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Tata AIA Life Insurance
Retirement and Pension Calculator
 

Term insurance premium calculator - Man using a calculator




Tata AIA Life Insurance
Retirement and Pension Calculator


Save for your golden years by planning your retirement!

Use our online retirement planning calculator to calculate the funds and savings you need during your retirement and a get clear idea of how much money you need to keep yourself and for your family to live the same lifestyle during those golden years.

A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V04)

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Tata AIA Life Insurance

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Why Choose Tata AIA Life Insurance Retirement and Pension Plans?

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    Guaranteed$ Income Post Retirement

    Get assured income post your retirement with customizable plan features

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    Faster Claim Settlement

    Assured 4 hours of claim settlement***

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    The Tata AIA Assurance

    98.53% Claim Settlement Ratio$$ in FY 2021 – 22

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    Personalized Plan

    Flexibility to choose the life cover, add ons and payout that’s right for you.

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    Save on Tax

    Save up to 46,800 in taxes+

  • Get assured income post your retirement | Tata AIA Life Insurance Company
    Pay your Way

    Flexibility to choose premium payment mode as per convenience

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:

  • Visit the Tata AIA Life Insurance official website.

  • 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!

Popular Tata AIA Life Insurance Retirement Plans

Benefits of Retirement Planning Calculator

Financial security

Assured 4 hours of claim settlement - Why Choose Tata AIA Life Insurance Retirement and Pension Plans?

Financial security

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.

Fulfilment of Goals

Financial security - Benefits of Retirement Planning Calculator

Fulfilment of Goals

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.

Saves Money

Saves Money - Benefits of Retirement Planning Calculator

Saves Money

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.

Compare the Returns

Compare the returns on retirement fund each year - Benefits of Retirement Planning Calculator

Compare the Returns

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.

Quick steps for Retirement Planning

These are some important steps that can help you with retirement planning:

 

  • Understand the purpose your retirement plan - Quick steps for Retirement Planning
    Purpose Of the Plan

    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.

  • Adequate Finances - Quick steps for Retirement Planning
    Adequate Finances

    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.

  • Emergency funds on your retirement planning - Quick steps for Retirement Planning
    Emergency Needs

    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.

  • Choose between deferred annuity plans - Quick steps for Retirement Planning
    Plan Options

    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.

  • Make flexible premium payments towards the funds - Quick steps for Retirement Planning
    Premium Payments

    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.

  • Enjoy Maturity Benefits - Quick steps for Retirement Planning
    Maturity Benefits

    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.

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Frequently Asked Questions about Retirement Planning and Pension Calculator

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What is retirement planning?

Retirement planning is a financial plan that you create and invest in over the years so that you can enjoy your retirement years without having to worry about finances. You can choose a retirement pension plan, depending on whether you want to receive a guaranteed$ regular income or if you want a lump sum benefit from your retirement corpus.

Should everyone go for retirement planning?

Yes, retirement planning is for everyone who wants to be financially independent during their retirement years. Since you will not be earning a regular salary after retirement, there should be a financial provision so that you can take care of your needs as well as those of your family members.

How do I buy a retirement plan?

If you want to buy a retirement plan from Tata AIA Life Insurance, you can visit our official website and choose any online retirement plan of your choice. You can also buy any of the retirement plans offline by locating our office branches and visiting us.

Are annuity plans and retirement plan the same?

Annuity plans are a type of retirement plan which lets you invest in the policy for a certain number of years, after which you can receive regular income during your retirement years. On the other hand, some people also use savings plans as their retirement plans though they are not annuity plans.

Is it necessary to use a retirement calculator?

An online retirement planning calculator can be very helpful in letting you plan your retirement corpus. With the help of a few simple details, you can understand how much of your income you need to save over the years to be able to build a sustainable retirement fund for all your needs.

How many types of annuity plans are there?

There are two types of annuity plans – deferred annuity and immediate annuity. If you choose a deferred annuity plan, you will have to pay the premiums during the policy term and then receive the guaranteed$ benefits on maturity. With an immediate annuity plan, you can invest a lump sum closer to the maturity of the plan and start receiving the benefits immediately. With Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V04) you can choose from varied and flexible options in an immediate annuity and deferred annuity and return of purchase price.

