The insurer said that the product offers soldiers financial preparedness post-retirement and provides an additional monthly income stream
Private life insurer Aviva Life Insurance has launched 'Aviva Income Suraksha', a non-participating traditional retirement plan designed with the defence forces in mind.
The insurer said that the product offers soldiers financial preparedness post-retirement and provides an additional monthly income stream.
This product guarantees monthly income for 10 years for a premium paying term of 10 years (post deferment period). If the premium paying term is 12 years, monthly income is also guaranteed for 12 years. It has an additional age-related, one-time benefit paid along with last monthly payout.
The deferment period of zero, three or five years, provides customers with the flexibility 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.While the plan was launched in 2018 and was developed mainly for the defence channel, the insurer feels that it would be equally useful for other customer segments that need replacement or supplementary income.