Aviva India launches Next Innings pension plan

MUMBAI: Private insurer Aviva India today launched Next Innings, a new age pension plan cum life cover, that also offers a guaranteed corpus of 210 per cent of the total premiums paid after retirement.

"I am delighted to announce the launch of Aviva Next Innings Pension Plan, a pension plan that returns more than double of what you have paid.

"A unique combination of built in guarantee to protect your lifestyle along with the financial support for your family in case you are not around," Aviva Director (Marketing and Bancassurance) Rishi Piparaiya said in a release.

The main feature of this plan is guaranteed maturity benefit of 210 per cent of the total premiums paid after retirement.

One-third amount of sum assured at maturity, regular post retirement income using the balance and the flexibility to choose the policy term.

The minimum entry age for this policy is 42 to 60 years, while the maturity age is 55 to 78 years.

The minimum premium is Rs 1.5 lakh in case of single premium and Rs 50,000 annually in the limited category.

The policy term is 13, 16 and 18 years, while for the single premium category is five years and 10 years, it added.

Aviva India is a joint venture between Dabur Group and Aviva Group, UK's largest insurer and one of Europe's leading providers of life and general insurance.