Benefits of Buying a Life Insurance Plan Online
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![Easy Plan Comparison]( "Easy Plan Comparison")
Compare plans easily
Purchasing life insurance online enables you to compare insurance policies online easily within a matter of minutes. It eliminates the time and effort taken to compare different plans
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![Transparent Process: Safe, Accessible Policy Details]( "Transparent Process: Safe, Accessible Policy Details")
Transparency Process
The process of buying life insurance online is safe since there is no ambiguous or hidden information. Not only can you access all policy details online, but you can also connect with our financial advisors in case if you have any queries about the plan.
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![Convenient Payment Options:]( "Convenient Payment Options:")
Pay as Per Convenience
You have the flexibility to calculate and choose the sum assured that justifies all the features and benefits and will help you meet your needs. Depending on the life insurance policy you choose, you can pay the premium amount as per your convenience.
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![Affordable Premiums]( "Affordable Premiums")
Lower Premiums
When you purchase a life insurance plan Online life, it’s highly cost efficient as you can upload all documents and pay your premiums online. When you buy a life insurance plan at an early age the premiums are more affordable, as you grow the premium amount may also increase.
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![24x7 Digital Support]( "24x7 Digital Support")
24x7 Self Service Digital
Our 24x7 digital customer support options, enables you to get your queries resolved quickly. You can perform. When you buy a life insurance policy online, you can perform policy servicing related tasks such as downloading policy document, changing nominee and address linked to your policy account etc. quickly.
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Eligibility Criteria for Tata AIA Vitality Protect
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Sum Assured under the Benefit Option |
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Minimum |
Maximum |
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Term Booster |
18 years |
65 years |
100 years |
₹25000 |
Subject to board approved underwriting policy |
Accidental Death |
18 years |
65 years |
85 years |
₹25000 |
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Accidental Total & Permanent Disability |
18 years |
65 years |
85 years |
₹25000 |
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CritiCare Plus |
18 years |
65 years |
75 years |
₹25000 |
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Accelerated CritiCare |
18 years |
65 years |
75 years |
₹25000 |
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- ^All ages are as on last birthday and are applicable to the life insured under the Benefit Option.
- Rider Sum Assured cannot Death Benefit determined at the inception of the Base Plan
- Minimum/maximum Sum Assured will be subject to Underwriting
These are the Benefit Option Term and Premium Payment Options
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Benefit Option Term (years) |
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Without Return of Balance Premium |
With Return of Balance Premium |
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Term Booster |
5 years |
82 years |
10 years |
82 years |
Accidental Death |
5 years |
67 years |
10 years |
67 years |
Accidental Total & Permanent Disability |
5 years |
67 years |
10 years |
67 years |
CritiCare Plus |
5 years |
57 years |
10 years |
57 years |
Accelerated CritiCare |
5 years |
57 years |
10 years |
57 years |
^All ages are as on last birthday and are applicable to the life insured under the Benefit Option.
Pay ₹25 lakhs$$ and get ₹2,09,950 annually$$ for life.
Pay ₹25 lakhs$$ and get ₹2,09,950 annually$$ for life.
Benefits of Tata AIA Fortune Guarantee Pension Plan – An Annuity Plan
Choice of Annuity Options
Choice of Annuity Options
You can choose from varied and flexible options like immediate annuity, deferred annuity, options with return of purchase price and single life, or joint life. Choose a pension investment plan as per your retirement goals.
Death Benefit
Death Benefit
In case of your untimely demise during the policy term, the death benefit is paid out to the nominee in case of the annuitant's death in Single Life option or on the second annuitant’s death in the Joint Life option.
