Aviva Life Insurance, India’s most trusted private life insurance brand launches the Aviva Signature Monthly Income Plan. An endowment plan is intended to offer individuals and families guaranteed lifelong monthly income and financial security #ForTheLongRun.
The new plan has two choices that assure customers receive a Guaranteed Lifetime Monthly Income, providing a consistent and predictable revenue stream throughout their chosen payout period. This function is intended to provide financial stability and cover monthly expenses, providing reassurance in times of uncertainty.
For people aged 25 to 48 who want to plan for their retirement, the plan offers a Policy Term of up to 35 years and a Payout Period of up to 45 years, ensuring a lifetime monthly income.
For people aged 49 to 60, a policy term of up to 20 years and a payout period of up to 30 years ensures a lifetime monthly income for a worry-free retirement.
Also Read | Aviva India unveils ‘Aviva Mid-Cap Fund’ for wealth creation
The plan also caters to a younger demographic, with a minimum entry age of 3 years old to provide a consistent stream of money to cover planned and unanticipated expenses such as trips, college tuition, bills, gifts, and so on.
This customized approach to financial planning allows individuals to adjust their income streams to their own circumstances and aspirations.
Furthermore, the plan includes a Life Insurance benefit that protects loved ones by paying a lump sum benefit to the nominee in the case of the policyholder’s untimely death during the policy term.
In the event of the policyholder’s death within the Payout Period, their spouse/nominee will continue to receive the Monthly Income as specified under the plan, as well as a Return of Total Premiums Paid at the conclusion of the period.
In addition to its protective characteristics, the plan offers Tax Benefits at the time of premium payment and monthly payouts in accordance with applicable tax rules.
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.”
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
