Retirement And Pension Plans

This will depend on your chosen insurance provider. All Tata AIA pension plans offer life insurance coverage so that along with securing your retirement years, you can also safeguard your family’s future.

Yes, the premiums you pay towards your retirement savings plan are eligible for tax deductions under Section 80C of the Income Tax Act. However, the payouts you receive do not carry tax benefits.

Yes, you can avail the benefits of Large Premium Boost on your Tata AIA Life Insurance retirement plan if you choose to pay higher premiums for more monthly income.

Commuted and un-commuted pensions refer to the taxability^# of the income you receive as a pension from your pension policy. 

• Commuted pensions are fully exempt for government employees and members of Defence forces and partially exempt for non-government employees.

• An un-commuted pension refers to periodic payments received by the insured person. These are regular payments you receive under your pension policy or annuity plan. This is fully taxable as income under corresponding tax slab rates.

For pensions received under insurers like Tata AIA, the commuted portion of the pension (received as a lump sum) is tax-free, while the remaining amount is taxable as per your income tax slab rate.

Commuted pensions for non-government employees are partially tax-exempt depending on whether they receive gratuity:

• If Gratuity is Received with Their Pension: 1/3rd of the commuted pension amount is tax-exempt, and the remaining is taxed as salary/income.

• If the Pension Is Received with No Gratuity: 1/2 of the commuted pension amount is tax-exempt, and the remaining is taxed as salary/income.

Depending on how much funds you need during your retirement years, you can choose the minimum premium specified under a chosen policy or go for a higher limit that is usually flexible. 

Feel free to check out some of Tata AIA’s pension plans, as we offer some the best retirement plans with affordable premiums and good returns. 

Yes, some Tata AIA Life Insurance retirement plans offer a return on the purchase price. Please check your chosen policy’s product brochure for more details.

Under a retirement/pension plan, you can pay your premiums on a monthly, quarterly, half-yearly or annual basis. You can also opt for a single premium payment plan.

You need to pay the premiums for your retirement pension plan as per the premium payment term chosen by you. You can opt for a Single Pay plan and invest a lump sum in your retirement plan. Alternatively, you can choose to pay premiums over a period of time based on your budget.

Yes, in the event of the policyholder’s death, the nominee can file a death claim under a retirement pension plan. Once the claim has been settled, the nominee will receive the benefits of the pension plan. In the case of a Joint Life policy, one annuitant gets the benefits in case of the other annuitant’s death.

In the event of the policyholder’s death, the two main documents you will need are their death certificate and the filled and signed claims form under the retirement pension plan. Please click here to know the list of documents needed for the claim intimation and settlement process.

We also advise that you thoroughly check if the retirement pension plan offers any death benefits before filing a claim. These terms can be found in the policy’s brochure and policy wordings. 

As a nominee, you can file a claim after the policyholder’s death and contact us through any of the given channels:
 

• 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

Typically, it takes 30 days to settle a claim effectively, as per the regulatory TAT (turn-around time). However, in case there is any further investigation required into the claim, the process will take up to 90 days, as per the regulatory TAT.

If you want to file a claim as the nominee from outside India, please upload the attested copies of your documents online or send them to us by email. To file the claim offline, you may send the documents to your representative in India and they can visit us at any of our offices to file the claim.