Aviva Life Insurance, India’s most trusted private life insurance brand, announced the launch of Aviva Signature Monthly Income Plan. An endowment plan, that is designed to provide individuals and families with guaranteed lifetime monthly income and financial security #ForTheLongRun.
The new plan offers 2 options, designed to ensure that customers receive a Guaranteed Lifetime Monthly Income, providing a steady and predictable financial stream throughout their chosen payout period. This feature aims to enhance financial stability and cover regular expenses, offering reassurance in times of uncertainty.
For individuals of age 25-48, who wish to plan for their retirement, the plan provides Policy Term up to 35 years and Payout Period up to 45 years to guarantee a Lifetime Monthly Income.
For individuals of age 49-60, a Policy Term up to 20 years and Payout Period up to 30 years guarantees a Lifetime Monthly Income for a worry-free retirement.
The plan also caters to the younger audience, with the minimum entry age being 3 years old to ensure a steady stream of regular income to meet the planned and unplanned expenses, such as trips, college fees, bills, gifts, etc.This tailored approach to financial planning empowers individuals to customize their income streams according to their unique circumstances and goals.
Furthermore, the plan offers Life Insurance benefit, safeguarding loved ones by providing a lump sum benefit to the nominee in the event of the policyholder’s unfortunate demise during the Policy Term.
In the event of death of the policy holder during the Payout Period, their spouse/nominee shall continue to receive the Monthly Income as designated by the plan and also get a Return of Total Premiums Paid at the end of the Payout Period.In addition to its protective features, the plan provides Tax Benefits at the time of premium payment as well as monthly payouts, in line with prevailing tax laws.Moreover, the plan boasts Zero-Cost Savings Benefits, with all the premiums paid returned as lumpsum at the end of the Payout Period after the monthly income has already been paid.
Mr. Vinit Kapahi, Senior Vice President and Head of Marketing, said, “Aviva Signature Monthly Income Plan marks a significant milestone in our mission to redefine financial security. We aim to provide a Guaranteed Lifetime Monthly Income solution that secures our customers’ financial futures by fostering a culture of long-term savings. With flexible options, guaranteed benefits, and enhanced protection, it’s a testament to our commitment of meeting the evolving needs of our customers.”