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A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V07)
Get assured income post your retirement with customizable plan features
Assured 4 hours of claim settlement**
99.01% Claim Settlement Ratio$ in FY 2022 – 23
Flexibility to choose the life cover, add ons and payout that’s right for you.
Presence across major cities in India
Flexibility to choose premium payment mode as per convenience
*T&C apply / **T&C apply
What is Retirement Planning?
As you may already know, retirement planning is most definitely a long but steady process that begins years before you retire. To many, retirement financial planning could sound complicated, but it can be simple if you get an early start.
Retirement planning simply means creating a long-term and sustainable financial plan for your retirement years. Such a financial plan is not only meant to support you and your needs but also that of your family members. Hence, when you are choosing from retirement plans in India, always ensure that you are able to select a retirement plan with a guaranteed$ sum assured or a total financial corpus that will be adequate for your family as well as you.
You should aim to have a retirement pension plan where you can choose how you want to receive the benefits, as per your needs and preferences. For instance, many people go for the regular income option in their retirement years, which acts as a replacement for their salary, while others may choose to receive a lump sum benefit from their retirement plan for fulfilling some major financial goals.
What is a Retirement Planning Calculator?
An online retirement planning calculator is an easy-to-use online tool that only helps you calculate your retirement investment or corpus. With the help of this calculator, you can also find out how much you need to save on a monthly or annual basis if you need to accumulate a certain amount of funds during retirement.
The pension calculator, as it is also called, makes use of the following details to calculate these estimates:
Your current annual salary
Your annual savings
The expected age of retirement
Your date of birth
Once you provide these details on the online pension calculator, the tool will be able to give you a clear idea of how much monthly income you can expect during your retirement years with your accumulated retirement corpus.
How to Use a Retirement Planning Calculator?
Using a retirement calculator not only makes it easier for you to create a robust financial plan for your retirement but also helps in saving a lot of time as it is a quick and efficient online tool. Another important advantage of using an online retirement planning calculator is that it is a free tool that does not require you to pay any fees. Hence, let’s find out how a retirement planning calculator works:
Click on “Calculators” and go to Retirement Calculator.
Enter your full name and the other necessary details.
Provide your contact details so that our financial advisor can guide you for the right plan and proceed to the next page.
After filling in some additional details, you can plan your retirement savings.
The retirement plan online calculator will fetch the premium quotes for you so that you can compare the quotes, make a choice and select the retirement plan that suits you the best!
Tata AIA Life Insurance
A Non-Linked, Non-Participating, Annuity Plan
(UIN:110N161V07) *T&C apply
A single premium, Non-Linked Non-Participating Individual Annuity Plan
(110N150V06) *T&C apply
Immediate Life Annuity
Immediate Life Annuity with Return of Purchase Price
Defferred Life Annuity (GA-I) and with Return of Purchase Price
Defferred Life Annuity (GA-II) and with Return of Purchase Price
Creating a retirement plan means you as well as your family will be able to fulfil your financial obligations during the retirement years. The online retirement planning calculator helps you understand the amount of money you need to keep your family comfortable and lead a life of dignity.
With the help of a retirement planning calculator, it is easier to know how many financial resources each of your family member’s needs. For instance, you can allocate a certain amount for your child’s specialized course or set aside some funds for your charitable trust after calculating the amount.
An online pension calculator is a free tool, and hence, you need not spend any money to use it. When you visit the Tata AIA Life Insurance website, you only need to provide the basic details needed to calculate your retirement corpus, and you get the results without having to pay a fee for its use.
Depending on the interest rates each year, you can compare the returns on your retirement fund each year and understand how different retirement plans can help you reach your goal. This also lets you compare return plans and choose one that will suit your retirement objective better.
How Does the Retirement Planning Calculator Work?
