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Your professional life may be full of stress due to multiple responsibilities and a hectic schedule. Many people who have thoroughly made the most of their professional lives look forward to a relaxing retirement. But an important component that goes missing in retirement is the monthly salary that you have been earning all your life. After retiring, while some of your expenses may come down, there will still be other financial responsibilities.
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Many people who have thoroughly made the most of their professional lives look forward to a relaxing retirement. This requires a reliable retirement plan, like an annuity plan. This plan helps you and your family to have a secure future by providing a stable flow of income monthly. This way, having an annuity plan, you can experience convenience and various possible benefits after retirement.
An annuity pension plan takes care of important financial obligations and ensures your family’s financial security. Moreover, a flexible, robust and well-planned annuity plan can help you with a regular income or a lump sum payment so that you can have strong financial support after retirement.
Annuity plans are retirement plans that enable you to receive a regular income during your retirement years after you invest in the plan over the years or in the form of a lump sum. The invested amount is then used to generate the returns on the annuity plan, which is paid out to the policyholder during their retirement years.
Annuity plans come with flexible investment options as well as payout options to ensure that you can accumulate your retirement funds at your convenience and receive the payouts for fulfilling your financial goals.
When you are about to retire, a new phase of your life awaits you. However, one of the major challenges during this phase is the lack of a stable income that you enjoyed during your professional years. But if you plan well in advance, you can choose a pension plan of your choice and invest the premiums over the years to accumulate enough funds until your retirement.
You can also choose how you would like to receive your payouts so that you can plan your expenses accordingly. Most annuity plans or pension plans come with the option of a monthly income so that you can plan your essential expenses and also set aside some funds for your other major goals.
A pension plan is necessary to ensure the complete financial protection of your family and all their needs. And if your pension plan also has a life insurance cover, then they can be covered against financial emergencies even in your absence.
Tata AIA
A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V11) | $T&C Apply | *T&C Apply
Tata AIA
A, Non-Linked Non-Participating, Individual Annuity Plan - (UIN: 110N150V08) | $T&C Apply
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To understand how an annuity works, let’s take a look at the example below:
A 45-year-old professional would like to plan his retirement such that he is able to receive a regular income in the absence of his salary. Therefore, he invests ₹20 Lakh in an annuity plan (2 Lakh for 10 years) of his choice. This annuity plan will gather returns on the investment for the next 15 years or until an individual turns 60 years old and retires.
After this, the current annuity rates will be locked in, and after he retires, he will be able to receive anywhere between ₹2 Lakh to ₹2.5 Lakh per year as a regular income for the rest of his life.
These are some of the ways annuity plans work:
Under a life annuity, you will be able to receive a payout of the benefits until your demise. In the event of your death, these annuity payouts will cease to be paid. However, while you receive the benefits, you can choose the payout mode – annually, quarterly or monthly.
Till the time you are alive, you will be able to receive the annuity payouts as per the income frequency chosen by you. The purchase price will be returned to your nominee after your demise.
Till the time you are alive, you will be able to receive the annuity payouts as per the chosen income frequency. On the death of the primary annuitant, the annuity will be paid out to the surviving annuitant. The purchase price will be returned to your nominee on the second annuitant’s death.
As each year goes by, the annuity rate will increase by 2-5%. However, even if the annuity rate may not exactly match the inflation rate, it is adequate enough to ensure that your family’s financial commitments can be met and you and your loved ones can enjoy a stress-free post-retirement life. Hence, a lot of pensioners consider annuity plans for their retirement planning.
Under this type of annuity, the annuity benefits will be paid out for a fixed period of 5, 10 or 15 years as chosen. The annuity reduces after the guaranteed2 period and continues till the annuitant’s demise.
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An annuity plan tends to ensure financial security at the time of retirement by providing periodic income. Before investing in an annuity plan, it is important to know the eligibility criteria. The following are some of the common criteria to be eligible for an annuity policy in India:
In addition, it is important to note that appointing a nominee is necessary while purchasing an annuity policy.
