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  • Tata Aia Pension Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Tata AIA Life Insurance has an excellent retirement/pension plan to help you have a financially secure lifestyle even after you retire from your work. You may be worried if you will have to depend on others once you stop earning your regular income. With the Tata AIA Retirement or Pension Plan, you will be able to enjoy freedom with an excellent retirement corpus.

    The retirement plan offered by Tata AIA Life Insurance is known as Tata AIA Life Insurance Freedom. It is a participating plan that is non-linked in nature. With the help of this plan’s funds, you can unwind during your retirement period after working for so many years.

     

    Benefits of Tata AIA Retirement or Pension Plan

    Let us take a look at the benefits and features of the Tata AIA Retirement or Pension Plan category:

    • With a retirement or pension plan, you can have a balanced and relaxed lifestyle after you retire.
    • You can manage your healthcare needs, holidaying needs, home remodelling needs, and all the other needs with the help of this plan.
    • You will not be required to depend on your children or other relatives for meeting your basic necessities.
    • You can be financially independent even after you stop earning your monthly wages.
    • You can make all your unfulfilled dreams come true after you retire from your daily busy work schedule.

     

    Retirement Plan Provided by Tata AIA Life Insurance

    Tata AIA Life Insurance offers one retirement plan for people who want to have a relaxed and enjoyable retired life. Let us take a look at the details regarding this plan:

    Tata AIA Life Insurance Freedom Plan: This is a participating plan and hence, you will receive dividends from the company depending on the profits earned by the company. With this plan, you will get survival benefit, maturity benefit, terminal bonus, compound reversionary bonus (CRB), and death benefit. You can create a great financial portfolio with this plan. It also offers guaranteed additions so that you can enrich your insurance corpus.

    Benefits and features of Tata AIA Life Insurance Freedom Plan

    Let us take a look at the benefits as well as features of this plan:

    • You will receive guaranteed additions with this plan at 10% p.a. of the annualised premium for your entire premium payment term. It will be given to you when each policy year begins.
    • This plan has lower premium rates for female policyholders.
    • You can select any of the 2 retirement plan options. Under option 1, the maturity age is 55 years and under option 2, the maturity age is 60 years. You can choose any of these 2 options depending on when you plan to retire.
    • You will be allowed to accumulate compounded reversionary bonuses with this plan. It will accumulate on a yearly basis from your first policy anniversary.
    • Your terminal bonus will be a certain percentage of the basic sum assured.
    • You will receive tax benefits as per the Income Tax Act, 1961 according to the sections 80C and 10(10D).
    • You will get additional protection with this plan by taking an optional rider. The rider offered by this plan is known as Accidental Death and Dismemberment Rider. It is a long scale rider. You can attach this rider during the policy inception.

    Table showing the Retirement Plan Provided by Tata AIA Life Insurance

    Plan name Entry age Maximum maturity age Premium
    Tata AIA Life Insurance Freedom Plan Minimum: 25 years Maximum entry age as on last birthday: For retirement option 1: 45 years For retirement option 2: 50 years For retirement option 1: 55 years For retirement option 2: 60 years The minimum premium will depend on the minimum sum assured. The minimum basic sum assured for this plan is Rs.2,00,000 in multiples of 1,000. The maximum sum assured will be fixed according to the underwriting limit.

    You can make your premium payments in monthly, semi-annual, and annual modes according to your specific preferences. The modal loading for monthly premium rate is annual premium rate multiplied by 0.0883. The modal loading for semi-annual premium rate is annual premium rate multiplied by 0.51. There is no modal loading for an annual premium rate.

    Why one needs Tata AIA Retirement or Pension Plan?

    Tata AIA Life Insurance Freedom Plan is a very important plan for any adult as the life expectancy is increasing with time. Many people are living up to the age of 70 and 80. As people age, they will have more expenditures in multiple ways. You may incur high healthcare expenses, home renovation expenses, travelling expenses, personal expenses, family expenses, and lots more. After a few years, you may not be employed as you would have crossed your retirement age. In such circumstances, it is very critical to have a good retirement or pension insurance plan. Such a plan will help you have a completely peaceful and stress-free life as you are financially safe even if you are not employed.

    Tata AIA Life Insurance Company is a collaboration between Tata Sons Ltd. and AIA Group Ltd. (AIA). The company is committed to delivering first-class insurance services for all types of needs. Whether you are a child, a salaried employee, a self-employed individual, or a retired person, you can trust this organisation to provide you with tailor-made insurance solutions. Tata AIA has numerous satisfied customers. It has also obtained a title for its outstanding work, which is the Best-in-Class Net Promoter Score.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.