Investment Plans 120 views June 26, 2021

Aviva Income Suraksha Plan

Aviva Income Suraksha is an individual non-linked non-participating savings plan that provides guaranteed returns in the form of regular monthly payouts. Guaranteed monthly income shall be payable for 10 or 12 years. You can align the monthly income as per your life stage needs. And in case of death of the life insured, the monthly income shall be available to the family. Let’s read this page further and learn more about the benefits of the Aviva Income Suraksha Plan.

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Aviva Income Suraksha Plan Maturity Benefits

Upon survival till the end of the policy term, the insurer will pay a maturity sum assured in the form of regular monthly income, provided you have paid all your premiums. The first installment will be payable at maturity and the remaining will be paid on each subsequent monthly policy anniversary till the end of the payout period.

Regular Monthly Income = Monthly Premium x Maturity Benefit Multiplier

Note: Maturity Benefit Multiplier will be determined based on your premium payment frequency.

In addition to Maturity Sum Assured, the insurer shall also pay an age-related guaranteed terminal benefit along with the last installment of the regular monthly income.

In case the life insured dies during the payout period, the nominee will continue to receive the remaining monthly income and the guaranteed terminal benefit.

Aviva Income Suraksha Death Benefit

In case of death of the life insured during the policy term, provided all due premiums are paid till the date of death, the insurer will pay nominee the Death Sum Assured in the form of regular monthly income. The first installment would be paid at the time of death and the remaining installments shall be paid on each of the subsequent monthly death anniversaries.

Regular Monthly Income = Monthly Premium x Death Benefit Multiplier

Note: Death Benefit Multiplier is based upon your premium payment frequency.

Death Sum Assured shall be the highest of the following: 

  1. 10X the Annualized Premium
  2. 105% of the Total Paid Premiums as on the date of death
  3. Maturity Sum Assured
  4. An absolute amount assured to be payable on death

In addition to the Death Sum Assured, an age-related guaranteed terminal benefit shall also be payable to the nominee along with the last installment of regular monthly income.

Aviva Income Suraksha Guaranteed Terminal Benefit

The insurer shall pay a guaranteed terminal benefit on your last installment based upon your age at entry. Check out the table below and know how it applies:

Entry Age of the Life Insured (In Years)Guaranteed Terminal Benefit If the Annualized Premium is <= INR 50,000Guaranteed Terminal Benefit If the Annualized Premium is > INR 50,000
18-3050% of the Annualized Premium70% of the Annualized Premium
31-3540% of the Annualized Premium65% of the Annualized Premium
36-4035% of the Annualized Premium50% of the Annualized Premium
41-4510% of the Annualized Premium20% of the Annualized Premium
46-482% of the Annualized Premium4% of the Annualized Premium

Note: Annualized premium is the amount to be paid by the policyholder in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Aviva Income Suraksha Plan Eligibility Criteria

You need to meet the following age criteria if you want to buy Aviva Life Income Suraksha Plan:

  1. Minimum Entry Age – 18 Years (as on the date of last birthday)
  2. Minimum Entry Age – 48 Years (as on the date of last birthday)

Note: The maximum age of an individual allowed till maturity is 28-65 years (as on the date of last birthday).

Aviva Income Suraksha Premium Amount & Sum Assured Options

The policy term is 10-12 years and your premium payment term and payout period will be the same as the policy term. Aviva Income Suraksha Plan’s minimum premium amount is as follows:

  1. For Entry Age 18-40 years – INR 36,000 per annum or INR 3,000 per month
  2. For Entry Age 41-48 years – INR 60,000 per annum or INR 5,000 per month

You can pay your premium either yearly or monthly. For monthly premium payments, only ECS and direct debit services are allowed.

The minimum sum assured of Aviva Income Suraksha Plan is as follows:

  1. For Entry Age 18-40 years – INR 6,84,000
  2. For Entry Age 41-48 years – INR 11,40,000

The maximum sum assured will be as per the company’s board-approved underwriting policy.

Suicide Clause

In case of death of the life assured due to suicide within 12 months from the date of commencement of risk or date of revival of the policy, the nominee or beneficiary shall be entitled to at least 80% of the total paid premiums or the surrender value available as on the date of death, whichever is higher, provided the policy is in force.

Free Look Period

You can review the terms and conditions of this policy within the free look period of 15 days that will start from the date of receipt of the policy document. And if you disagree with any of the terms or conditions, you may return the policy stating the reason for the same. On such cancellation during the free look period, you will get the refund of the paid premium after the deduction of the expenses incurred on medical examination (if any), the proportionate risk premium for the period on the cover and stamp duty charges.

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