Guaranteed* Additions
Guaranteed* Additions
The Guaranteed* Additions are accumulated at the end of every policy month during the Deferment Period of Plan option 3 and 4, provided all due premiums are paid. They become part of the death benefit. These additions cannot accrue if the policy lapses or becomes a Reduced Paid-Up policy. *T&C apply
Loan against the Policy
Loan against the Policy
The annuitant can get a loan on the policy, six months after the policy’s commencement but not on Immediate Life Annuity. Under Joint Life, the primary annuitant can take a loan which the secondary annuitant can avail in case of the primary annuitant’s death.
Get Tax Benefits
Get Tax Benefits
You can avail tax benefits# as per applicable income tax laws alongside securing our best pension plan. These benefits are subject to the policy terms and conditions.
Worry-free pension scheme
Worry-free pension scheme
Secure your retirement with our best annuity plan offering lifelong tax-free, guaranteed income, making it an ideal senior citizen pension plan.
Sample Illustration$$
Option 1
| Age | PPT | Premium | Single Life /Joint Life | Annual Annuity Amount |
Monthly Annuity Amount | Death benefit |
45 |
1 |
25,00,000 |
SL |
1,68,500 |
13,480 |
NA |
50 |
1 |
25,00,000 |
SL |
1,74,950 |
13,996 |
NA |
55 |
1 |
25,00,000 |
SL |
1,84,000 |
14,720 |
NA |
60 |
1 |
25,00,000 |
SL |
1,95,250 |
15,620 |
NA |
65 |
1 |
25,00,000 |
SL |
2,09,950 |
16,796 |
NA |
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Option 2
Age PPT Premium Single Life /Joint Life Annual Annuity Amount Monthly Annuity Amount Death Benefit 45
1
25,00,000
SL
1,46,200
11,696
25,00,000
50
1
25,00,000
SL
1,47,900
11,832
25,00,000
55
1
25,00,000
SL
1,48,550
11,884
25,00,000
60
1
25,00,000
SL
1,49,600
11,968
25,00,000
65
1
25,00,000
SL
1,50,700
12,056
25,00,000
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Option 3
Age PPT Deferment period Premium Single Life /Joint Life Annual Annuity Amount Monthly Annuity Amount Death Benefit at start of premium payment term Death Benefit at the end of deferment term 45
5
5
1,00,000
SL
31,900
2,552
1,30,624
6,53,120
50
10
10
1,00,000
SL
78,600
6,288
1,75,456
17,54,560
55
5
10
1,00,000
SL
48,650
3,892
1,46,704
7,33,520
60
5
5
1,00,000
SL
31,950
2,556
1,30,672
6,53,360
65
5
5
1,00,000
SL
32,050
2,564
1,30,768
6,53,840
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Option 4
Age PPT Deferment period Premium Single Life /Joint Life Annual Annuity Amount Monthly Annuity Amount Death Benefit at start of premium payment term Death Benefit at the end of deferment term 45
5
5
1,00,000
SL
37,750
3,020
1,06,000
5,90,000
50
10
10
1,00,000
SL
87,000
6,960
1,06,000
13,30,000
55
5
10
1,00,000
SL
54,600
4,368
1,06,000
5,90,000
60
5
5
1,00,000
SL
39,300
3,144
1,06,000
5,90,000
65
5
5
1,00,000
SL
39,950
3,196
1,06,000
5,90,000
Secure a guaranteed retirement income that perfectly aligns with your current income and future goals using our plan calculator.
All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes,duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
Highlights of the Plan
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Multiple Options Are Available in This Plan
Immediate Life Annuity| Immediate Life Annuity with Return of Purchase Price| Deferred Life Annuity (GA-I) and with Return of Purchase Price| Deferred Life Annuity (GA-II) and with Return of Purchase Price.
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Choice of Higher Purchase Price
Avail higher annuity amount by choosing higher Purchase price/premium.
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Availability of Top-Up Premium
Choose to increase your annuity amount by paying top-up premiums.
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Joint Life Option
Option to cover two lives where the secondary annuitant is entitled to receive the Annuity Payouts in case of unfortune death of the primary annuitant.
