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.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
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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
Minimum  Maximum 
Single Pay 1 years 
Regular/Limited Pay  5 years  12 years 
Deferment Period
Minimum  Maximum 
Single Pay  1 years 10 years
Regular Pay Equal to Premium Payment Term
Limited Pay  Premium Payment Term + 1 Premium Payment Term + 5 years
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).

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standard T&C Apply *

Policy Details of the Tata AIA Fortune Guarantee Pension Plan

Policy details for Tata AIA Life Insurance Fortune Guarantee Pension Plan: 

  1. Free Look Period:

    • Policyholder/Annuitant can cancel policy within 30 days of receiving Policy Document.

    • Refund of all premiums paid (excluding Stamp duty and Medical examination costs).

    • Any annuity payments made will be deducted from the refund.

    • Exceptions apply if policy is sourced from NPS funds, bulk annuity, or QROPS.

  2. Policy Loan:

    • Available after six months from policy commencement.

    • Maximum loan up to 80% of surrender value.

    • Loan plus interest not to exceed 90% of Total Premiums Paid.

    • Interest payable capped at 50% of annual annuity amount.

    • Loan interest recovered from annuity, due on annuity date.

    • Outstanding loan recovered from claim proceeds.

    • Interest rate tied to SBI domestic term deposit rate + 2%.

  3. Grace Period:

    • 30 days grace period for yearly, half yearly, and quarterly premiums.

    • 15 days grace period for monthly premiums.

  4. Revival Period:

    • Policy reinstated within five years after first unpaid premium.

    • Requires written application, evidence of insurability, and payment of overdue premiums with interest.

    • Revival covers losses occurring after revival date.

    • Accrual of guaranteed additions upon revival.

  5. Termination of Policy:

    • Terminated upon death of Annuitant or second annuitant (Joint life).

    • Terminated upon acceptance of Free Look request.

    • Terminated upon payment of Surrender Benefit.

    • Terminated upon expiry of Revival period for lapsed policy.

    • Terminated when loan amount with accrued interest exceeds Surrender Value.

Exclusions Under the Tata AIA Fortune Guarantee Pension Plan

  1. Suicide Claim Provisions:

    In the unfortunate event of death by suicide within the first 12 months:

    • The nominee or beneficiary will receive at least 80% of the Total Premiums Paid till the date of death or the surrender value available, whichever is higher, provided the policy is active.

    • For policies with a Top-Up Option, 80% of the respective Top-Up Premiums paid will be entitled to the nominee or beneficiary.

    • The original death benefit and any increased death benefit purchased through the Top-Up Option will be payable if suicide occurs within 12 months from the date of exercising the option.

    • This provision applies during the deferment period and for options 3 and 4 only. No benefit is payable for suicide otherwise.

    • Applicable terms are as per the definition given by the Insurance Regulatory and Development Authority of India (IRDAI), subject to amendments.

  2. Death Exclusion:

    No benefits are payable for death under specific circumstances.

  3. Access to Benefits/Payout for QROPS:

    If the plan is purchased as a Qualifying Recognized Overseas Pension Scheme (QROPS) through the transfer of UK tax-relieved assets, certain conditions apply:

    • The minimum age for annuity payment is 55 years.

    • Proceeds from cancellation during the Free Look Period will be transferred back to the fund house.

    • In case of applicable tax charges due to overseas transfer, deductions will be made from the Policy value and remitted to HM Revenue & Customs (HMRC).

    • Other terms and conditions of HMRC will apply as applicable from time to time.

FAQs

  • What are the Annuity Options available under this plan?

    • Immediate Life Annuity

    • Immediate Life Annuity with Return of Purchase Price

    • Deferred Life Annuity (GA-I) with Return of Purchase Price

    • Deferred Life Annuity (GA-II) with Return of Purchase Price

  • What types of payment frequencies are available for the Annuity Payouts?

