Aviva Annuity Plus

Overview
Aviva Annuity Plus is a non-participating, non-linked immediate annuity plan specially designed to provide you with lifetime income during your post-retirement years. Immediate annuities are designed to provide you with income immediately, by exchanging your Pension Plan proceeds. In exchange for this lump sum premium, the insurance company pays you a stream of income as long as you live.

Key attractions of the plan are:

A. Option to select from 7 annuity options to suit your specific financial needs

B. Annuity amount payable is guaranteed for the life of the policy

C. Flexibility to enhance the Purchase Price at inception for higher annuity installment

Eligibility


Benefits That I Will Receive
The following options are available for annuity payment. Annuity can be paid monthly, quarterly, half yearly and yearly.

1. Life Annuity: It means a level annuity is paid in arrears as long as the annuitant survives.

2. Annuity Guaranteed for 5 years and for life thereafter: It means a level annuity is paid in arrears for the first 5 years irrespective of whether the annuitant survives or not during these 5 years. However, after elapse of guaranteed period i.e. first 5 years, annuity will be paid as long as the annuitant survives.

3. Annuity Guaranteed for 10 years and for life thereafter: It means a level annuity is paid in arrears for the first 10 years irrespective of whether the annuitant survives or not during these 10 years. However, after elapse of guaranteed period i.e. first 10 years, annuity will be paid as long as the annuitant survives.

4. Annuity Guaranteed for 15 years and for life thereafter: It means a level annuity is paid in arrears for the first 15 years irrespective of whether the annuitant survives or not during these 15 years. However, after elapse of guaranteed period i.e. first 15 years, annuity will be paid as long as the annuitant survives. For options 2, 3 and 4 above, in case the annuitant dies during guaranteed period, the nominee of the annuitant will receive the annuity amount in the same way as it would have been paid to the Annuitant if he would have been alive, for the remaining guaranteed period.

5. Annuity for Life increasing @ 3% per annum simple: It means a life annuity increasing @ 3% p.a. simple is paid in arrears as long as the annuitant survives.

6. Life Annuity with Return of Purchase Price: It means a level annuity is paid in arrears as long as the annuitant survives and the Purchase Price of the annuity (excluding taxes) is paid to the nominee on death of the Annuitant.

7. Joint Life Last Survivor Annuity: It means a level annuity is paid in arrears as long as both or either of the two annuitants survives.

Sample Annuity Rates
Sample annuity amount payable in arrear on yearly basis for a Purchase Price of Rs 100,000

Annuity rate depends on the age of the Annuitant at inception of the policy and the option chosen.

The annuity payable will be higher for a lower frequency. The annuity rate is multiplied by a multiplying factor to arrive at the final annuity amount payable based on the mode of annuity payment.