When purchasing an annuity plan in India, you need to submit these essential documents:
Document Type |
Acceptable Options |
Address Proof |
• Bank Statements • Utility Bills • Rental Agreement • Passport • Aadhar Card |
Age Proof |
• Birth Certificate • Passport • Aadhar Card |
Identity Proof |
• Aadhar Card • Passport • Driving License • Voter ID Card • PAN Card |
Medical Reports |
• Health Check-up Reports (if required) |
The above documents are essential when applying for an annuity policy or annuity pension plan. Insurance providers offering annuity plans in India require proper verification before issuing an immediate pension plan. Ensure all papers are ready when buying the best annuity plan for your retirement needs.
Annuity plans are meant to be low-risk investment options so that you may not lose any funds that you are saving up for your retirement years. This ensures that you can save the funds needed for your golden years and support your family and their financial goals in the best possible way.
You can choose an annuity plan of your choice, and pay a single lumpsum or pay over a limited period of time to accumulate a desired corpus that suits you and your retirement planning. You can choose to receive your annuity immediately or defer the commencement of annuity to a later date based on your needs
The regular payouts from the annuity plan as well as the life insurance cover are meant to provide complete financial security to you and your family. The payouts help you and your family live a carefree life, while the death benefits can help your family continue fulfilling their financial obligations in your absence.
The accumulated funds from annuity plans can help cover your essential needs as well as unexpected expenses that might otherwise deplete your savings.The guaranteed2 and inflation-beating returns of your retirement plan help you prepare for any kind of emergency with ease.
Annuity planning secures your future so that you are able to get a regular income to sustain your lifestyle. Plan well in advance so that you can enjoy the benefits of a stable income in your retirement years and enjoy your time with your family, fulfil your goals and pursue your hobbies.
You need not be dependent on loans and credit in your retirement years if you have a retirement plan in place. An annuity can help cover not just your daily expenses but also major life goals, giving you and your family steady and reliable income.
In case of your untimely demise during the policy term, the life insurance cover of your retirement plan will ensure that your loved ones are well looked after.
With the help of a regular income from your annuity plan, you can focus on your long-term and short-term goals. This will help you set aside some funds in case you have some major expenses coming up while helping you and your family out with a regular income for essential expenses as well.
The tax benefits1 of your annuity plan can aid in further savings. With tax deductions under Section 80C of the Income Tax Act, you can claim deductions on the premiums paid towards the policy.
The returns on your annuity plan are guaranteed2 , and since it is a low-risk investment, you will not lose out on any funds. Over the years, your wealth will accumulate and grow, which also helps in beating inflation so that you are not burdened with the effects of inflation during retirement.2T&C apply
In an immediate annuity plan, you can start receiving the payouts soon after the initial investment is made. If you are nearing the retirement age, you can choose this type of annuity..
Under a deferred annuity plan, your funds will be invested for a fixed period before the payout begins. It can be chosen by individuals who are working and are about to retire after 10-15 years. It may also come with a life insurance cover, which will pay out a sum assured to your nominees in case of your untimely demise.
As the term suggests, within the variable annuity plans, the payout is not fixed and will vary from company to company. This is because the payout is completely based on the market performance of the insurance company. Besides, the plan is market-linked and is better suited for high-risk investors. If the market returns are good, the payouts will also be lucrative.
In the case of a fixed or guaranteed retirement income plan, the amount of the payout is fixed for the whole period of the annuity plan.
When planning for retirement, annuity plans in India tend to provide regular income options. Before selecting an annuity policy, you need to evaluate these important factors for your financial security.
Plan Type
You first need to select the type of plan you want in an annuity policy. For instance, immediate pension plans start payments soon after your investment is made. Moreover, deferred plans begin payments at a future date of your choice. Your retirement timeline and needs may influence which type works better for your situation.
Financial Readiness
Most annuity plans need either a single large payment or regular smaller amounts. However, you should review your current savings and income sources first. This helps ensure you can maintain this financial commitment throughout the required period.
Age Considerations
Your age at the time of purchasing an annuity pension plan plays a key role in determining the income you receive. In addition, most companies have minimum and maximum age requirements. Earlier purchases often result in more favourable rates for long-term income planning.
Payout Structure
Your annuity insurance might offer various payment frequencies to choose from. Moreover, you need to decide between lifetime payments or payments for a specific period. This choice should match your expected financial needs during retirement years.
Tax Implications
You need to understand the tax implications and potential benefits you may get with the plan you chose. Growth in your best annuity plan stays tax-deferred until you receive payments. However, remember that all payments become taxable income. The tax rate depends on your income bracket when you start receiving the payments.
