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Tata AIA Smart Annuity Plan
The life after completing many professional years of service is when you can catch up on all the lost time with your family, as well as your hobbies, interests and more. To ensure that this golden period of life does not slip away while you worry about financial resources, Tata AIA brings you the Tata AIA Smart Annuity plan.
With a guaranteed* pay-out benefit during your retirement years, this pension plan offers adequate financial benefits to you and your loved ones while a life cover protects them.
Benefits of Tata AIA Smart Annuity Plan
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![Money bag - Claim tax deductions as per applicable tax laws with Term Insurance Policy - Features of Tata AIA Term Insurance Policy]( "Claim tax deductions as per applicable tax laws - Features of Tata AIA Term Insurance Policy")
Guaranteed* Lifetime Income
Secure your family's dreams and your financial goals with guaranteed* income throughout your retirement.
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![Clock Icon]( "Choose a whole life coverage insurance plan with coverage up to 100 years of age - Features of a Tata AIA Term Insurance Policy Online")
Avail Extra Annuity#
Choose from three flexible annuity options as per your unique retirement needs. Also avail 3% Extra Annuity# when bought online through Tata AIA website.
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![Boy with a cap]( "Buy a Tata AIA term insurance plan online as early as 18 years of age - Features of a Term Insurance Policy")
Single/Joint Life Feature
Select a Single Life annuity if you are the sole annuitant or a Joint Life annuity to include your spouse.
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![Flexible Death benefit payout in a term plan can be offered either as a lump sum, a regular income or a combination of both]( "Flexible Death benefit payout in a term plan can be offered either as a lump sum, a regular income or a combination of both")
Flexible Premium Payments
You can pay your premiums as per your choice as single premium or over multiple years. You can also choose a premium mode – annual, semi-annual or monthly – to ease out your premium payments.
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![Money Bag Icon]( "Term plan with a return of premium can offer you a 105% return on the total premiums paid on survival")
Flexible Annuity Pay-out Modes
Choose to receive your annuity pay-out in a mode of your preference – monthly, quarterly, half-yearly or annually. You can also use Top-up option to increase the benefits you receive under this annuity pension plan.
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![Money wallet icon image]( "High Sum Assured for Low Premiums - Features of a Tata AIA Term Insurance Policy")
Avail Loan
You can avail of a loan against a deferred annuity policy to meet any emergency needs
*T&C apply
Plan Eligibility
Parameters |
Minimum |
Maximum |
|
Entry Age^ |
Immediate Life Annuity |
45 years |
85 years |
Immediate Life Annuity with Return of Purchase Price |
|||
Deferred Life Annuity with Return of Purchase Price |
45 Years – Single Premium |
||
Premium Payment Period |
Immediate Life Annuity |
Single Premium |
|
Immediate Life Annuity with Return of Purchase Price |
|||
Deferred Life Annuity with Return of Purchase Price |
Single Premium |
|
|
Deferment Period |
Deferred Life Annuity with Return of Purchase Price |
Single Premium - 1 |
Single Premium - 10 |
Annuity Pay-out |
Annually |
₹ 12,000 |
No Limit |
Half-yearly |
₹ 6,000 |
||
Quarterly |
₹ 3,000 |
||
Monthly |
₹ 1,000 |
||
^Any reference to Age is as on last birthday. In case of Joint life Annuities, age limits apply to both lives.
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Frequently Asked Questions
Are annuity plans necessary for retirement?
Yes, an annuity or a pension plan is necessary for retirement as it ensures a regular income stream and financial support for you and your family during your golden years. Such a policy is useful in the absence of a monthly salary.
Does an annuity plan pay regular income like a pension plan?
Yes, flexible regular income options are available under annuity plans. You can easily choose to receive the benefits on a monthly, quarterly, half-yearly or annual basis.
Why does one need a retirement plan?
When you stop earning a salary from your professional service after your retirement, you will need adequate financial resources to maintain your lifestyle and sustain yourself and your family.
How much should I save for retirement?
Retirement plans are quite flexible, and you can easily choose a purchase price or the amount you want to contribute towards your policy based on the monthly / annual income required by you based on your needs. You can do this by considering the future inflation rate along with the needs of your family, your future goals, and any important financial objectives such as financing your personal business, your child’s higher education or wedding and so on.
Also, be sure to set aside some funds in your pension plan for medical emergencies and the like. You will also have to consider how many years you need to save funds.
Is there a death benefit under the Tata AIA Smart Annuity Plan?
Yes, specific option in Tata AIA Smart Annuity plan offer a death benefit pay-out to your nominee, subject to the annuitant's or annuitants' death, as per the Single Life or Joint Life option, respectively.
What are the annuity options available under this retirement policy?
These are the following plan options under this annuity plan:
- Immediate Life Annuity
- Immediate Life Annuity with Return of Purchase Price
- Deferred Life Annuity with Return of Purchase Price
What is the Top-up option under Tata AIA Smart Annuity Plan?
The Top-up options allow you to increase your annuity pay-outs, where the additional annuity payable will depend on the amount of Top-up and the prevailing annuity rates during the Top-up.
Can I get a loan against this retirement policy?
In Tata AIA Smart Annuity Plan, under the Deferred Life Annuity with Return of Purchase Price Option, you can apply for a loan which is up to 80% of the surrender value of the policy. The policy will then be assigned to Tata AIA Life Insurance.
What is the free-look period under this annuity plan?
If you have purchased the pension policy, a free-look period of 30 days is applicable to you.During this period, you can review the terms and conditions of the Policy and if You disagree to any of those terms or conditions, you have the option to return the Policy to the Us for cancellation.
What is the minimum and maximum entry age for the Tata AIA Smart Annuity Plan?
The minimum entry age for this pension plan is 30 years, while the maximum entry age is 85 years.
Should I file a claim online or offline on my Tata AIA Smart Annuity Plan?
Here are the various channels through which you can file a claim with 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 this retirement plan?
Please click here to know the list of documents needed for the claim intimation and settlement process.
How many times can I file a claim under the Tata AIA Smart Annuity Plan?
You can only file a single claim under the Tata AIA Smart Annuity Plan under a Single Life or a Joint Life policy. Under the former, the death benefit will be paid out to the policyholder’s nominee on death, while under the second option, the death benefit will be paid out to the nominee on the latter of the two deaths.
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Disclaimers
- The complete name of the product is Tata AIA Life Insurance Smart Annuity Plan (UIN: 110N150V08) - A, Non-Linked Non-Participating, Individual 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).
- #Allowed only where the product is bought through Tata AIA Life Insurance company website without any intermediary being involved and as per preference of the prospect. The benefit for Single Pay shall be 2% and for Limited/Regular pay policies shall be 3% additional annuity respectively.
- ~Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- 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 factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
- All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses, or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- Life cover is available under this product
- L&C/Advt/2024/Oct/3006
