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Ensure your next chapter of life during your retirement
is exciting and full of happy memories.
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When you are close to retiring from your professional life, a suitable financial plan is what you will need to keep yourself and your near and dear ones safe from life’s challenges. And being able to have a carefree retired life can be an achievable dream, especially when you have the appropriate support during your golden years.
The Tata AIA Saral Pension Plan brings stability and assurance during your second innings by offering a regular income for planning all your goals as well as life insurance coverage for your loved ones’ security.
The pension plan offers guaranteed* pension benefits to the annuitant (Single Life) or annuitants (Joint Life option with spouse) for whole of life.
Depending on the plan option chosen, the entry age of the annuitant and the purchase price, the annuity rate you choose, will be guaranteed* for life.
You can Invest in the pension plan with a one-time lump sum investment through a Single Premium, without going through the hassle to pay multiple premiums.
You get Income Tax~ benefits on the premiums paid by you as well as on the amount you receive once the policy is matured as per applicable income tax laws.
You will get guaranteed* annuity pay-outs with the flexibility to choose the desired Annuity Pay-out mode. In case of Joint Life, the annuity amount will be paid to the nominee (Spouse) in case of any unfortunate event.
When you purchase the plan, the plan will be issued without undergoing any medical test.
Claim Settlement Ratio for FY 21 -22^
Get assured income post your retirement with customizable plan features
Presence across major cities in India
Flexibility to choose premium payment mode as per convenience
up to 46,800++
Get your claims settled in 4 hours**
Plan Eligibility of Tata AIA Saral Pension Plan
Annuity Plan Options |
The plan offers two annuity options as follows: Option 1: Life Annuity with Return of 100% of Purchase price (ROP) Option 2: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor |
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Eligibility Criteria |
|
Minimum |
Maximum |
Entry Age# |
Option 1 |
40 years |
For Other than PoS: 80 years For PoS: 70 years |
Option 2 |
For Other than PoS: 80 years For PoS: N/A |
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Annuity Purchase Price |
Option 1 |
Corresponding to the minimum annuity amount as specified below |
No Limit subject to Board Approved Underwriting Policy |
Option 2 |
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Annuity Payout (Rs.) |
Annually |
12,000 |
No Limit |
Half-yearly |
6,000 |
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Quarterly |
3,000 |
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Monthly |
1,000 |
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Premium payment period |
Single Premium |
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#Any reference to Age is as on last birthday. For Joint Life policy, the minimum entry age restriction needs to be complied by the youngest of the two lives and the maximum entry age restriction needs to be complied by the oldest of the two lives.
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What is a retirement plan or annuity plan?
An annuity or annuity plan is an investment or savings plan over the long term that is offered by your life insurer. You may purchase the policy before or during your retirement. The premiums paid towards such a policy will be used to offer you and your family a regular income benefit throughout your retirement.
How do I buy a pension plan online?
To buy a pension plan, you can go to the official Tata AIA Life Insurance website and request a call back from us. Our financial advisor will guide you to choose the right plan basis your life goals.
What is the difference between an annuity and pension plan?
The terms annuity and pension may be used interchangeably when it comes to the umbrella term “retirement plan”. However, an annuity is purchased during retirement or after retirement, while the pension is accumulated through the savings for your retirement. Both types of retirement plans can pay out a regular income during retirement.
Do I need an annuity plan for my retirement?
You can always choose what type of plan you want for planning your retirement. An annuity plan is more popular because it is flexible in terms of policy tenure and premium payment options. Moreover, the pay-out benefits are in the form of a guaranteed* regular income that can be useful during your retirement.
Till when are the survival benefits under the Tata AIA Saral Pension Plan payable?
The survival benefits under the Tata AIA Saral Pension Plan are payable as follows:
Until the death of the annuitant under the Single Life option
As long as either of the two annuitants is alive under the Joint Life option
How do I determine the sum assured for my annuity plan?
You can decide the sum assured for your annuity plan based on your and your family’s needs during retirement. You can divide your goals in terms of priority to understand how much financial coverage all these goals will require. Be sure to factor in the inflation rate as well as any medical emergencies when planning the sum assured and coverage so that you do not have to face financial insecurities in your golden years.
How is the death benefit offered under the Tata AIA Saral Pension Plan?
The annuity plan offers the death benefit as follows:
What are the premium payment terms available under the policy?
This policy offers a Single Pay premium payment term, meaning you can make the premium payment as a one-time lump sum investment in the annuity plan. This also eliminates the chance of a lapse in the annuity policy and its benefits due to unpaid policy premiums.
Can I switch from a Single Life annuity to a Joint Life annuity option?
No, either one of the annuity plan options can only be selected when purchasing the policy, and you may not switch between the two options at any point during the policy period.
Under what circumstances will the annuity policy be terminated?
The annuity plan can be terminated in case of any of the situations given below:
The date on which the free-look request from the policyholder is accepted.
On the date when all the applicable benefits under the policy are paid out.
On the date when the policyholder surrenders the annuity policy.
What are the annuity pay-out modes under this policy?
The annuity pay-out modes under this policy are as given below:
Monthly
Quarterly
Half-yearly
Annually
It is to be noted that these annuity pay-out modes are for survival benefits payable during the policy term and are not applicable for the death benefit.
How to file a claim on the Tata AIA Saral Pension 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 if my nominee is abroad and wants to file a claim?
If your nominee is abroad and would like to file a claim with us, they can simply courier the relevant documents needed for claim intimation to their representative in India. The representative can visit any of our office branches and file the claim on their behalf.
To file the claim online, your nominee can upload the attested copies of the documents online on our official website or send them to us over an email.
What documents do I need to file a claim under my annuity plan?
Please click here to know the list of documents needed to file the claim and for the settlement process for your Tata AIA Saral Pension Plan. .
Who will file a claim under a Single Life option and the Joint Life option of the policy?
Under the Single Life option, if the annuitant passes away during the policy period, their appointed nominee will file the death claim.
Under the Joint Life policy, one annuitant can file the claim in case of the other annuitant’s death. However, if both annuitants pass away, their nominee can file a death claim.
Disclaimer
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