Tata AIA Fortune Guarantee Pension Plan
Tata AIA Fortune Guarantee Pension Plan
The Tata AIA Fortune Guarantee Pension Plan is a retirement solution designed for financial independence during retirement. It's a non-linked, non-participating annuity plan, ensuring guaranteed returns by the insurer, independent of market fluctuations. Focused on providing a worry-free retirement, it offers a steady income for life, easing post-retirement expenses.
What is Tata AIA Fortune Guarantee Pension Plan?
Tata AIA Life Insurance Fortune Guarantee Pension Plan is a retirement plan designed to help you achieve financial independence during your retirement years. It is a non-linked, non-participating annuity plan, which means the returns are not linked to the market and are guaranteed by the insurer.
The plan caters to your individual needs with multiple annuity options. It also incentivises saving more through a high purchase price benefit. Additionally, you have the option to further increase your annuity income by making top-up premium payments.
Features of Tata AIA Fortune Guarantee Pension Plan
The features of the Tata Fortune Guarantee Pension Plan are:
Multiple Annuity Options: Choose an annuity payout plan that aligns with your income needs. Whether you prefer monthly, quarterly, half-yearly, or annual payouts, the plan offers flexibility to match your lifestyle.
High Purchase Price Benefit: The plan incentivises saving a larger sum. By opting for a higher purchase price, you could potentially receive a more substantial guaranteed pension income upon retirement.
Boost your Pension with Top-up Premiums: Don't be limited by your initial investment. The plan allows you to increase your pension income through additional top-up premiums after a certain period. This lets you adjust your pension based on your future needs.
Potential Tax Benefits: The Tata AIA Fortune Guarantee Pension Plan may offer tax advantages on the premiums you pay and the benefits you receive. It's advisable to consult with a tax advisor to understand the latest tax implications for this plan.
Eligibility Criteria for the Tata AIA Fortune Guarantee Pension Plan
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 Option 3 & 4: 84 years | ||||||||||||
Premium Payment Term |
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Deferment Period |
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Annuity Amount | Yearly in arrears: ₹12 (in ‘000s) • 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) | No Limit | ||||||||||||
Purchase Price | Corresponding to minimum annuity amount above | As per maximum annuity chosen | ||||||||||||
Group size | 5 | No Limit | ||||||||||||
Benefits of the Tata AIA Fortune Guarantee Pension Plan
The benefits of Tata Guaranteed Pension Plan:
Flexible Annuity Options: Choose how you receive your retirement income: immediate annuity, deferred annuity, with or without return of purchase price, for single or joint life.
Death Benefit: Provides financial security for your loved ones in case of your passing.
Guaranteed Additions: Get bonus additions to your benefit amount (on select plan options).
Loan Option: Access funds during retirement through a loan against your policy (except for Immediate Annuity option).
