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A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V04)

Tata AIA Life Insurance Fortune Guarantee Pension Plan - Retirement Plan Mobile Banner

Tata AIA Life Insurance Fortune Guarantee Pension Plan

Like everything else, you would also want your retirement life to be planned out properly. Since finances are one of the most important aspects of any life stage, you will need to opt for a suitable annuity Pension plan that gives you complete peace of mind during your second innings!

The Tata AIA Life Insurance Fortune Guarantee Pension helps you look after your post-retirement financial needs with a guaranteed$regular income so that you can lead a life free from financial worries.

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Benefits of Tata AIA Life Insurance Fortune Guarantee Pension Plan – An Annuity Plan

Choice of Annuity Plan Options

Choice of Annuity Plan Options

You can choose from varied and flexible options in an immediate annuity, deferred annuity and return of purchase price. The product also offers a choice of plan options on the basis of Single Pay, Limited Pay, Regular Pay, Single Life, or Joint Life.

Death Benefit

Death Benefit

In case of your untimely demise during the policy term, the death benefit is paid out either to the nominee in case of the Single Life option or on the second annuitant’s death in the Joint Life option. 

Guaranteed* Additions

Guaranteed* Additions

The Guaranteed* Additions are accumulated at the end of every policy month during the Deferment Period and become part of the death benefit, considering all premiums are paid. These additions cannot accrue if the policy lapses or becomes a Reduced Paid-Up policy.

Choice of Riders^^

Choice of Riders^^

You can choose between two insurance riders during policy inception or on policy anniversary as long as the rider PPT and PT do not exceed the base plan’s outstanding Deferment Period and the PPT. But, if the plan is purchased under PoS, then no rider can be attached to the policy.

Loan against the Policy

Loan against the Policy

The annuitant can get a loan on the pension policy, six months after the policy’s commencement but not on Immediate Life Annuity. Under Joint Life, the primary annuitant can take a loan which the secondary annuitant can avail of in case of the primary annuitant’s death.

Get Tax Benefits

Get Tax Benefits

You can avail of tax benefits# as per applicable income tax laws. However, these benefits are subject to the policy terms and conditions.

Highlights of the Plan

  • Multiple Annuity Options

    Choose from multiple annuity plan options to suit your needs

  • Choice of Higher Purchase Price

    Avail higher annuity amount by choosing higher Purchase price/premium.

  • Availability of Top-Up Premium

    Choose to increase your annuity amount by paying top-up premiums.

  • Joint Life Option

    Your nominee i.e., spouse, child, parent, parent-in-law, or sibling are entitled to receive the Annuity Payouts in case of unfortunate death of the life assured.

Add Riders to Enhance the Plan

The below-mentioned rider(s) would be available with the base product:

Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version)

  • Choose from one or more risk covers to avail of coverage against various risks including accidental death/disability, critical and terminal illness.

  • Choose to receive a return of balance premiums on policy maturity.

Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version)

  • This rider offers coverage against major illnesses, minor illnesses and injuries, and also allows for multiple claim payments.

  • The rider offers flexible payout options either as a lump sum or lump sum and income for a fixed period, or a monthly income for up to 10 years.

A Quick Explanation of the Plan with Videos

See how Tata AIA Life Insurance Fortune Guarantee Pension Plan can ensure a comfortable retired life for you through convenient annuity options and benefits that make retirement planning easier!

Documents Required

PAN card

Aadhar Card

Bank statement

(for the previous 6 months)

Salary Slip

Income Tax Receipt

How does the Tata AIA Fortune Guarantee Pension Plan Work?

To understand how the Tata AIA Fortune Guarantee Pension Plan works, you may refer to the steps given below - 

 

Step 1 - Choose the Purchase Price or Policy Premium to buy the annuity.

 

 

Minimum

Maximum

Purchase Price

 

Corresponding to minimum annuity amount below

As per maximum annuity chosen

Annuity Amount (₹)

 

• Yearly in arrears:

₹12 (in ‘000s)

• Yearly in advance:

₹12 (in ‘000s)

• Half Yearly in arrears:

₹6 (in ‘000s)

• Quarterly in arrears:

₹3 (in ‘000s)

• Monthly in arrears:

₹1 (in ‘000s)

 

No limit - subject to Underwriting Policy approved by the Board

Premium Payment Term 

Single Pay

1 year

Regular/Limited Pay

5 years

12 years

Deferment Period

Single Pay

1 year

10 years

Regular Pay

Equal to Premium Payment Term

Limited Pay

Premium Payment Term + 1 year

Premium Payment Term + 5 years

Step 2 - Choose your Plan Option from the plan options available.

  1. Immediate Life Annuity

  2. Immediate Life Annuity with Return of Purchase Price

  3. Deferred Life Annuity (GA-I) and with Return of Purchase Price

  4. Deferred Life Annuity (GA-II) and with Return of Purchase Price

Step 3 - Receive Annuity Payouts as per the chosen Payout Mode.

Mode

Annuity Instalment (per mode selected)

Yearly in arrears

Yearly Annuity

Half-yearly in arrears

98% of Yearly Annuity x ½

Quarterly in arrears

97% of Yearly Annuity x ¼

Monthly in arrears

96% of Yearly Annuity x 1⁄12

Annually in advance

93% of Yearly Annuity

Understanding the Death and Annuity Payout in the Plan

Death Benefits

Depending on whether you have selected the Single Life option or the Joint Life option, the death benefit is paid either on the death of the annuitant or on the death of the second annuitant. The insurance nominee can choose to receive the death benefit as a lump sum payout or allow us to purchase an Immediate Annuity for them.

