• Annuity 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.

• Guaranteed Returns Retirement 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.

• Pension Plans

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

Types of Pension Plans in India

• Deferred Annuity

  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 The amount invested in a deferred pension plan cannot be withdrawn before the policy term is over.

• Immediate Annuity

  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.

• With Cover and Without Cover Pension Plans

  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.

• Guaranteed Period Annuity

  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.

• Unit-Linked Insurance Plans

  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.

• Savings Plans

  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.

• Life Insurance Coverage

  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.

• Regular Income

  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.

• Claim Settlement Ratio

  Tata AIA Life Insurance has an individual death claim settlement ratio of 99.01% for the year FY 2022-23^$, which means your claims will be settled on time and effectively through a smooth process without any difficulties or hassles.

• Choice of Annuity

  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.

• Flexible Plan Options

  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!

• The Tata AIA Assurance 

  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.

• Choose from different types of retirement plans

  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.

• Premium payment modes

  Start paying the premiums for the retirement plan of your choice that will contribute to the retirement corpus. You can pay either regular premiums or a lump sum amount to create the retirement fund. Moreover, retirement plans also allow you to pay monthly, quarterly, half-yearly and annual premiums, whatever is more convenient for you.

• Choose payout mode

  Decide how you would like to receive the pension. You can receive it on a monthly, quarterly, half-yearly or annual basis as per the selection made at the time of policy purchase.

• Returns from the retirement plan

  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.

• Liquidity in Retirement plans

  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.

Features of Retirement/Pension Plans

• Steady Flow of Income

  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.

• Vesting Age

  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.

• Accumulation Period

  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.

• Payout Period

  The time during which you get the benefits of your pension plan 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.

Factors to Consider While Buying Pension Scheme
 

• Monthly expenses post-retirement

  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.

• Inflation-beating returns

  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.

• Cover medical emergencies

  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.

• Assets and Income Sources

  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.

• Research your Options

  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.

• Plan ahead of Retirement

  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.

• Consider Your Debts

  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.

How Much Do I Need to Save for Retirement?

• Evaluate all expenses

  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.

• Income from all sources

  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.

• Think about the lifestyle

  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.

• Consider the future value of your income.

  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.

How to Choose a Retirement Plan?
 

• Deferred or Immediate Annuity

  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.

• Check the Investment Amount

  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.

• Consider Returns

  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.

• Loan Facility

  If you choose a Tata AIA Life Insurance 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.

Why Purchase Retirement Plans Online?

• Compare Plans

  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.

• Save Time and Money

  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.

• Security of Policy Document

  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.

• 24x7 Customer Support

  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.

• Minimum Paperwork

  Buying online 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.

• Transparency

  Before you buy a policy online, the necessary research such as knowing your insurance provider’s claim settlement ratio, reading their reviews and knowing their products can be done quickly and easily online.

• Term Insurance Plans

  Tata AIA Life Insurance 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.

• Savings Solutions

  Tata AIA Life Insurance 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.

• Wealth Solutions

  Tata AIA Life Insurance 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.