatility.
Think of monthly income plans like a money tree that gives you both fruit (regular income) and life protection up to policy term. Here's why they're different from other fixed investments:
- They pay you guaranteed monthly payout irrespective of market volatility.
Consider these key factors before purchasing the best monthly income scheme:
- Know Your Needs: Understand your family's requirements to look for a monthly income scheme that aligns with your immediate needs and long-term goals.
- Get an Estimate of Your Retirement Income: Estimate the amount of income required during retirement. Use the monthly income from the plan as a pension to ensure financial independence after your regular earnings cease.
- Review Current Insurance: Assess your existing life insurance coverage. If there's a gap between your current coverage and ideal protection, a monthly income plan can help bridge that gap.
- Investment Considerations:
- Objectives: Determine if you seek regular income or long-term growth
- Risk Tolerance: Assess your comfort with risk. MIPs offer stable income with some growth potential but come with risks.
- Return Expectations: Understand the expected returns. MIPs generally offer lower returns than equities but come with lower risk.
- Investment Duration: Decide on your investment timeline. MIPs are typically suitable for a long-term horizon.
- Tax Implications: Understand the tax implications associated with MIP investments.
- Fees & Charges: Compare fees & charges across different MIPs before deciding.
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AN Feb 73/24, UIN: 122N157V01
