It is easier to achieve one’s goals when one is working since it guarantees a continuous flow of income which allows an individual to make his/her financial decisions. That may not be the case post retirement. Hence, it becomes imperative that there is a steady flow of income even after the person has stopped working.
The Immediate Annuity Plan aims to ensure that the individual continues to get a regular income even after retirement.
Before availing this plan, one should check the eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age of purchase||21 years|
|Maximum age of purchase||80 years|
*Ages mentioned above are as on the policyholder’s last birthday.
Purchase Amount and Premium*
Purchase amount is the amount paid to purchase the policy.Similarly, premium to be paid will be decided at the inception of the policy and will depend on the purchase amount and the policy period. The relevant information on purchase amount and policy period are given in the table below:
|Minimum Purchase Amount||Rs.50,000|
|Premium Payment Period||Single|
|Minimum annuity installment||Rs.3,000 p.a.|
*The premium amount can change based on the entry age of policyholder, policy term, payment mode, etc.
|Death Benefit||On the death of the insured, the purchase amount is returned back to the nominee.|
There are no riders or add-on plans.
Other Key Features
|Grace period||Since the premium payment mode is single, there won’t be any grace period for this plan.|
|Free look period||A free-look period of 15 days is provided.|
You will be eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Since, tax laws are subject to change, it is always advisable to consult a tax advisor before making any tax related decisions.
The TATA AIA Life Insurance provides you with various other facilities as well.
Every individual wants to see a steady flow of income. While this is possible when one is working, the same cannot be said once the person retires. An individual may achieve some of his/her goals but the age should not be a factor and a plan is required so that he/she can continue to achieve rest of his/her goals post retirement.
Tata AIA Insurance Immediate Annuity Plan ensures that the person continues to receive a certain amount post retirement. Due to these benefits and a person enjoying a steady flow of income, this makes the plan a popular choice among people.
Tata AIA Life Insurance is a joint venture between TATA Sons Ltd. and AIA International Ltd. They are considered to be one of the best insurers in the industry today as they offer a diverse range of products to their customers. It is considered to be one of the most reliable insurers today as they enjoy a success rate of 96% in settling claims. They also boast of having the best customer service as they have 100% success rate in addressing their customers’ grievances. They are recipients of various awards including the prestigious ‘Golden Peacock’ award for Risk Management.