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The write up contains details related to pension plans for Non Resident Indians provided by Aviva. Features and benefits of Aviva pension plans for NRIs are listed here.

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Aviva Pension Plans for Non Resident Indians

Overview of pension plan:-
Life after retirement has always been a concern to working class people. In modern day society there are many refuges for a working person to have a secure life after retirement. Pension plans are one such scheme from the finance world wherein a person can save a part of his earnings for his retirement.
Non Resident Indians have an option to invest in insurance schemes in India and Aviva India is one of the providers for NRI pension plans in India.
Aviva secure pension:-
An NRI who is looking for a pension plan with life cover can go with this plan.

  • Maturity value of the pension includes terminal bonuses, revisionary bonuses along with sum assured and also some additional amount that is guaranteed during the purchase of plan.
  • The sum assured can start from Rs 1 lakh and there is no maximum limit on sum that can be assured.
  • A sum of Rs 30 over every Rs.1000 of the sum assured is guaranteed and the company demands that all premiums of the policy are paid to avail this amount.
  • Premiums can be paid on monthly, quarterly or half yearly basis. The company calculates the premium that has to be paid based on sum assured and frequency of premium payment.
  • Grace period for untimely payment of premium will be up to 15 days for monthly premiums and is 30 days for quarterly and half yearly premium payments.
  • The plan assures a sum of amount that will be payable in the course of an untimely death of the policy holder. 
Aviva Pension Builder:-

  • Maturity value of the pension plan will be double the total sum of individual premiums and this will exclude any taxable amount. The value is payable as annuity to the policy holder.
  • The policy is of limited premiums (1, 2, 3 etc) for a short term and the premiums are payable on yearly basis.
  • The policy holder also has an option to withdraw 0.333 percent of the amount at once during maturity and the remaining amount will be paid as annuity.
  • A grace period of 30 days is available in case if the premium is not paid in time.
  • The minimum amount that can be paid as premium in a onetime premium payment policy is Rs 2 lakhs and for a policy with 10 yearly premiums it is Rs 30,000.
  • Tax benefits as per section 80C can be availed to this policy.
  • In case of death of the policy holder takes place during the term of policy the amount paid as premiums will be handed over to the nominee along with an interest rate of 10% that is compounded yearly. 
Depending on the requirement (whether security or lifestyle) an NRI can choose a policy for himself. It is important for a person to be calculative about expenses that will occur during a period of life when there may not be any earnings. It is when a person goes in search of figure as a solution to this problem; he comes across pension plans, their benefits and all other associated constraints.

  • Money:
    NHS & MRC pension funds can be transferred to LIC Jeevan Akshay plan also. NON- ULIP. returns are around 7% per annum. Pension payable monthly, Quarterly, Half yearly and yearly.
    No yearly charges, no other charges.
    01-Oct-2012 02:09 PM
  • Dr Jojo James:
    Hi I want to transfer my UK NHS PENSION OVER TO INDIA. how can i do it?
    10-Jul-2012 02:18 AM