 

Plan Option

Death Benefit

Option 1 - Immediate Life Annuity

No death benefit is payable

Option 2 - Immediate Life Annuity with Return of Purchase Price

Total Premiums Paid till date

Option 3 and 4 - Deferred Life Annuity (GA-I) and with Return of Purchase Price and Deferred Life Annuity (GA-II) and with Return of Purchase Price.

Within Deferment Period:

• Death Benefit is higher of –

• Total Premiums Paid (excluding loading for modal premiums

up to date of death + Accrued Guaranteed* Additions

• 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death.

Post Deferment Period:

Death Benefit is Total Premiums Paid (excluding loading for modal premiums) up to date of death + Max (Accrued Guaranteed* Additions − Total Annuity payouts till date of death, 0)

Annuity Payout

The purchase price has to be paid in advance at the beginning of the contract and is calculated on the basis of the premium payment mode - Single Pay, Regular Pay or Limited Pay.

 

Frequency

Annuity payout starts after

Annually in arrears

One year from the purchase/end of Deferment Period

Half-yearly in arrears

Six months from the purchase/end of Deferment Period

Quarterly in arrears

Three months from the purchase/end of Deferment Period

Monthly in arrears

One month from the purchase/end of Deferment Period

Annually in advance
(except for Option 1)

Purchase/end of Deferment Period

 

The annuity installments are to be paid as given below:

 

Mode

Annuity Installment (per mode selected)

Yearly in arrears

Yearly Annuity

Half-yearly in arrears

98% of Yearly Annuity x ½

Quarterly in arrears

97% of Yearly Annuity x ¼

Monthly in arrears

96% of Yearly Annuity x 1⁄12

Annually in advance

93% of Yearly Annuity


 

Frequently Asked Questions

Quick Facts Policy Cover Premium Complain
What is an annuity?

When an insurance company and an individual make an investment agreement over the long term, where the individual makes a payment in a lump sum or in installments in return for regular or monthly income, either immediately or after some years, this concept is called an annuity.

What are annuity pension plans?

An annuity pension plan is an annuity plan that pays out an income in the future after you invest a certain amount in the annuity. The payments will depend on the Entry age of annuitant, Premium/purchase price, PPT & option chosen under the plan. 

When should you start investing in a pension plan?

It is wise to start investing in a pension plan as soon as you earn a steady salary. At least 12% of your savings should go towards a pension plan.

What is a Deferment Period? What is the available deferment period in this plan?

The Deferment Period is the number of years after which you can avail of the annuity payouts from the plan. The Deferment Period for the Tata AIA Fortune Guarantee Pension Plan is a minimum of 1 year and a maximum of 10 years for Single Pay, equal to the premium payment term for Regular Pay and a minimum of 1 year plus the Premium Payment Term to a maximum of 5 years plus the Premium Payment Term for Limited Pay.

Do I get any surrender benefits with this pension plan?

While the Immediate Life Annuity option does not offer any surrender benefits, the other options acquire surrender value depending on the premium payment mode. For a Single Pay plan, the policy acquires surrender value any time after the policy’s commencement date, while for a Regular/Limited Pay plan, the policy acquires surrender value after at least 2 full years’ premiums have been paid.

Does this plan have a free look period?

The free look period for this plan is a period of 15 days from the date of the annuitant receiving the policy document. But if the plan has been purchased online or through any electronic mode, the 15-day free look period is extended to 30 days.

What are the annuity options under this pension plan?

The annuity options under Tata AIA Life Insurance Fortune Guarantee Pension Plan are as follows: Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, Deferred Life Annuity (GA-I) and with Return of Purchase Price, Deferred Life Annuity (GA-II) and with Return of Purchase Price,

What are the death benefit payout modes in this retirement plan?

A lump sum payout will be available as the death benefit. It is important to note that the Immediate Life Annuity option in this retirement plan does not offer any death benefits

What are the documents required to buy this pension plan?

These are the documents you will need to buy this pension plan:

  • PAN Card

  • Aadhar Card

  • Bank statement (for the previous 6 months)

  • Salary Slip

  • Income Tax Receipt

What is the premium top-up option in this retirement plan?

The Top-Up option under this retirement plan is the provision to increase the annuity through payment of an extra Purchase Price/Premium for Single Pay, six months after the date of policy commencement.

What are the premium payment terms available with this plan?

The Tata AIA Life Insurance Fortune Guarantee Pension plan offers three premium payment terms - Single Pay, Limited Pay and Regular Pay.

Does the plan offer a grace period and a revival period?

Yes. This plan has a grace period of 30 days for the annual, half-yearly and quarterly premium payment frequencies from the due date of the premium. However, for the monthly premium payment frequency, the grace period is 15 days from the premium due date.

Revival Period is equal to 5 year from the date of first unpaid premium. The policy may be reinstated before the end of deferment period.

How do I get in touch with the customer service team in case of any grievances?

You can visit our Contact Page to find the various ways in which you can get in touch with our experts.

 

You can WhatsApp us at 7045669966 for chat-based service and grievance resolution.

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.

Disclaimers
 
  • #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 implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you

  • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.

  • Product Option Immediate Life Annuity with Return of Purchase Price is available under PoS as well. 

  • ^^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.

  • *Guaranteed Additions accrue at the end of each completed policy month, subject to all due premiums being paid and form a part of the Death Benefit offered under the option.

  • $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).

  • This product is underwritten by Tata AIA Life Insurance Company Ltd. The plan is not a guaranteed issuance plan and it will be subject to company’s underwriting and acceptance. Insurance cover is available under this product.

  • L&C/Advt/2022/Aug/1968