To ensure a financially secured life after retirement it is very important to do strong retirement planning. The early one starts planning for retirement, the more corpus they can accumulate for the future. By investing in an annuity plan, one can ensure to have a regular flow of income after retirement.
TATA AIA Life Smart Annuity Plan is a non-participating, single premium non-linked individual annuity plan, which provides guaranteed regular income after retirement. Let’s read further to know in detail about the different aspects of the policy.
Secure Your Retirement with
100% Guaranteed
Pension For Life
Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life
Guaranteed Return For Life
Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Here are some of the salient features of the policy.
Let’s take a look at the eligibility criteria of the policy.
|
Parameters |
Minimum |
Maximum |
Entry Age |
Immediate Life Annuity Immediate Life Annuity with Return of Purchase Price Deferred Life Annuity with Return of Purchase Price
|
45 years |
85 years |
Annuity Purchase Price |
Immediate life Annuity Immediate Life Annuity with Return of Purchase Price Deferred Life Annuity with Return of Purchase Price
|
87, 527/-
2,06,155/-
1,08,303/- |
No limit, subject to board approved underwriting policy |
Annuity Payouts |
Annually Half-yearly Quarterly Monthly |
12,000 6,000 3,000 1,000 |
No upper limit |
Premium payment period |
Single premium |
The annuity options available under the policy are:
Under this option, the annuity is paid immediately to the annuitant after payment of the lump-sum amount. Under an immediate life annuity option, the policyholder can choose the option of a single-life or joint-life option.
Under this option, the policyholder can choose the single-life or joint-life variant.
The deferment period ranges between 1-10 year as chosen by the policyholder at the time of policy initiation. The annuity rate applicable will be the same as guaranteed at the inception of the policy.
Death Benefit
The death benefit varies as per the annuity option chosen by the policyholder. The below table shows the death benefit for different annuity options.
S. No |
Annuity Option |
Death Benefits |
1 |
Immediate Life Annuity Option |
None |
2 |
Immediate Life Annuity With Return of Purchase Price Option |
100% of purchase Price of the Annuity |
3 |
Deferred Life Annuity With Return of Purchase Price option |
Higher of Purchase Price +Guaranteed Additions (GA)- Total Annuity Payouts till date of death;or 110%of purchase price (including top-up amount, if any ) Where, GA=Purchase price X Annuity Rate/12 Guaranteed Additions are accrued at the end of every policy month during the deferment period. GA stops accruing at the end of the deferment period. |
Under the option of deferred life annuity with return of purchase price, the beneficiary will have to select one the following options for the death benefit payment.
Under this option there is no surrender benefit available under single or joint life option.
Under this option, the surrender value payable will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).