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Insurance Company
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Aviva Life Insurance Company Ltd
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Plan Name
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Aviva Pension Builder
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Plan Nature
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TRADITIONAL
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Plan Category
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Retirement Plan
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UIN No.
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122N094V01
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About Plan
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You want to retain your lifestyle throughout your life and hence it is important that you have a regular income stream even after retirement. At Aviva, we realize this need of yours' and hence we present Aviva Pension Builder to help you build a lump sum through a regular or onetime investment so that you get uninterrupted income for your golden years post retirement. This plan is a unique combination of built-in guarantee to protect your retired life along with the financial support for your family in case you are not around.
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Minimum Entry Age
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35 years for Single Premium30 years for Regular Premium
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Maximum Entry Age
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63 years for Single Premium62 years for Regular Premium
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Minimum Maturity Age
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43 years
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Maximum Maturity Age
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75 years
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Maximum Policy Term
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12,13,14,15 years
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Premium Paying Term
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1,3,5,10 years
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Minimum Premium
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Premium MinimumPayment Term Premium Amount 1 RS.200000 3 Rs.50000 p.a. 5 Rs.40000 p.a. 10 Rs.30000 p.a.
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Maximum Premium
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There is no maximum limit on Annual/Single Premium
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Will be twice the sum of premiums paid under the policy, excluding taxes and extra premium, if any. You can withdraw up to 1/3rd of this amount as a lump sum to meet the expenses or liabilities that you may have and the balance should be used to purchase an Annuity to provide you a regular income.
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Maturity Benefits
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You have the opportunity to select the best Annuity option available at the time of vesting for regular income using the Open Market Option where you can purchase the Annuity either from Aviva or from any other Life Insurance Company in India registered with Insurance Regulatory and Development Authority(IRDA).
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Maturity Benefits
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In case you opt for Aviva to provide you regular income after investing, then Aviva has an immediate annuity plan for you viz. Aviva Annuity Plus (UIN:122N018V02) with minimum investing age 40 years.
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Death Benefits
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On your death during the policy term, Aviva will return all the premiums paid under the policy, excluding taxes, extra premiums, if any, to the nominee along with an interest calculated @10% per annum, compounded annually till the date of death.
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Surrender Benefit
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You can surrender this policy anytime after completion ofthree policy years. The surrender value payable shall be the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 10 (10) A (3)
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Under Section 10 (10) A (iii), any payment received by way of commutation of pension plans is exempt from tax.
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The plan offers guaranteed corpus at the end of policy term which will be double of the premiums you have paid.
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The provision of benefit payable on death will ensure your famileives a good corpus basis the amount of premiums you have paid.
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This plan comes with limited premium payment term to ensure that you enjoy your income witout worries when you are nearing retirement.
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06-Jul-09
09:12
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Aviva is keen on raising FDI to 49%
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06-Mar-09
12:12
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Aviva reaffirms India investment plans
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03-Mar-09
18:59
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Aviva launches LifeShield Plus
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13-Feb-09
11:00
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Capital infusion plan by middle of 2009 : Aviva CEO
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12-Feb-09
10:26
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Aviva life launches child plan Aviva Young Scholar
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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16-Dec-08
10:26
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Sales growth to be flat in December quarter: Aviva
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29-Sep-08
10:59
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TR Ramachandran as new CEO of Aviva India Life Insurance.
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24-Jul-08
17:29
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Aviva strengthens product portfolio for traditional plans
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14-Mar-08
15:10
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Aviva and BASIX together launch unique group term plan - Sangh Samruddhi
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