Provider Stability
Companies offering annuity plans should have strong financial foundations. In addition, their history of honouring commitments matters greatly. A stable provider tends to ensure reliable payments throughout your retirement lifetime.
Why Choose an Annuity Plan from Tata AIA?
Tata AIA Life Insurance offers flexible annuity options under deferred annuity as well as immediate annuity. You can choose from the given annuity options as per your needs for your retirement planning goals.
Choose your annuity option for a Single Life with one annuitant or a Joint Life with a primary and secondary annuitant as per your retirement planning requirement.
We offer competitive annuity rates for your retirement planning, which is guaranteed2 at the time of annuity purchase. These annuity rates may be subject to review by the company.
Pay your premiums at your convenience, and opt to receive annuity as per your choice – on a monthly, quarterly, half-yearly or yearly basis.
Based on the selected mode of your annuity payout, you will be able to receive the annuity benefits on a monthly, quarterly, half-yearly or annual basis.
It is important to know how much funding you will need to stay comfortable in your retirement years. This is how you will be able to set the goals for your future. The needs of your other family members and all their aspirations will have to be considered, and that is how you will be able to plan the finances.
Understand how much you earn, what you can save, and how much you should invest in an annuity plan. Your current income is important as it helps you determine how much you can save for the future. If your current income meets your family’s needs today, it’s important to also plan for their future needs and ensure your savings grow to keep up.
When saving or investing your funds, know that not all investment options are suitable for you. How much risk you can take will decide if certain investments are better for you. For instance, a retirement plan or an annuity plan will be more suited to the needs of low-risk investors who want to avoid volatile investments such as the stock market.
Once you have decided how much you plan to save, what you need to save for, and what your options are, it is finally time to allocate the funds to different avenues. Generally, pushing all your funds into a single investment or savings option may not yield the best results. Therefore, while a guaranteed retirement plan should have most of the investment, consider other options too.
It is essential to review your investments and savings from time to time. As the years pass, the inflation rate fluctuates, and it may be necessary to allocate your funds to more reliable and guaranteed income options such as retirement plans. You can accordingly stop or continue your investments.
You can always choose the age at which you want to retire and plan for it accordingly. This will also depend on which age you start the annuity planning. In most cases, people choose to retire between the age of 60 to 65 years as there may be physical and mental limitations that may not suit one’s profession anymore.
If you are in your 30s, then retirement at the age of 55 years will give you about 20 years of retirement planning. During these 20 years, you can invest in a retirement plan regularly that will give you guaranteed returns that beats inflation.
Even if you start planning your retirement in your early 40s, it is safe to say that you will have at least 15 years of retirement planning. Since these years are most important for accumulating your wealth, ensure that you save and invest enough so that your retirement years are not spent worrying about your finances.
Though you can start your annuity planning closer to your retirement, starting early has its own benefits. Firstly, it is easier to invest an affordable premium in your annuity plan each month or year, so that you can accumulate a greater amount over the years. Secondly, by paying affordable premiums, you can also manage your other investments and essential expenses without feeling the burden of planning your retirement.
As you grow older, or if you start planning later, you can opt for a more aggressive investment method where you will have to invest a greater amount in a short span of time. While this may be possible for some people, it can put a burden on others. Hence, it is advisable to start your retirement planning between the age of 30 and 40 years.
Your choice of annuity plan should mainly be based on the type of returns you expect from the plan. Always ensure that the returns are guaranteed so that you don’t have to worry about financial stability during retirement. Guaranteed income also ensures complete peace of mind for you and your family.
You should be able to access your funds as and when you need them in case of an emergency. So if you have an annuity plan that offers guaranteed regular income, then you can easily plan how to use your regular income for your long-term and short-term goals since you already have the financial resources and you are at peace knowing that the funds are accessible in case of an emergency.
During your retirement years, paying taxes can take a toll on your accumulated retirement funds. Hence, look out for tax benefits1 under the relevant sections of the Income Tax Act that can help you save on your taxes and enjoy your retirement years with fewer worries of losing funds on taxes.
Depending on the annuity plan you choose and your insurance provider, you can check the maximum investment amount in your retirement plan. If the plan allows, you can opt for the maximum savings so that you need not have to worry if your funds will be adequate enough for your retirement years.
