Aviva Life Insurance has recently introduced ‘Aviva Income Suraksha’, which is a non-participating traditional retirement plan, designed keeping the defence forces in mind.
As per the insurer, the product provides soldiers financial preparedness post-retirement as well as offers an additional monthly income stream.
Monthly income for 10 years for a premium paying term of 10 years (post deferment period) is also guaranteed by the product. If the premium paying term is 12 years, monthly income is also guaranteed for 12 years. Additionally, it has an age-related, one-time benefit paid with last monthly payout. The insurer also noted that the deferment period of zero, three or five years, provides customers with the flexibility in order to align the inflow of monthly guaranteed income to suit their life stage needs.
“Defence personnel usually retire between 38 to 42 years of age, thus lowering their primary income. We propose a solution with a financial plan to meet life goals like child education and saving for children’s marriage, whilst they find an alternate source of employment. The premiums paid on monthly modes making it easier for them to save in small instalments,” said Anjali Malhotra, Chief Customer, Marketing, Digital & IT Officer.
