A Non-Linked Non-Participating, Annuity Plan (UIN: 110N161V08)
*T&C Apply
Pay ₹25 lakhs$$ and get ₹2,09,950 annually$$ for life.
Pay ₹25 lakhs$$ and get ₹2,09,950 annually$$ for life.
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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 |
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 |
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 |
31,800 |
2,544 |
1,30,528 |
6,52,640 |
50 |
10 |
10 |
1,00,000 |
SL |
76,600 |
6,128 |
1,73,536 |
17,35,360 |
55 |
5 |
10 |
1,00,000 |
SL |
48,150 |
3,852 |
1,46,224 |
9,62,240 |
60 |
5 |
5 |
1,00,000 |
SL |
31,200 |
2,496 |
1,29,952 |
6,49,760 |
65 |
5 |
5 |
1,00,000 |
SL |
31,050 |
2,484 |
1,30,768 |
6,49,040 |
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 |
7,40,000 |
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.
|
|
Minimum |
Maximum |
Purchase Price |
|
Corresponding to minimum annuity amount below |
As per maximum annuity chosen |
Annuity Amount (₹) |
|
• 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
|
No limit - subject to Underwriting Policy approved by the Board |
Premium Payment Term |
Single Pay |
1 year |
|
| Regular/Limited Pay | 5 years |
12 years |
|
Deferment Period |
Single Pay |
1 year |
10 years |
Regular Pay |
Equal to Premium Payment Term |
||
Limited Pay |
Premium Payment |
Premium Payment |
|
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
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
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 |
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
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.
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.
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.
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.
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.
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.
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.
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.
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
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
Disclaimer
The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N16V08) - 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/Nov/4014
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. |