How does the Tata AIA Fortune Guarantee Pension Plan Work?
To understand how the Tata AIA Fortune Guarantee Pension Plan works, you may refer to the steps given below -
Step 1 - Choose the Purchase Price or Policy Premium to buy the annuity.
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Minimum |
Maximum |
Purchase Price |
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Corresponding to minimum annuity amount below |
As per maximum annuity chosen |
Annuity Amount (₹) |
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• Yearly in arrears: ₹12,000 • Yearly in advance: ₹12,000 • Half Yearly in arrears: ₹6,000 • Quarterly in arrears: ₹3,000 • Monthly in arrears: ₹1,000
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No limit - subject to Underwriting Policy approved by the Board |
Premium Payment Term |
Single Pay |
1 year |
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| Regular/Limited Pay | 5 years |
12 years |
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Deferment Period |
Single Pay |
1 year |
10 years |
Regular Pay |
Equal to Premium Payment Term |
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Limited Pay |
Premium Payment |
Premium Payment |
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Step 2 - Choose your Plan Option from the plan options available.
Immediate Life Annuity
Immediate Life Annuity with Return of Purchase Price
Deferred Life Annuity (GA-I) and with Return of Purchase Price
Deferred Life Annuity (GA-II) and with Return of Purchase Price
Step 3 - Receive Annuity Payouts as per the chosen Payout Mode.
Mode |
Annuity Instalment (per mode selected) |
Yearly in arrears |
Yearly Annuity |
Half-yearly in arrears |
98% of Yearly Annuity x ½ |
Quarterly in arrears |
97% of Yearly Annuity x ¼ |
Monthly in arrears |
96% of Yearly Annuity x 1⁄12 |
Annually in advance |
93% of Yearly Annuity |
Understanding the Death and Annuity Payout in the Plan
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Death Benefits
Depending on whether you have selected the Single Life option or the Joint Life option, the death benefit is paid either on the death of the annuitant (Single life) or on the death of the secondary annuitant (Joint life). The nominee can choose to receive the death benefit as a lump sum payout or allow us to purchase an Immediate Annuity for them.
Plan Option
Death Benefit
Option 1 - Immediate Life Annuity
No death benefit is payable
Option 2 - Immediate Life Annuity with Return of Purchase Price
Total Premiums Paid till date
Option 3 and 4 - Deferred Life Annuity (GA-I) and with Return of Purchase Price and Deferred Life Annuity (GA-II) and with Return of Purchase Price.
Within Deferment Period:
• Death Benefit is higher of –
• Total Premiums Paid (excluding loading for modal premiums
up to date of death + Accrued Guaranteed* Additions
• 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death.
Post Deferment Period:
Death Benefit is Total Premiums Paid (excluding loading for modal premiums) up to date of death + Max (Accrued Guaranteed* Additions − Total Annuity payouts till date of death, 0)
*T&C apply
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Annuity Payout
The purchase price has to be paid in advance at the beginning of the contract and is calculated on the basis of the premium payment mode - Single Pay, Regular Pay or Limited Pay.
Frequency
Annuity payout starts after
Annually in arrears
One year from the purchase/end of Deferment Period
Half-yearly in arrears
Six months from the purchase/end of Deferment Period
Quarterly in arrears
Three months from the purchase/end of Deferment Period
Monthly in arrears
One month from the purchase/end of Deferment Period
Annually in advance
(except for Option 1)Purchase/end of Deferment Period
The annuity installments are to be paid as given below:
Mode
Annuity Installment (per mode selected)
Yearly in arrears
Yearly Annuity
Half-yearly in arrears
98% of Yearly Annuity x ½
Quarterly in arrears
97% of Yearly Annuity x ¼
Monthly in arrears
96% of Yearly Annuity x 1⁄12
Annually in advance
93% of Yearly Annuity
Frequently Asked Questions
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What is an annuity?