    Annuity payments will be made based on the chosen frequency, starting from the date of purchase for Immediate Life Annuity options, and from the end of the Deferment Period for Deferred Life Annuity options.
  • What are Guaranteed Additions and when do they accrue?

    Guaranteed Additions accrue at the end of each completed policy month during the Deferment Period, provided all due premiums are paid. Two types of Guaranteed Additions are offered:
    • GA-I: 1/12th of the Yearly Annuity amount

    • GA-II: 1/12th of 6% of Total Premiums Paid (excluding loading for modal premium)

  • How are annuity payments handled in the case of Joint Life annuity?

    The Primary Annuitant receives annuity payouts initially, while the Secondary Annuitant becomes entitled to receive payouts upon the death of the Primary Annuitant. The Secondary Annuitant can be the spouse, child, parent, parent-in-law, or sibling of the Primary Annuitant, ensuring there is an insurable interest between the annuitants.
  • What are the key features of Immediate Life Annuity Option?

    Annuity payments continue until the annuitant(s) is/are alive, with no death benefit payable. Payments commence immediately based on the chosen frequency.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Tata AIA Fortune Guarantee Pension Plan Reviews & Ratings

4.1 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Prabhat
Bishnugarh, October 18, 2016
Perfect
The benefits and advantages of the pension policy is amazing and comes after policy get matured. My policy is from tata aia life insurance company ltd. Service is also absolutely fabulous and on time. Policy coverage and claims are high.
Pranav
Maidinipur, August 25, 2016
"Coverage Is Good"
Recently my son purchased me a pension plan from tata aia life insurance company ltd. The premium is normal of the policy and the return amount is big. I'm very happy to have this insurance policy which give me such service.
Prashant
Nilgiris, July 27, 2016
Retirement plan
TATA AIG life insurance facilitate me pension plan which has low investment and less premiums too. The service you provided is best, because of this the claiming procedure is simple. Policy coverage is maximum and updates are mailed daily.
Bhupesh
Lohaghat, July 12, 2016
Pension Policy
My pension plan is the best among all the other plans. Service is superb provided by the company. Policy coverage and claims are fantastic. The claiming procedure is easy because of fast service given by the company.
Gambhir
Ballabhgarh, June 30, 2016
Average Pension Plan
The pension plan is very necessary insurance for everyone in this risky life and hard future time for middle class people. I have one which has low premiums but the paybacks are really very high. Service you provided is good and claiming become easy.
Kamal
Gwalior, May 10, 2016
Very Good
I have tata aia pension plan. Policy is good and the paybacks are high. Policy coverage is good ~93% and the claims are high too. Premiums are around 15.7 K trice per year and the amount i get at the end of the policy is 41.2 L. Great work, I like this plan.
Tushar
Allahabad, May 10, 2016
Excellent Work
I buy tata aia pension policy plan and now tension free for my future. The policy coverage is nice ~87% and the claims are good. The premiums are low but the paybacks are really good in respect to premiums. The service is fast and on time. Behaviour is also nice shown by executives.
Vijay
Jaipur, May 10, 2016
Fine
My pension policy plan is with tata aia life insurance. The policy coverage and claims are high. The premiums are low and the payback returns are really very high. I must say you guys doing great work. The services have super sonic speed. Good work by executives and staff members.
Amitabh
Mangalore, May 10, 2016
Great
The pension policy plan i bought from tata aia life insurance is great. The policy coverage is 89% and the claims are of Rs.43 L after the policy ends. The investment is low approx. Rs.21 K thrice per year. The services are nice which provided by the company. Nice future savings. I like the plan.
Badri
Gurgaon, May 10, 2016
Perfect
The tata aia pension plan i have is the perfect one. The policy coverage is good ~92% and the claims are high. The premiums are low ~19 K quarterly per year. And the returns are much more than this around Rs.45 L. Service is very fast and the executives with staff members are behave well. Good investment and tax saving.
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