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Make Your Retirement, A Long-Paid Vacation.


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.

Benefits of Tata AIA Saral Pension Plan

  • Get Guaranteed* Lifetime Pension post Retirement

    The pension plan offers guaranteed* pension benefits to the annuitant (Single Life) or annuitants (Joint Life option with spouse) for whole of life.

  • Annuity Rate Guaranteed* for 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.

  • One Time Investment

    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.

  • Get Tax Benefits

    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.

  • Option of Single and Joint Life

    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.

  • No Medicals Needed

    When you purchase the plan, the plan will be issued without undergoing any medical test.

Why Choose Tata AIA Life Insurance?

  • 98.53%

    Claim Settlement Ratio for FY 21 -22^

  • Guaranteed* Pension post Retirement

    Get assured income post your retirement with customizable plan features

  • 400 + Branches

    Presence across major cities in India

  • Pay your Way

    Flexibility to choose premium payment mode as per convenience

  • Save Income Tax

    up to 46,800++

  • Express Claim Settlement

    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
An annuity option once selected cannot be changed.

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

Annuity Purchase Price

Option 1

Corresponding to the minimum annuity amount as specified below

No Limit subject to Board Approved Underwriting Policy

Option 2

 

Annuity Payout (Rs.)

Annually

12,000

 

No Limit

Half-yearly

6,000

Quarterly

3,000

Monthly

1,000

Premium payment period

Single Premium


#
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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Frequently Asked Questions

General Cover Policy Claim

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: 

  1. Under the Single Life option, the death benefit will be paid out to the nominee of the deceased annuitant.
  2. Under the Joint Life option, the secondary annuitant will receive the death benefit if the primary annuitant dies. In case of the death of both annuitants, their nominee will receive the death benefits.

 

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

  • The complete name of Tata AIA Saral Pension is Tata AIA Life Insurance Saral Pension (UIN: 110N159V05) - A Single Premium, Non-Linked, Non-Participating, Individual, Immediate Annuity 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).
  • ^Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
  • **Applicable to only non-early claims more than 3 years of policy duration, non-investigation cases, upto Sum assured of 50 lac. 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.
  • ++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.
  • ~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 benefit available to you. Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Saral Pension is only the name of the Life Insurance.
  • This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factor, terms, and conditions under the product, please read Sales brochure carefully before concluding a sale
  • L&C/Advt/2022/Oct/2662

Need more information?

Let us help you

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

Connect with us now

+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.