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Home >Insurance >News >Aviva Life Insurance launches Saral Pension Plan. Know key features

Aviva Life Insurance has launched Aviva Saral Pension Plan, a non-linked, non-participating single premium individual immediate annuity plan. It enables customers to decide on planning their retirement and allows them to adopt the policy based on their needs.

Aviva Saral Pension Plan offers benefits including guaranteed regular income for the rest of your life by paying just once, flexibility to receive annuity monthly, quarterly, half-yearly and yearly, and loans against the policy, according to the company's statement. 

In case of death of the annuitant, the entire purchase price premium amount is paid to the nominee(s). The policy can be surrendered any time after six months from the commencement date if the annuitant, spouse, or any of the children of the annuitant is diagnosed with any critical illnesses specified in the Policy Document.

Vinit Kapahi, head, Marketing Function, Aviva Life Insurance said, “In line with IRDAI's vision to offer standard immediate annuity product with simple features, we have launched Aviva Saral Pension Plan."

Some of the key features of the Aviva Saral Pension Plan are:

> Guaranteed income for the whole life: Pay only once and enjoy guaranteed regular income for the rest of your life starting as soon as the next month

> Option to secure your loved ones’ future: With the joint life option, you have the opportunity to secure your spouse's future income too.

> Loan availability: For those unexpected needs that life throws, you have the option to avail loan against the policy after six months from the time of purchase of the policy

> Tax benefits: Tax benefits may be available as per prevailing tax laws

“Keeping in mind that the life expectancy is increasing because of improved healthcare facilities, nuclear families becoming a norm, retirement planning has become a necessity. So many people imagine themselves sitting comfortably, free of responsibilities, enjoying life in their golden years, and we want to help our customers live this dream with this launch of this product," Kapahi added.

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