Aviva Guaranteed Income Plan, a life insurance cum savings oriented plan that assists you financially by guaranteeing returns in the form of 11 regular payouts over 10 years.
Aviva Guaranteed Income Plan
At Aviva we recognize your efforts and hard work to provide your loved ones with a comfortable life today and tomorrow. Presenting Aviva Guaranteed Income Plan, a life insurance cum savings oriented plan that assists you financially by guaranteeing returns in the form of 11 regular payouts over 10 years. These regular payouts are passed onto your family in case of your untimely death.
Benefits That You Will Receive
In case the life insured survives till the end of the Policy Term and provided all due premiums have been paid; the Maturity Sum Assured will be paid in the following manner:
1. 11 annual instalments of "1.2 times of the Annualized Premium" shall be paid at the end of each year during the Payout Period, starting from the maturity date.
2. A lumpsum amount of "7 times of the Annualized Premium" shall be paid at the end of the Payout Period
An additional Guaranteed Terminal Benefit, depending upon age at entry, is paid along with the last payout.
In case of unfortunate death of the Life Insured while receiving the regular income, the outstanding regular payouts shall be paid to the nominee/beneficiary.
In case of death of the life insured during the policy term provided all due premiums till date of death have been paid, the Death Sum Assured payable shall be highest of the following amounts:
1. 10 times of the Annualized Premium, or
2. 105% of all the Total Premiums paid as on date of death, or
3. Maturity Sum Assured
4. Sum Assured, an absolute amount
The Sum Assured will be paid in the following manner:
1. If death occurs during the policy term, 11 regular annual installments equal to 1.2 times of the Annualized Premium shall be payable, with the first installment being paid at the time of Death and the remaining 10 annual installments payable on each of the death anniversary of the life insured
2. A benefit of "7 times of the annualized premium" will be payable along with the last annual installment on the 10th death anniversary
3. In addition, your nominee also receives the Guaranteed Terminal Benefit along with the last payout.