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Your retirement years are a new phase of your life when you can give up on a hectic professional lifestyle and enjoy your time with your family and your hobbies. There are a lot of new interests and passions that you can learn and discover during this time.
But to ensure that the absence of a regular income does not disrupt your daily life, you need a financial support system. Tata AIA brings you a range of retirement plans that you can choose from to enjoy these golden years of your life without worrying about the finances while you safeguard your loved ones with a protective life insurance cover!
Retirement plans or pension plans, as they are also called, are retirement investment plans that help you create a financial fund for your retirement years. The aim of a pension/retirement plan is to provide you with the stability of a regular income in place of your monthly salary when you retire and need to support your family and your goals.
These plans are designed to ensure that your funds are not impacted heavily by the rising inflation rate, which may render your finances inadequate in the future. Under a retirement plan, you should contribute a certain amount of money regularly over the years and on retirement, you receive the returns as a monthly or regular income.
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Watch the video given here to know more about our retirement plans and how you can choose one that perfectly suits your needs.
Tata AIA offers the following retirement plans:
We offer the convenience of purchasing an annuity plan so that you can choose a deferred annuity plan for the future benefits or an immediate annuity plan for immediate income benefits.
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 a monthly regular pension for all your essential needs and financial obligations with our pension plans. You can enjoy your guaranteed pension benefits for your whole life after investing with a single pay option.
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.
Smart Annuity Plan
A Single premium, Non-Linked, Non-Participating, Individual Annuity Plan
A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V04 )
Tata AIA Life Insurance Guaranteed Monthly Income Plan
Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)
Here are a few reasons why you should select a retirement plan from Tata AIA:
When you buy a pension plan from Tata AIA Life Insurance, you can avail of a life insurance cover along with the retirement savings. This not only helps you build a secure financial future but also protects the financial future of your family members.
If you buy a retirement pension plan from us, you can enjoy regular income under the retirement plan you choose. A regular income can help you take care of all your essential and daily expenses without having to touch your savings.
Tata AIA Life Insurance has a claim settlement ratio of 98.53% for the year FY 2021-22$, which means your claims will be settled on time and effectively through a smooth process without any difficulties or hassles.
We offer you the choice of having a deferred annuity plan or an immediate annuity plan, as per your convenience, so that you can invest in the pension plan as per your budget and receive your benefits as per your needs.
With our retirement pension plans, you can choose how you want to pay your premiums, increase your monthly income through a premium boost, add riders~ to the plan to enhance the coverage and much more!
We provide tailor made solutions to secure the golden years of your life. Our retirement plans can be customized to secure your future, fulfil your dreams, and to live a worry-free life after you have retired.
Investing in a pension or a retirement plan is to ensure that you can receive a steady, guaranteed income during your retirement years to fulfil your financial needs. This fund also acts as a safety net in case of emergencies which can cut deeply into your savings. Here is a brief outline of how pension plans work in India.
You will first need to select a retirement plan that suits your needs. The investment amount, the mode of the payout benefit and any guaranteed additions are some of the factors you need to consider.
Start paying the premiums for the retirement plan of your choice that will contribute to the retirement corpus. To create a retirement fund, you can pay either regular premiums or a lump sum amount. Moreover, retirement plans also allow you to pay monthly, quarterly, half-yearly and annual premiums, whatever is more convenient for you.
These premiums paid towards the retirement pension plan are then invested in low-risk and fixed-income securities, the returns of which are paid out to the policyholder on retirement along with the guaranteed income. While these premiums are eligible for tax deductions# of up to ₹1.5 lakhs under Section 80C of the Income Tax Act, the withdrawals or the payouts do not qualify for tax benefits.
At the end of the policy term, you can opt for withdrawing the pension plan benefit or purchasing an annuity plan. Some annuity plans also offer a return on the purchase price. This means the benefits of your pension plan will also include the purchase price which was paid for the annuity plan.
When you invest in a retirement plan as per your needs, you receive a regular income as per the plan of your choice. In the case of a deferred plan, you begin receiving the fixed regular income at a later date basis your choice while in an immediate annuity, this benefit is paid out soon after you start the investment. A retirement calculator can be a useful tool to help you calculate this amount.
The vesting age is the term used to denote the time from when the policyholder starts receiving their monthly pension from the pension plan. The minimum vesting age in India is 40 to 50 years, while the average vesting age is 70 years. As a policyholder of a pension plan, you can choose any appropriate vesting age between the minimum age and higher limit to start getting the benefits.
Under a retirement pension plan, you can pay monthly premiums or as a lump sum. This corpus grows over the years and turns into a healthy fund to be utilised for your retirement. Depending on the pension plan of your choice, you can choose for how many years you want to keep on investing and the amount to be invested to receive a certain total amount as the retirement benefit.
The time you get your pension plan benefits is known as the payment or payout period. In case you choose to have the benefits between the age of 65-80 years, then the payout period will be 15 years. In some pension plans, you can choose the payout/income period as per the options under the plan, while some plans allow for partial withdrawals during the accumulation period.
