Retirement & Pension Plans
 

With our guaranteed return plans, you can plan your retirement with ease and support it with assured returns from your retirement plan. Choose from flexible options to receive the returns as per your needs.

Enjoy the benefit of lumpsum amount on your retirement for all your essential needs and financial obligations with our pension plans.

Under a deferred annuity pension plan, the premiums you pay will contribute to your retirement corpus over the policy term. You can also pay this amount in a lump sum. Once the policy term is completed, you will start receiving the pension as per the payout mode under your policy. The amount invested in a deferred pension plan cannot be withdrawn before the policy term is over.

The pension payout starts immediately under this type of retirement plan. Based on the amount of the lump sum you invest in the plan, you will start receiving your payouts. Some policies offer multiple annuity options, and in case you, the policyholder, meet with your untimely demise, the payout will be given to the nominee, as mentioned in your policy.

Some pension plans do not have a life insurance component. However, all Tata AIA Life Insurance pension plans come with a life insurance cover to help you provide an additional layer of protection to your family. In this way, you can not only plan your retirement years with a financial corpus but also ensure your family’s complete security in case you are not around.

Any retirement plan, depending on the one you choose, will offer guaranteed income for a fixed number of years, while some pension plans ensure guaranteed lifetime income. Aside from any guaranteed additions to the plan, the sum assured of the annuity is guaranteed to be paid out to you after retirement as per the payout mode of your choosing.

A lot of investors can choose unit-linked insurance plans to create a retirement corpus, depending on their risk appetite. These unit-linked insurance plans come with a lock-in period and enable partial withdrawals thereafter, which can ensure regular income for the policyholder if they choose to continue investing in the corpus regularly.

An important feature of some savings plans is guaranteed income, which makes them suitable for retirement planning. When the policyholder starts paying the savings plan premiums and continues to do so over the policy term, they accumulate wealth. This benefit is then paid out to them during the income period, for a fixed number of years and a payout mode of their choice.

Consider all your essential monthly expenses that will need to be taken care of in the future. once you do not have your monthly salary. The regular income benefits of your retirement plan should be enough to cover these expenses for years.

Years later, the inflation rate will lead to an increase in the prices of commodities. The funds that suffice today will be inadequate when you retire. Therefore, carefully plan your retirement fund accordingly.

Though a retirement plan may be enough for your regular expenses, it is better to be prepared for some emergencies too. In old age, sickness can be an issue, and so, your retirement fund should be able to protect these medical expenses.

If you have certain assets or income sources, such as a home on rent, then this becomes an extra income. However, there are also additional costs such as property maintenance, etc. Consider this when you buy a pension plan.

All pension plans are not the same and when you buy a retirement plan, understand how it suits your needs and for how long you need to financially secure your family. The total guaranteed income offered on the plan is a crucial point to note down.

Your retirement planning should start years before you retire so that you are able to accumulate enough finances for a secure retired life. Keep a gap of about 10-20 years between your earning and retirement stages to plan properly.