Will there be a life insurance cover with my retirement plan?

If you purchase a traditional pension plan that only helps you save for your retirement, you may not be able to avail of a life insurance cover to protect yourself and your family. However, all Tata AIA Life Insurance retirement plans come with a life insurance cover that is meant to secure your loved ones in case of an emergency.

How much money do I need to retire?

If you want to ensure a comfortable retired life where you can easily provide for yourself and your family, you will need to invest at least 10-15% of your monthly salary each month starting now until the time you retire. With a retirement plan, you can choose a policy that offers a policy term and premium payment term as per your needs.

Will the retirement calculator also calculate rider premiums?

No, the retirement calculator does not calculate ~rider premiums. You will have to choose the riders you want to add to your plan and pay the premiums as specified in the policy.

Is it possible to increase the payouts of an annuity plan?

If you want to increase the payout of your Tata AIA Life Insurance annuity plan, select the Top-Up option. The Top-Up option can be selected either under the Joint Life option or a Single Life option.

Does a retirement plan offer options of premium payment terms?

With a retirement plan, you can choose to pay your premiums either as a Single Pay (lump sum) or for a certain number of years, as per the duration of the policy term.

What are the premium payment modes under a retirement plan?

When you choose a Tata AIA Life Insurance retirement plan, you can choose the following premium payment modes – annual, half-yearly, quarterly or monthly modes as per the plan option available.

Can I calculate how much premium I should pay for my retirement plan?

Yes, you can calculate the premiums as well as your retirement plan sum assured with the help of our Tata AIA Life Insurance retirement calculator. However, you will not be able to calculate the rider premiums with a retirement planning calculator.

Should a retirement plan be a regular income plan or a lump sum benefit plan?

Whether you opt for a regular income plan or a lump sum benefit under your pension plan will depend on your needs. If you have some major expenses to be fulfilled when you retire, you can choose the lump sum payout. Likewise, if you have smaller retirement goals to be met, you can opt for the regular income option.

How should I file a claim on my retirement plan?

  • To file a claim with us, you can choose any of the following channels to reach out to us.

  • Email us at: customercare@tataaia.com

  • Call our helpline number - 1860-266-9966 (local charges apply)

  • Walk into any of the Tata AIA Life Insurance Company branch offices

  • Write directly to us at

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2,

Close to Eastern Express Highway,

Thane (West) 400 607.

IRDA Regn. No. 110

Is it possible to file a claim if my nominee is not in India?

A nominee can choose to file the claim from another country by uploading the attested copies of the required documents online or through email. If they want to file the claim offline, then they can courier all the relevant documents to their representative in India, who can visit our office and initiate the process.

Can a retirement calculator show how the death claim sum assured?

The retirement calculator will show you the total retirement corpus you will need. The death claim sum assured will depend on the retirement plan you choose.

Can a death claim be filed soon after the death of the policyholder?

A death claim should be filed soon after the death of the policyholder, subject to all the documents and certificates being present with the nominee.

What are the documents needed to file a claim?

Please click here to know the list of documents needed for the claim intimation and settlement process.

Disclaimer
  • ***4 Hour claim processing is applicable for Tata AIA Life Insurance working days (Monday to Friday) up to 2 pm and also bank working days subject to submission of completed documents.
  • +Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
  • $$Individual Life Claim Settlement Ratio is 98.53% for FY 2021 – 22 as per the latest annual audited figures.
  • $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 Annuitants.
  • #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
  • 2Allowed 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
  • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
  • 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.
  • ~Please refer brochure/s of above product and rider/s for additional details and Annexure for Definitions and Exclusions under these benefits. Riders are not mandatory and are available for a nominal extra cost.
  • The fund is managed by Tata AIA Life Insurance Company Ltd. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
  • Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
  • Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
  • Please make your own independent decision after consulting your financial or other professional advisor.
  • Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
  • Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
  • The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
  • Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
  • Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
  • IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
  • L&C/Advt/2022/Sep/2353