Once one sees the true nature of life and the futility of craving, the next step is to realize that if craving were given up then one would be free from suffering. This is the true meaning of nirvāṇa, the extinguishing of the flames of passionate greed or craving. Zhiyi spoke of this as the elimination of deluded views and attitudes that puts an end to transmigration within the six lower realms. From the perspective of the Hinayāna teachings, the arhats, pratyekabuddhas and even the buddhas who accomplish this are not reborn anywhere after death, not even in a pure land. They are simply gone, beyond the reach of conditioned existence and suffering. In life they attain nirvāṇa, the extinction of the greed, hatred, and delusion, and upon death they are said to attain parinirvāṇa or “final nirvana” whereby they are no longer even subject to physical pain and infirmity. While there may be śrāvakas, pratyekabuddhas, bodhisattvas, and buddhas as individuals, they have no lands or worlds of their own, but simply live in the human world (or some of the others in the case of bodhisattvas) until they attain final nirvāṇa. Then they are gone forever. This is why the attainment of final nirvāṇa is referred to as reducing the body to ashes and annihilating consciousness and also why the Hinayāna teachings are only said to expound the six lower realms and not the realms of the four noble states.
Open Your Eyes, p168