When an insurance company and an individual make an investment agreement over the long term, where the individual makes a payment in a lump sum or in installments in return for regular or monthly income, either immediately or after some years, this concept is called an annuity.
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What are annuity pension plans?
An annuity pension plan is an annuity plan that pays out an income in the future after you invest a certain amount in the annuity. The payments will depend on the Entry age of annuitant, Premium/purchase price, PPT & option chosen under the plan.
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When should you start investing in a pension plan?
It is wise to start investing in a pension plan as soon as you begin earning a steady salary. At least 12% of your savings should go towards a pension plan.
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What is a Deferment Period? What is the available deferment period in this plan?
The Deferment Period is the number of years after which you can avail the annuity payouts from the plan. The Deferment Period for the Tata AIA Fortune Guarantee Pension Plan is a minimum of 1 year and a maximum of 10 years for Single Pay, equal to premium payment term for Regular Pay and a minimum of 1 year plus the Premium Payment Term to a maximum of 5 years plus the Premium Payment Term for Limited Pay.
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Do I get any surrender benefits with this pension plan?
While the Immediate Life Annuity option does not offer any surrender benefits, the other options acquire surrender value depending on the premium payment mode. For a Single Pay plan, the policy acquires surrender value any time after the policy’s date of commencement, while for a Regular/Limited Pay plan, the policy acquires surrender value after at least 2 full years’ premiums have been paid.
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Does this plan have a free look period?
The free look period for this plan is a period of 15 days from the date of the annuitant receiving the policy document. But if the plan has been purchased online or through any electronic mode, the 15-day free look period is extended to 30 days.
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What are the annuity options under this pension plan?
The annuity options under this pension plan are as follows: Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, Deferred Life Annuity (GA-I) and with Return of Purchase Price, Deferred Life Annuity (GA-II) and with Return of Purchase Price.
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What are the death benefit payout modes in this retirement plan?
Lump sum payout will be available as death benefit. It is important to note that the Immediate Life Annuity option in this retirement plan does not offer any death benefits.
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What are the documents required to buy this pension plan?
These are the documents you will need to buy this pension plan:
PAN Card
Aadhar Card
Bank statement (for the previous 6 months)
Salary Slip
Income Tax Receipt
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How do I get in touch with the customer service team in case of any grievances?
You can visit our Contact Page to find the various ways in which you can get in touch with our experts.
You can WhatsApp us at 7045669966 for chat-based service and grievance resolution.
Why Choose Tata AIA Life Insurance?
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73 Lakh+
3Families protected so far
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99.01%
2Individual death claim settlement ratio for FY 2022-23
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4 Hours
***Express Claim
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Rs.62,894 Crores
Assets Under Management(AUM)1
***T&C apply.
Downloads
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Disclaimer
The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V07) - A Non-Linked Non-Participating Individual Life Insurance 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).
#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
+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.
%Return of Purchase price means return of all premiums paid excluding any extra premium, any rider premium, taxes and other statutory levies, if applicable
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.
*Guaranteed Additions accrue at the end of each completed policy month, subject to all due premiums being paid and form a part of the Death Benefit offered under the option.
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.
1As on 31st August 2022, the company has a total Assets Under Management (AUM) of Rs. 62,894 Crores.
2Individual Death Claim Settlement Ratio is 99.01% for FY 2022-23 as per the latest annual audited figures.
372,34,092 families protected till Mar’23.
***Applicable to only non-early claims more than 3 years of policy duration, non-investigation cases, up to Sum assured of 50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA by 2 pm (working days). Subject to submission of complete documents. Not applicable to ULIP policies and open title claims.
L&C/Advt/2023/Oct/3351
Tata AIA Life Insurance Company Ltd. (IRDA Regn. No. 110 ·CIN:U66010MH2000PLC128403. Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor/Intermediary or visit Tata AIA Life's nearest branch office or call 1-860-266-9966 or write to us at customercare@tataaia.com
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. |
