TATA AIA Life Insurance Fortune Guarantee Pension Plan
A Non-Linked, Non-Participating, Annuity Plan
Like everything else, you would also want your retirement period 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.
All You Need To Know
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Benefits of Tata AIA Life Insurance Fortune Guarantee Pension Plan – An Annuity Plan
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Highlights of the Plan
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Add Riders to enhance the Plan
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How does the Tata AIA Fortune Guarantee Pension Plan Work?
Frequently Asked Questions
No
Option 1: Immediate Life Annuity
Option 2: Immediate Life Annuity with Return of Purchase Price (ROP)
Option 3: Deferred Life Annuity (GA-I) with Return of Purchase Price (ROP)
Option 4: Deferred Life Annuity (GA-II) with Return of Purchase Price (ROP)
Min. - 45 Years
Max. - According to Senior Citizen Guidelines of the bank
Min.: Annual - ₹ 12,000 p.a. / Half Yearly - ₹ 6,000 p.a. / Quarterly- ₹ 3,000 p.a. / Monthly- ₹ 1,000 p.a.
Max. - No limit, subject to the Board Approved Underwriting Policy (BAUP)
Yes. Joint Life feature is available under all four plan options.
Min. - Coresponding to minimum annuity amount
Max. - As per maximum annuity amount chosen
Joint Life feature is available in all plan options. Secondary Annuitant can be:
Spouse, Child, Parent, Parent-in-law, Sibling
of the Primary Annuitant.
Other relationships may be considered as long as there is an insurable interest between the Annuitants
During the Deferment Period, 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.
GA – I: 1/12th of the yearly annuity amount
E.g. – Yearly Annuity amount is Rs. 6,00,000. Monthly GA-I amount will be
1/12 of Rs. 600000 = Rs. 50,000 per month.
(Monthly amount of GA-I will remain same throughout the Deferment Period)
GA – II: 1/12th of 6% of Total Premiums Paid (excluding premiums paid & loading for modal premiums)
E.g. – Annual Premium is Rs. 10,00,000. PPT is 5 Years. Deferment Period is PPT + 5 = 10 Years
Monthly GA-II added in 1st year will be
1/12 of (6% of Rs. 10,00,000) = 1/12 of Rs. 60,000
Rs. 5,000 per month during 1st Policy Year
Monthly GA-II added in 2nd year will be
1/12 of (6% of Rs. 20,00,000) = 1/12 of Rs. 1,20,000
Rs. 10,000 per month during 2nd Policy Year
(Monthly amount of GA-II will increase every policy year with the increase in total premiums paid)
Yearly in arrears – 100%
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
(Annuity frequency can be changed at policy anniversary except when the Annuity instalment will breach the minimum Annuity)
Yes, upto 80% of the Surrender Value
• Loan can be availed after 6 months from date of commencement for options 2, 3 & 4
• Under Joint Life, Loan can be availed by primary annuitant. On death of primary annuitant, loan an be availed by secondary annuitant
• Loan Interest will be recovered from the annuity amount payable under the policy
• Loan Interest will accrue as per frequency of annuity payment under the policy and it will be due on the date of annuity
• Loan outstanding shall be recovered from the claim proceeds under the policy
• Annuitant has the flexibility to repay loan principal at any time during the annuity payment period
Deferment Period can be chosen in options 3 and 4 of the plan which will be:
Single Pay – Min. 1 Y to Max. 10 Y
Limited Pay – Min. PPT + 1 Y to Max. PPT + 5 Y
Regular Pay – Same as PPT
Option 1 & 2: Single Pay
Option 3 & 4: Single Pay / Limited Pay & Regular Pay (5 Y to 12 Y)
Return of Purchase Price (ROP) is available in three plan options
- Immediate Life Annuity with Return of Purchase Price
- Deferred Life Annuity (GA-I) with Return of Purchase Price
- Deferred Life Annuity (GA-II) with Return of Purchase Price
Yes, in Options 2, 3, and 4 in the form of Return of Premium
Option 1 (Immediate Life Annuity): No death benefit
Option 2 (Immediate Life Annuity with ROP): 100% of Total Premiums Paid till date
Option 3 (Deferred Life Annuity ( GA-I) with ROP) & Option 4 (Deferred Life Annuity ( GA-II) with ROP):
During Deferment Period - DB 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 - DB higher of:
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)
Disclaimer
#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.
HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured. Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110) CIN: U66010MH2000PLC128403. Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013.Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com.
L&C/Advt/2022/Aug/1796
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