Aviva Life Insurance, a leading private life insurance company has announced the launch of the 'Aviva Signature Increasing Income Plan' - a non-linked, non-participating, life insurance savings plan. The plan is specially designed to provide a guaranteed and growing, post-retirement income stream and help customers live life freely in their golden years.

With increasing life expectancy and the rising cost of living, financial security in retirement has become more critical than ever. The Aviva Signature Increasing Income Plan addresses these challenges head-on and offers innovative features that stand out in the market.

This plan provides policyholders a monthly payout that grows by 15 per cent every three policy years. The feature is designed to keep up with inflation and help customers maintain their purchasing power in retirement, and offering comprehensive financial protection till the age of 100 years. In addition, it offers a return of premiums at the end of the payout period, where the policyholder receives back 105 per cent of the total premiums paid, thus enhancing the overall benefit of the plan, According to the company.

In case of death of the policyholder during the policy term, this plan provides a notable feature 'Inbuilt Premium Guarantee Benefit' in which the income for Claimant to start as per schedule.

If the policyholder survives till the maturity of the policy, the guaranteed monthly income starts from the maturity date and continues throughout the payout period. Notably, the maturity benefit is paid even if the life assured is not alive. At the end of the payout period, 105 percent of the total premium paid is returned to the policyholder, creating an additional financial buffer.

Vinit Kapahi, Senior Vice President and Head of Marketing, at Aviva India said, "After catering to the Protection needs of our customers with Aviva Signature 3D Term Plan and helping them enhance wealth through Aviva Signature Investment Plan-Platinum, the 3rd product that we're launching this quarter is designed for securing guaranteed post-retirement income. In today's unpredictable economic landscape, this plan offers the assurance of a growing, inflation-proof income stream, ensuring that our customers can enjoy a secure and comfortable retirement. Aviva Signature Increasing Income Plan embodies our commitment to innovation and aligns with the future financial needs of our customers."

Key features of Aviva Signature Increasing Income plan

Life Insurance: Life Insurance Cover for financial security of the policyholderÆs family.

Lifelong Income Guarantee: Guaranteed Monthly Income till 100 years of age with a 15 per cent increase every third policy anniversary

In case of the policyholder's death, beneficiaries are guaranteed a benefit and a monthly income.

Inbuilt Premium Guarantee Benefit: In the event of life assured's death during the premium payment term, the claimant receives long-term increasing income as scheduled, without the burden of paying any due future premiums.

Return of Premiums: Returns 105% of the total premiums paid, at the end of the payout period.

Optional Riders: Enhanced protection with Aviva Accidental Casualty Non-Linked Rider and Aviva New Critical Illness Non-Linked Rider.

Tax Benefit on Premiums and Payouts: tax benefits as per prevailing tax laws.

Loan Facility: Policyholders can take a loan against the policy once it acquires a surrender value, providing liquidity when needed.