Aviva Life Insurance launched Saral Pension Yojana. Know Key Features

Aviva Saral Pension Plan offers benefits including guaranteed regular income for the rest of your life by paying only once, monthly, quarterly, half-yearly and yearly, and availing loan against the policy, according to the company statement.

In case of death of the annuitant, the entire purchase price premium amount is paid to the nominee. The policy can be surrendered at any time after six months from the date of commencement of the policy, if the annuitant, spouse or any child is diagnosed with any of the critical illness specified in the policy document.

Vineet Kapahi, Head of Marketing Function, Aviva Life Insurance said, “In line with IRDAI’s vision of offering a standard immediate annuity product with simple features, we have launched the Aviva Saral Pension Scheme.

Some of the salient features of Aviva Saral Pension Yojana are:

> Guaranteed Lifetime Income: Pay only once and enjoy guaranteed regular income for the rest of your life at the beginning of the next month

> Option to secure the future of your loved ones: With the joint life option, you have the opportunity to secure the future income of your spouse as well.

> Loan Availability: For those unforeseen needs that come to life, you have the option of taking a loan against the policy after six months from the time of purchase of the policy.

> Tax Benefits: Tax benefits may be available as per existing tax laws

“Considering that with increasing life expectancy due to better healthcare facilities, nuclear families becoming a norm, retirement planning has become a necessity. Many people imagine that they are sitting comfortably, free of responsibilities. We are enjoying life in our golden years, and we aim to help our customers fulfill this dream with the launch of this product.”