Aviva Guaranteed Income Plan

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Aviva Guaranteed Income Plan is an individual, non-linked, and non-participating savings plan which provides guaranteed returns by way of 11 regular payouts over a period of 10 years.  The plan also provides guaranteed lump sum and a guaranteed terminal benefit.

In case you fail to pay the premiums after the payment of full 2 years’ premiums, the policy gets converted into a paid-up policy and reduced benefits are payable to you. However, the plan does not offer any loan facility against the paid premiums.

Best Features of Aviva Guaranteed Income Plan

Aviva Guaranteed Income Plan comes with the following key features:

  • Guaranteed Income- After the payment of 10 annualised premiums, you are entitled to receive guaranteed income for self by way of 11 regular payouts. In case of death of the life assured, the guaranteed income benefit is payable to the assured’s family.
  • Guaranteed Terminal Benefit- In accordance with your entry age in the plan, a guaranteed terminal benefit is payable to you along with the 11th income payout.
  • Paid-up Policy- If you fail to pay the premium even during the grace period of 30 days after the payment of the first 2 years’ premiums, the policy will acquire the status of a paid- up policy and will continue with reduced benefits till maturity or death of the life assured.
  • Policy Revival - A lapsed or paid-up policy can be revived within 5 years from the date of the first unpaid premium.
  • Surrender Benefit- The plan provides surrender benefit in case you decide to terminate the policy in between the policy term.

Benefits of Aviva Guaranteed Income Plan

Following benefits are available to the policyholders of Aviva Guaranteed Income Plan -

 1. Death Benefit

In case of an unfortunate death of the life assured during the policy term, the highest of the following is payable as death benefit to the nominee - 

  • 10 times of the annualised premium
  • 105% of the total premiums paid till the date of death
  • Maturity sum assured
  • Sum assured

The payout of the sum assured as death benefit is made in the following manner- 

  1. If death occurs during the policy term, 11 regular instalments equivalent to 1.2 times of the annualised premium are payable to the nominee. First instalment is payable on the death of the life assured and the remaining 10 instalments are payable on subsequent death anniversaries of the life assured.
  2. A lump sum equivalent to 7 times of the annual premium is payable with the last instalment i.e on the 10th death anniversary of the life assured.
  3. A guaranteed terminal benefit is also payable with the last payout as per the age of the life assured at the time of entry in the plan -
Guaranteed Terminal Benefit 
Entry AgeAnnualised Premium Less Than or Equal to INR 1.25 LakhAnnualised Premium More Than INR 1.25 Lakh
3 years - 15 years12% of 1 annualised premium14% of 1 annualised premium
16 years- 25 years10% of 1 annualised premium12% of 1 annualised premium
26 years - 35 years8% of 1 annualised premium10% of 1 annualised premium
36 years - 40 years6% of 1 annualised premium8% of 1 annualised premium
41 years - 45 years4% of 1 annualised premium6% of 1 annualised premium
46 years - 50 years2% of 1 annualised premium4% of 1 annualised premium

 2. Maturity Benefit

In case of the survival of the life assured till the plan maturity, a sum assured is payable to the life assured as the maturity benefit in the following manner - 

  • 11 annual instalments equivalent to 1.2 times of the annualised premium is payable at the end of each year during the payout period, starting the plan’s maturity date.
  • A lump sum amount equivalent to 7 times of the annualised premium is paid at the end of payout period along with guaranteed terminal benefit.

 3. Surrender Benefit

In case you wish to surrender the plan anytime after the payment of at least full 2 years’ premiums, you will be eligible to receive a surrender benefit  equivalent to the higher of the Guaranteed Surrender Value and the Special Surrender Value.

Aviva Guaranteed Income Plan Eligibility

Aviva Guaranteed Income Plan comes with the following eligibility conditions:

Eligibility Criteria For Aviva Guaranteed Income Plan
Minimum Age at Entry3 years
Maximum Age at Entry50 years
Minimum Age at Maturity18 years
Maximum Age at Maturity65 years
Policy Term 15 years
Premium Payment Term10 years
Payout Period10 years from maturity i.e. 15th to 25th year
Premium Payment FrequencyAnnual only
Minimum Annualised Premium Amount 

Entry Age 3 years to 45 years- INR 50,000 

Entry Age 46 years to 50 years- INR 75,000

Maximum Annualised Premium AmountINR 1 Crore
Minimum Sum Assured

Entry age 3 years to 45 years- INR 10.10 Lakh 

Entry age 46 years to 50 years- INR 15.15 Lakh

Maximum Sum AssuredINR 20.20 Lakh, subject to underwriting

Aviva Guaranteed Income Plan Review

Aviva Guaranteed Income Plan is a savings cum life insurance plan which primarily targets the requirement of regular income. The plan provides a guaranteed income flow for yourself and your family in case of your death after the payment of the premium for 10 years. A guaranteed terminal benefit equivalent to a certain percentage of annualised premium is also paid to you with the final income payout to enhance your plan benefits.

The plan also provides you with the surrender benefits in case you decide to terminate the policy during the policy term. Aviva Guaranteed Income Plan is a suitable savings plan for individuals looking for regular income along with coverage for life and protection for family in their absence.

Aviva Guaranteed Income Plan FAQs

  • 1. Does the policy provide a free-look period?

    Yes, the policy offers a free-look period of 15 days (30 days if policy is purchased online) from the date of its receipt in case you are dissatisfied with its terms and conditions. The premium in such cases is 

    refunded after deduction of stamp duty charges and medical expenses.

  • 2. How much paid-up sum assured is payable under the plan?

    The calculation of the paid-up sum assured is done in the following manner - 

                                                  Total number of premiums paid

    Paid-up Sum Assured =   _____________________________   X sum assured

                                              Total number of premiums payable under the plan agreement

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