Aviva Pension Plans for Non Resident Indians
- 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.
- 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.