Look out for additional benefits in retirement plans like a life insurance cover or top up benefits on your annuity plan. Features like this ensure that in case of your death, your family will be able to support themselves financially and also take care of their future expenses without breaking the bank.
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What is annuity planning?
Annuity or retirement planning means creating a financial plan over a period of time so that you can enjoy financial stability during your retirement years. You can opt for a guaranteed2 regular income during your retirement that will help you and your family with daily expenses, as well as emergencies.
What are the types of annuity plans?
There are two types of annuity or retirement plans available – deferred annuity plan and immediate annuity plan. Under a deferred annuity plan, you can pay the premiums over the policy term or for a limited period during the policy term and then receive the guaranteed benefits on maturity. In the case of an immediate annuity plan, you can invest a lump sum amount and receive the benefits soon after.
Why should you choose an annuity plan?
An annuity plan is a low-risk retirement planning option that provides guaranteed2 returns to you. In addition, you can also enjoy a life insurance cover under an annuity plan that will protect your family in the event of your death. Hence, as compared to other high-risk options, an annuity plan can provide complete financial support to your family.
Who should consider buying an annuity plan?
People looking for a steady income after retirement may consider an annuity plan. However, it can also benefit those wanting financial security with regular payments for life.
How annuity is better than Fixed Deposit?
Annuity plans often provide lifetime income, unlike Fixed Deposits, which have fixed maturity periods. However, Fixed Deposits may offer more liquidity and can be suitable for short-term returns.
What factors should I look for in annuity plans?
You may consider looking for payout rates, payment frequency options, and inflation protection in annuity plans in India. Moreover, you may also consider the financial strength of the insurance company offering the plan.
How to buy an annuity plan?
If you want to buy an annuity plan, you can make an online or offline purchase, as per your choice. To purchase the Tata AIA Life Insurance Fortune Guarantee Pension Plan, head to our website and get in touch with us to purchase the plan online. Likewise, you can locate any of our office branches and visit us to purchase your policy offline.
What is the right age to buy an annuity?
The ideal time to purchase an annuity pension plan is between 50-60 years. However, buying earlier can sometimes result in better rates but may lock your funds for longer periods.
Are annuities good for senior citizens?
Senior citizens can benefit from immediate pension plans as they provide steady income without investment worries. However, consider inflation effects on fixed payments over time.
Is it possible to add my spouse to my annuity plan?
Yes, joint annuity policies often allow you to include your spouse for continued payments after your death. However, joint plans typically offer slightly reduced monthly payouts than single-life options.
What is the annuity rate?
Annuity rate determines how much monthly income your annuity insurance will generate from your investment. However, these rates may vary between companies and change with market conditions.
How is the annuity calculated?
Annuity plan payments are calculated based on investment amount, age, interest rates, and the payout option selected. However, your chosen payment frequency also affects the final amount received.
How much will a 50000 annuity pay monthly?
The monthly payment from a Rs. 50,000 annuity depends on factors such as age, annuity type, payout period, gender, and health. To get an estimate, you can use an annuity calculator by inputting these details.
What is the Top-Up Option in the Tata AIA Annuity Plan?
The Top-Up option of the Tata AIA Annuity Plans allows you to pay an extra annuity amount, subject to the existing annuity rates and your top-up amount, so that you can increase the payout benefits under your plan.
How to calculate my retirement funds?
You will need to consider all the major and minor expenses after retirement, as well as your needs and your family’s financial requirements, when calculating your retirement funds. Be sure to also consider any medical emergencies that will take up a chunk of your funds in case of an unfortunate occurrence.
When can you withdraw funds from an annuity?
You can typically withdraw funds from an annuity when you reach the annuity’s maturity date, as specified in the contract. Some annuities may allow partial withdrawals or lump-sum options, but these terms depend on the specific plan and provider.
How do I file a claim on my annuity plan?
To file a claim with us, you can choose any of the following channels to reach out to us.
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
What documents are needed to file a claim under my annuity plan?
Please click here to know the list of documents needed for the claim intimation and settlement process for your Annuity Plan.
Can my nominee, who is not in India, file a claim?
Yes, your nominee can file the claim from outside India. They can either upload the attested copies of their documents online or send them to us through email. If they wish to file the claim offline, they can courier all the relevant documents to their representative in India, who can visit our office to initiate the process.
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