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Aviva Annuity Plus
Aviva Annuity Plus

ICICI Pru Immediate Annuity Plan
ICICI Pru Immediate Annuity Plan



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Aviva Annuity Plus
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ICICI Pru Immediate Annuity Plan

Aviva Annuity Plus and ICICI Pru Immediate Annuity Benefits

1 Loan And Benefits
1.1 Loan
No Annuity Plans Life insurance plans has it !
Not Applicable
1.2 Surrender
17% Annuity Plans Life insurance plans have it !
Not Applicable
1.2.1 Surrender Value
Not Applicable
Not Applicable
1.3 Benefits
1.3.1 Tax
74% Annuity Plans Life insurance plans have it !
74% Annuity Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Not Applicable
Not Applicable
1.3.3 Service Tax
Applicable
Applicable
1.3.4 Maturity
No Annuity Plans Life insurance plans has it !
No Annuity Plans Life insurance plans has it !
1.3.5 Maturity Benefit Amount
Not Applicable
Not Applicable
1.3.6 Death
58% Annuity Plans Life insurance plans have it !
58% Annuity Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Not Applicable
On death the initial purchase price (premium paid in the beginning) is returned back to the nominee.
1.3.8 Annuity
26% Annuity Plans Life insurance plans have it !
26% Annuity Plans Life insurance plans have it !
1.4 Bonus
Not Available
Not Applicable

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for Aviva Annuity Plus and ICICI Pru Immediate Annuity Plan. For an insurance policy, loan option may or may not be provided. For first policy, a person cannot apply for loan and second policy provides loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under Aviva Annuity Plus and ICICI Pru Immediate Annuity

Benefits Under Aviva Annuity Plus and ICICI Pru Immediate Annuity can an important point of comparison between the two plans.

For Aviva Annuity Plus:

  • Tax Benefit: Not Available
  • Maturity Benefit: Not Available
  • Death Benefit: Not Available
  • Annuity Benefit: Available

For ICICI Pru Immediate Annuity Plan:

  • Tax Benefit: Not Available
  • Maturity Benefit: Not Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of Aviva Annuity Plus and ICICI Pru Immediate Annuity

Surrender value of Aviva Annuity Plus and ICICI Pru Immediate Annuity is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. Aviva Annuity Plus does not allow policy surrender before end of term. ICICI Pru Immediate Annuity Plan does not allow surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of Aviva Annuity Plus and ICICI Pru Immediate Annuity benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under Aviva Annuity Plus: No bonus is provided.
  • Bonus provided under ICICI Pru Immediate Annuity Plan: Not Applicable

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