Under your pension plan, rest assured that you will begin receiving the income benefits of the retirement plan from the vesting age as mentioned in the policy document. You need not be worried about the delay in getting the benefits.
In case of your untimely demise, the benefit of your pension plan, as applicable will be paid out to your nominee as mentioned in the policy. In case it is a Joint Life annuity plan, the second annuitant continues to receive the annuity on the death of the first annuitant.
You can pay the policy premiums as per the available premium payment terms and modes under different types of retirement plans. You can choose to pay them monthly, quarterly, half-yearly, annually or as a Single Pay.
Though your retirement plan should be able to suffice for all kinds of emergencies, you can still enhance your policy coverage with optional rider~ benefits, as per the terms and conditions of your policy.
When you stop receiving a regular salary income on retirement, a pension plan can help you with a regular income that is paid out each month over the years for a certain period to help you maintain a steady flow of finances.
When you purchase a retirement plan, you can get income tax# benefits as per applicable tax laws.
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. . As a result, 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 how long you need to secure your family financially. 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 earnings and retirement stages to plan properly.
When you buy a pension plan, be sure to time it with your loan repayments so that you do not have to repay any of your debts with your annuity income. Repay all your outstanding loans well before retirement to avoid any extra expenses.
It is easy to buy a retirement plan if you are aware of a few basic steps as mentioned below:
Setting a budget is the most crucial step in picking a retirement plan. You can set a budget for your retirement plan once you have analysed the various post-retirement needs and expenses, your family’s requirements and other emergency expenses. After this, you can buy a retirement plan that allows you to invest the amount and receive the benefits at your convenience.
Your current income and financial conditions should be considered since you should be able to invest in the retirement plan without the investment or the premiums disrupting your current financial obligations. Choose your retirement corpus such that you do not end up with inadequate finances in the future, which cannot fulfil your goals or your family’s needs.
If you have additional income from other sources such a business or property, you will still need a pension plan for your regular expenses. However, it is important to know that the other income sources attract taxes while your retirement plan premiums will be eligible for tax benefits# under Section 80C of the Income Tax Act.
If you need your retirement savings soon, an immediate annuity plan can be a good choice. However, if you are planning in advance, you can opt for a deferred annuity plan where you can pay the premiums over the policy term and then receive the benefits during the vesting period.
When you retire, you are still under the obligation to fulfil certain long-term and short-term goals for yourself and your family. Retirement planning is when you identify the means for fulfilling these goals by analysing your financial objectives, your income sources, your future expenses and the need for emergency funds.
Retirement planning should start reasonably early when your finances are stable. That way, you can invest in the retirement plan over the years without having to worry about disrupting your essential expenditures. At the end of the plan’s term, you receive the benefit of a steady and regular income as a means of financial support.
For example, if Mr Nitin chooses a retirement plan at the age of 40 years and invests in it for the next 20 years, he can plan his retirement at the age of 60 years and receive a regular income during his retirement as per his needs, for as long as he needs it.
Retirement planning can be as flexible as you want it to be since your needs will be unique, and you can decide how much you want to invest and for how many years you need the benefits to be paid out.
When you need to save for your retirement, you should keep in mind a tentative figure that will account for all essential and emergency expenses for yourself and each of your family members. While this will give you a basic idea of the total amount to be accumulated, here are some points that will give you a better understanding.
When you retire, some expenses will cease, while there may be some new ones. Your daily commute to work will stop, saving you some money; however, a minor health condition may be an added expense. Listing down all of these missing and added expenses can help you know the approximate amount needed for your retirement savings.
Along with a pension plan, if you have other funds like an EPF (Employee Provident Fund) that can provide you with some income, take those into consideration. However, since your pension plan will look after a majority of your basic and emergency expenses, this additional income is meant to help you plan your retirement plan corpus.
Just because you retire does not mean that you and your family have to downgrade your living standards. Your retirement plan should be able to provide you with the same comfortable lifestyle that you enjoyed on a regular salary. Therefore, invest in your retirement plan such that you’re able to provide a comfortable life to your loved ones and yourself.
Your current salary may be enough for your family, but years later, when you retire, the value of your current salary will not be the same. The inflation rate will help you calculate how much income you need to have, over and above your current income, to handle all your post-retirement expenses, any additional costs as well as any financial emergencies.
When you retire, financial security becomes the need of the hour. However, retirement planning is not a last-minute thought but a long and well-planned process. And everyone who needs to sustain themselves financially will need a retirement plan. Hence, here is a brief outline of who should invest in a retirement plan:
People who want to secure their and their family’s financial future.
Those who want their partner to lead a financially comfortable life in their absence.
Those who have planned some major and important expenses for the future.
People who want to be prepared for medical emergencies in their retirement years.
People who want to maintain their current standard of living even after retirement.
Those who want to enjoy the support of a steady flow income even without a salary.
How to Choose a Retirement Plan?
If you opt for an immediate annuity plan, you start receiving the pension benefits soon after paying a lump sum investment for the plan. A deferred annuity plan allows accumulation and growth of your corpus for a certain duration after which you start receiving payouts for a fixed term.
