About Tata AIA Life Insurance Fortune Guarantee Pension
- Your retirement years are your second innings, a new phase of life where you leave behind your working years and find time for yourself. To enjoy a worry-free retirement, it is important to plan right so you can truly make the most of your golden years.
- Presenting, Tata AIA Life Insurance Fortune Guarantee Pension, a plan designed to help you achieve financial freedom during your second innings. It offers regular guaranteed income for life, helping you manage your expenses post-retirement.
- The Group version of this product enables Employer-Employee groups to purchase annuities for their members.
- Plan your dream retirement and make it a reality with a Guaranteed¹ Pension Plan that helps you save regularly and secure a lifetime of financial security to enjoy your golden years.
Plan Benefits
Choice of Annuity Options:
You can choose from varied and flexible options² like immediate annuity, deferred annuity, options with return of purchase price and Single Life, or Joint Life.
Death Benefit:
In case of your untimely demise during the policy term, the death benefit is paid out to the nominee in case of the annuitant's death in Single Life option or on the second annuitant’s death in the Joint Life option.
Guaranteed Additions:
The Guaranteed+ Additions are accumulated at the end of every policy month during the Deferment Period of Plan option 3 and 4, provided all due premiums are paid. They become part of the death benefit. These additions cannot accrue if the policy lapses or becomes a Reduced Paid-Up policy.
T&C apply.
Loan against the Policy:
The annuitant can get a loan on the 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 in case of the primary annuitant’s death.
Annuity Booster:
The annuitant gets an additional annuity benefit payout applicable under a non-single pay annuity option to reward persisting policyholders over and above the base annuity amount. The Annuity Booster shall be based on the number of premiums paid (in completed years). The total annuity² payment shall comprise base annuity plus applicable annuity booster.
Income Tax benefits# :
You can avail tax benefits# as per applicable income tax laws. These benefits are subject to the policy terms and conditions.
Plan Eligibility
| Minimum | Maximum | ||
| Entry Age | For POS Option 2: 40 years Other than POS 30 years | For PoS - Option 2: 70 years Other than POS Option 1 & 2: 85 years Options 3 & 4: 84 years**annuity to start max at age 85 years |
|
Premium Payment Term |
Single Pay | 1 year | |
| Regular / Limited Pay | For Option 3-5 years | 12 years | |
| For Option 4-2 years | |||
| Deferment Period | Single Pay | 1 year | 10 years |
| Regular Pay | Equal to Premium Payment Term | ||
| Limited Pay | Premium Payment Term + 1 | Premium Payment Term + 5 years | |
| Annuity Amount² (₹) | Yearly in arrears: ₹ 12 (₹ in ‘000s) |
No limit, subject to Board Approved Underwriting Policy | |
| 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) | |||
The minimum annuity instalment provided above shall be complied in all policy years. The above minimum annuity amount shall be inclusive of annuity booster, if applicable. |
|||
| Purchase Price³ | Corresponding to minimum annuity amount above | As per maximum annuity chosen | |
| Group size | 5 Nos. | No limit | |
Commission Related Information
Details of the commission earned by the Bank as a corporate agent from its Life Insurance distribution business are as follows:
LoB |
Category |
First Year Commission |
Renewal Commission |
Single Premium Commission |
|||
|---|---|---|---|---|---|---|---|
Min |
Max |
Min |
Max |
Min |
Max |
||
Pension |
Pension |
5.00% |
70.00% |
0.50% |
3.00% |
1.00% |
2.00% |
Term |
Protection |
20.00% |
90.00% |
2.00% |
2.00% |
1.00% |
2.00% |
Par & Non-Par |
Savings & Investment |
20.00% |
70.00% |
0.25% |
7.50% |
1.00% |
2.00% |
Health |
Health |
15.00% |
70.00% |
1.00% |
1.00% |
2.00% |
2.00% |
ULIP |
ULIP |
5.00% |
10.00% |
0.50% |
1.00% |
1.00% |
1.00% |
ILP |
= |
15.00% |
65.00% |
0.50% |
1.00% |
2.00% |
2.00% |
Note:
The commission varies depending upon the product in each category, tenure, amount of premium and premium paying term.
Disclaimer
- The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan - A Non-Linked Non-Participating Individual Life Insurance Plan
- 1The word Guaranteed, and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for the whole of life or till death of the Annuitant(s).
- 2Under all non-single pay options, annuity payment / payout referred hereafter shall mean to comprise of base annuity plus applicable annuity booster
- #Tax benefits of up to ₹46,800 u/s 80C is calculated at the highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per the old tax regime. 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. 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 the above. 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 for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- Return of Purchase price means return of all premiums paid excluding any extra premium, any rider premium, taxes and other statutory levies, if applicable
- +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.
- ^Loan facility may be available under the product. Eligibility, terms, and conditions for availing a loan are product-specific and subject to company guidelines.
- For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. For more details on risk factors, terms and conditions please visit us at: www.tataaia.com
- Product Option Immediate Life Annuity with Return of Purchase Price is available under PoS as well.
- 3Premium is subject to applicable cesses & levies which will be entirely borne/paid by the Policyholder, in addition to the payment of such premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer to the sales illustration for the exact premium.
- 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 the company’s underwriting and acceptance. Insurance cover is available under this product.
- No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws.
- L&C/Advt/2026/Feb/1504
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 customercare@tataaia.com. Visit us at: www.tataaia.com.
Frequently Asked Questions
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 years from the date of the first unpaid premium. The policy may be reinstated before the end of the deferment period.
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 instalments in return for regular or monthly income, either immediately or after some years, this is called an annuity.
The free look period for this plan is a period of 30 days from the date of the annuitant receiving the policy document.
The Tata AIA Fortune Guarantee Pension plan offers three premium payment terms - Single Pay, Limited Pay and Regular Pay.
The Top-Up option under this retirement plan is the provision to increase the annuity through payment of an extra Purchase Price/Premium as Single Pay, six months after the date of policy commencement.
It is wise to start investing in a pension plan as soon as you begin earning a steady salary. At least 12% of your savings should go towards a 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 date of commencement, while for a Regular/Limited Pay plan, the policy acquires surrender value after at least 1 full year’s premium has been paid.