Compare Tata AIA Pension Plans

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Tata AIA Life Insurance Company

Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture between India’s eminent business conglomerate Tata Sons Ltd. and the largest independent publicly listed pan-Asian life insurance provider across the world, the AIA Group Ltd. The company has an extensive product portfolio on offer, which consists of a variety of life insurance solutions for wealth creation, savings, protection, and retirement. Since its inception in the year 2001, the company has been providing world-class insurance products & solutions to a huge customer base, and further aims to secure the lives of 3 million customers by the year 2020.

Tata AIA Pension Plans

Tata AIA Pension Plans are all about embracing retirement with a smile! They help you to lead a stress-free retirement life, without being dependant on others for your daily expenses. These plans offer you with multiple options to enhance your corpus so that you can fulfil your post-retirement needs and dreams with much ease. You also have the flexibility to choose your policy term, according to your specific retirement requirements.

Pension Plans:
Here’s a sneak peek at some of the features of Pension Plans:

  • The payment of pension starts from the Vesting Date after the maturity of the policy
  • Also known as annuity plans, these may be broadly categorized into Deferred and Immediate Plans. In the case of the former, the policy holder receives payments on a deferred date, after he/she has paid all the premiums.  In the case of the unfortunate demise of the insured before the start of the payouts, the nominee becomes entitled to receive the death benefits. In the case of immediate annuity, the company starts paying out the proceeds immediately after the insured pays the single premium as per the pre-decided period of payment. However, in the event of the death of the insured, the company does not make any annuity payments.

List of Different Pension Plans Offered By Tata AIA Life Insurance Company, With Features, Benefits And Eligibility

Tata AIA Life Insurance Freedom

Features:

  • A Non - Linked Endowment plan
  • Liberty to decide the time when you wish to retire
  • Option to choose from two Retirement plans. The first option offers  a maturity age of  55 years, while the second one offers a maturity age of 60 years
  • Enhanced coverage through Rider
  • Lower premium rates for female policy holders
  • Avail discounts for selecting a large sum assured
  • On death of the insured, the policy ceases to exist and no benefits would be payable
  • Income Tax benefits on premium & proceeds

Benefits:

  • Enjoy Guaranteed Additions @10% p.a. of annualised premium throughout the entire premium payment term, provided the policy is valid and all premiums have been paid in full. These guaranteed benefits will be accrued to the policy at the start of each policy year and are paid to the policy holder at the start of the last year, or on death before the start of the last year, or at the time of surrender.
  •  Bonuses:
    • Compound Reversionary Bonus: This bonus is credited to the policy every year starting right from the end of the first year. The insured receives the bonus on death/maturity/surrender.
    • Terminal Bonus: Calculated as a percentage of the Basic Sum Assured, the Terminal Bonus is paid along with Death Benefit or Maturity Benefit or attached to the surrender value, provided at least 7 annual premiums have been paid in full.
  • Maturity Benefit: At the end of the policy term, the company pays out a Maturity Benefit in terms of a Guaranteed Sum Assured, which is equivalent to the Basic Sum Assured and is guaranteed to be payable at the time of maturity. Along with that, the policyholder also receives vested Compound Reversionary Bonus and Terminal Bonus, if any, provided the policy is valid and all premiums have been paid.
  • Death Benefit: In case the insured passes away before the policy matures, the nominee receives the Sum Assured on Death along with Accrued Guaranteed Additions as on the date of death and vested Compound Reversionary Bonus & Terminal Bonus, (if any). In instances, when the insured expires in the last policy year, then the accrued Guaranteed Additions are not paid, as they would have been already paid at the start of the last policy year. The Death Benefit is subject to a minimum of 105% of Total Premiums Paid as on the date of death. Here, the ‘Sum Assured on Death’ is deduced as the higher of the following:
    1. 11 times Annualised Premium  
    2. Absolute amount assured to be paid on death
    3. Guaranteed Sum Assured on Maturity

Eligibility:

Minimum Entry Age (As on last birthday) 25 years
Maximum Entry Age (As on last birthday) For Retirement Option1: 45 years; For Retirement Option 2: 50 years
Maturity Age For Retirement Option1: 55 years; For Retirement Option 2: 60 years
Policy Term For Retirement Option1: 55 years (Age at Entry); For Retirement Option 2: 60 years (Age at Entry)
Premium Amount Minimum: Based on minimum Basic Sum Assured
Sum Assured Minimum: 2,00,000 (In multiples of 1000) | Maximum: Based on Underwriting
Premium Payment Term For Policy Term 10 to 14: 7/10 years | For Policy Term 15 & above: 7/10/15 years
Premium Payment Frequency Yearly, half-yearly, or monthly

Riders:
Tata AIA Life Insurance Accidental Death and Dismemberment Rider

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