To use a pension calculator, you should know that your retirement corpus will be based on several factors such as your retirement age, your present age, how much you intend to invest each year and more. As per your needs and your family’s needs, you will have to save some funds that will sustain your basic needs, emergency needs and also any major expenses that are being planned.
Depending on your age and the funds you want to invest in the retirement plan, the retirement planning calculator will multiply this amount with a certain compounding rate to present a close estimate of the retirement corpus that you will be able to save over the years.
If you are 40 years old and wish to retire at the age of 65 years, it means you have 25 years in hand to save for your retirement. Assume that you will be saving at least 10% of your annual income each year for your retirement, and basis the plan chosen, you will be able to see in the online retirement planning calculator how much you can save when you reach the retirement age. If you start planning your retirement earlier, you will be able to get higher returns, and the compounding will also be greater as the investment tenure is longer.
How Much to Save for Retirement?
When saving for your retirement, first understand your monthly and annual salary and your monthly expenses and savings. Once you have this information, allocate at least 10-15% of your monthly income for your retirement planning. This percentage maybe a little more or less, depending on the savings and investments you already have.
It is safe to assume that your retirement corpus should be at least 1 crore as that can be adequate for a monthly income for the next 10-15 years. The amount can and should be more if there are more members in your family and if there are some major financial goals that need to be fulfilled.
Always consider all types of expenses made by each member of the family. For example, if you are aware that you and your family need to relocate to another city after your retirement, this expense will have to be added to your retirement planning.
When using a pension calculator, you will also be able to consider the assumed inflation rate and an expected interest rate that can help you get a better estimation of how much you will have to save for your retirement.
These are some important steps that can help you with retirement planning:
Understand the purpose your retirement plan will serve before you find a suitable plan that will fulfil your needs as well as your family’s requirements. If you feel that you need a regular income for your day-to-day expenses and smaller goals, then go for a regular income plan or else opt for a lump sum benefit that can help you meet major financial commitments.
Ensure you are able to save the retirement funds as estimated on the pension calculator. This is because the inflation rate and the interest rate are also calculated to help give you a closer estimate of how much you need to save. If you need to cut down on some unnecessary current expenses to save for your retirement, go for it but do not compromise on your retirement planning.
Even though you may have other savings for emergencies, make some provision for emergency funds on your retirement planning as well. Any medical emergency can consume a lot of financial resources leading to depleted savings. Therefore, some extra savings can always be much more beneficial. If possible, do not touch your emergency fund at all unless the worst comes to pass.
You can choose between deferred annuity plans if you want to receive the benefits after the premium payment term or an immediate annuity if you want to invest a lump sum and receive the benefits soon after.
Retirement plans let you make flexible premium payments towards the funds so that you are able to accumulate the desired financial corpus while fulfilling your current financial obligations with ease.
Once your retirement plan becomes mature, the pension benefits are paid out either as a lump sum, a regular income, or a combination of both for you to meet your goals. Most retirement plans offer regular income as a payout option.
Along with the maturity benefits, the life cover of a retirement plan also offers death benefits if you, the policyholder, happen to pass away during the policy period. This life insurance will provide your family with a death benefit that will help them sustain their livelihood in your absence.
Our experts are happy to help you!
The complete name of Tata AIA Fortune Guarantee Pension is Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V07) - A Non-Linked Non-Participating Individual Life Insurance Plan
The complete name of Tata AIA Saral Pension is Tata AIA Life Insurance Saral Pension (UIN: 110N159V07) - A Single Premium, Non-Linked, Non-Participating, Individual, Immediate Annuity Plan
*The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
**Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
$Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
1Allowed only where the product is bought through Tata AIA Life Insurance company website without any intermediary being involved and as per preference of the prospect
~Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
Product Option Immediate Life Annuity with Return of Purchase Price is available under PoS as well.
This product is underwritten by Tata AIA Life Insurance Company Ltd. The plan is not a guaranteed issuance plan and it will be subject to company’s underwriting and acceptance. Insurance cover is available under this product.