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 can an important point of comparison between the two plans.
For Aviva Annuity Plus:
For ICICI Pru Immediate Annuity Plan:
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 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 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.
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