Most retirement plans have a minimum sum assured limit, while the maximum amount is flexible and depends on your needs and budget. Considering your requirement, look for a plan with an investment amount that will suffice for all your financial goals and obligations once you start receiving the benefits.
Buy a retirement plan that will be able to combat the future inflation rate so that you can accumulate enough funds for retirement. Look for any guaranteed additions on the plan along with other returns, such as the return of the annuity plan’s purchase price. Know how they contribute to your retirement corpus.
If you choose a Tata AIA deferred annuity plan, you can be eligible for a loan on the policy six months into the plan. However, an immediate annuity does not offer this facility. In case you take a loan under the Joint Life policy, the secondary annuitant can avail of the loan taken by the primary annuitant in case of the primary annuitant’s death.
Here are some of the important benefits of purchasing a retirement plan online:
When you buy a retirement plan online, you can easily compare the plans alongside and look through the features, benefits and exclusions of all the plans before you choose a suitable one and purchase it.
The online purchasing process is quick and easy, which means you can get your policy in a matter of minutes. And since there are no overhead costs of an online purchase, you can benefit from discounts when you buy the policy online.
Since the policy document is online, there is no chance of you misplacing the policy like you can lose the hard copy. If you do happen to lose the hard copy, you can easily access the online soft copy or even save it on your device.
Your insurance provider’s customer service can offer you 24/7 support for your feedback and queries when you buy online. You can reach out to them or leave them a query, and they can resolve it in a few minutes for a swifter process.
Online buying means that you do not need to use any papers for your policy document. This not only saves you from a lot of physical clutter but ensures a green and environment-friendly process for everyone.
Before you buy a policy online, the necessary research, such as knowing your insurance provider’s claim settlement ratio, and reading their reviews and products, can be done quickly and easily online.
Tata AIA term plans can help you secure the future of your loved ones through a protective life cover and protect them from the impact of uncertain events such as medical emergencies, loss of income and more.
Tata AIA savings plans enable you to build systematic long-term savings that offer guaranteed returns on maturity to fulfil your financial goals and a life cover to protect your dear ones.
Tata AIA Unit-Linked Insurance Plans help you achieve your goals by creating and growing your wealth through investments, enabling you to enjoy the benefits of market-linked returns along with a secure life cover.
A retirement plan helps you secure yourself and your family financially during your retirement years when you do not have the support of your monthly regular salary. The pension plan will pay out a guaranteed regular income so that you can meet your financial needs through a steady source of income.
You can opt for a government pension plan such as the National Pension Scheme. However, if you want to ensure complete financial protection, you can go for Tata AIA retirement plans which also offer life insurance coverage along with a retirement investment plan.
Yes, a savings plan can also function as a retirement plan. The aim of a retirement investment plan or pension plan is to ensure that you are able to receive a steady source of income during your retirement years as a monthly income to sustain yourself and your family.
Most people do plan their retirement quite early, and it is alright to get a retirement plan early in life. However, every policy has a minimum age limit which is well above 20 years, and there is also a vesting age. You will be able to receive the regular income benefits only as per the vesting age mentioned in the policy or as chosen by you.
There is an option to surrender your retirement plan, where you can get the surrender value of the plan only if you have been investing in it for a specified period under the policy. However, it is recommended that you do not surrender your retirement plan as it can help you keep yourself and your family financially secure in the absence of a regular salary income.
When you buy a pension plan in India, these are the following documents you will need to have:
Proof of Age
⦁ Birth Certificate
⦁ Driving License
⦁ Voter ID Card
⦁ High School Certificate
Proof of Address
⦁ Aadhar Card
⦁ Ration Card
⦁ Electricity Bill
⦁ Driving License
⦁ Telephone Bill
Proof of Identity
⦁ Aadhar Card
⦁ Driving License
⦁ PAN Card
⦁ Voter ID
Proof of Income
⦁ Bank Statements
⦁ Salary Slips
⦁ Income Tax Returns
The amount of money you need during your retirement will depend on your needs, your family’s needs, all major and minor expenses, and you will also have to consider any medical emergencies. When you calculate your retirement savings, be sure to factor in the inflation rate as well.
Do retirement savings plans have tax# benefits?
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.
Can I increase the benefits of my retirement plan?
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.
Yes, all retirement plans by Tata AIA offer life insurance coverage so that along with securing your retirement years, you can also safeguard your family’s future.
Once you buy a retirement pension plan, you can either pay the premium as one lumpsum or over a period of time as per your convenience. You can accordingly opt for to receive the annuity immediately or at a later date under deferred annuity monthly or at a frequency of your choice.
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.
Yes, some Tata AIA retirement plans offer a return of the purchase price if you pay the premium through the Single Pay mode.
Under a retirement pension plan, you can pay your premiums on a monthly, quarterly, half-yearly or annual basis. Or you can also opt for a single premium payment for the savings 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. Once the premium payment term is over, you start receiving the guaranteed monthly income from the policy during your retirement.
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: firstname.lastname@example.org
⦁ 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
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.
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.