Tata AIA Saral Pension Plan

Tata AIA Saral Pension Plan is a retirement solution that offers a guaranteed income for life with a single, upfront payment. This plan is designed for individuals seeking financial security in their golden years. It's a non-linked, non-participating policy that provides a steady income stream without the complexities of market fluctuations.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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We are rated~
rating
7.7 Crore
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4.2 Crore
Policies Sold
Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Tata AIA Saral Pension Plan?

Tata AIA Saral Pension is a retirement plan designed to provide you with financial security during your golden years. It's a single premium, non-linked, and non-participating individual annuity plan that offers a guaranteed income stream for your entire lifetime. By investing a lump sum amount, you can enjoy the freedom to travel, pursue hobbies, spend quality time with loved ones, and fulfill your dreams without worrying about finances. This plan ensures that you have a steady income to manage your expenses post-retirement, allowing you to truly enjoy your retirement. 

Features of Tata AIA Saral Pension Plan

Below are the features of Saral Pension Tata AIA plan:

  • Flexible Annuity Options: Choose the annuity option that best suits your needs:

    • Life Annuity with Return of Purchase Price (ROP): Receive a regular income for life, and on your demise, 100% of the purchase price is returned to your nominee.

    • Joint Life Last Survivor Annuity with Return of Purchase Price (ROP): Enjoy a regular income as long as either you or your spouse is alive. On the death of the last surviving spouse, 100% of the purchase price is returned to the nominee.

  • Single or Joint Life Annuity: Opt for a pension plan that covers you alone or one that extends to your spouse.

  • Flexible Annuity Payout Modes: Choose how frequently you want to receive your pension, whether it's monthly, quarterly, half-yearly, or yearly.

Eligibility Criteria for Tata AIA Saral Pension Plan

Below is the eligibility criteria for the Saral Pension Tata AIA plan: 

Eligibility Criteria   Minimum Maximum
    Entry Age Option 1   40 years For Other than PoS: 80 years For PoS: 70 years
Option 2 For Other than PoS: 80 years For PoS: N/A
Annuity Purchase Price Option 1 Corresponding to the minimum annuity amount as specified below No Limit
Option 2
  Annuity Payout (Rs.) Annually 12,000   No Limit
Half-yearly 6,000
Quarterly 3,000
Monthly 1,000
Premium payment period Single Premium

Benefits of Tata AIA Saral Pension Plan

Below are the benefits of the Saral Pension Tata AIA plan:

    1. Survival Benefit

      • Single Life Annuity: Receive a regular income for as long as you live. You can choose the payment frequency to suit your needs.

      • Joint Life Annuity: Ensure a steady income for both you and your spouse. The annuity continues as long as either of you is alive.

    2. Maturity Benefit:

      There is no maturity benefit in this plan. The focus is on providing a lifelong income.

    3. Death Benefit

      • Single Life Annuity: Upon your death, a lump sum equal to 100% of your initial investment is paid to your nominee.

      • Joint Life Annuity:

        • If your spouse survives you, they continue to receive the same annuity amount. Upon their death, a lump sum equal to 100% of your initial investment is paid to the nominee/legal heirs.

        • If your spouse predeceases you, a lump sum equal to 100% of your initial investment is paid to the nominee/legal heirs upon your death.

      • Surrender Benefit: You can surrender the policy after six months if you, your spouse, or any of your children are diagnosed with a serious illness.

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Policy Details of Tata AIA Saral Pension Plan

  1. Free Look Period

    The Tata AIA Saral Pension Plan offers policyholders a Free Look period, which allows them to review the policy's terms and conditions after receiving the policy document. The duration of this period is:

    • 15 days for standard policies.

    • 30 days for electronic policies and those obtained through distance mode.

    During this period, if the policyholder finds any of the terms or conditions unsatisfactory, they have the option to return the policy to Tata AIA Life Insurance Company Ltd. for cancellation. To do so, the policyholder must provide reasons for their objection. Upon cancellation, the policyholder is entitled to a refund of the premium or purchase price paid without any interest. However, certain deductions will be made, including:

    • Stamp duty charges.

    • Any annuity payments made, if applicable.

    The handling of the policy upon cancellation varies depending on how the policy was purchased:

    • Standalone Immediate Annuity Policies: The proceeds from the cancellation will be returned directly to the policyholder.

    • Policies Purchased with Proceeds from Deferred Pension Plans of Other Insurers: The proceeds from the cancellation will be transferred back to the original insurance company.

    • Policies Purchased with Subscribers' NPS Funds: The cancellation proceeds will be transferred back to the Central Record Keeping Agency from where the funds were received.

    • Policies Purchased as QROPS: The cancellation proceeds will be transferred back to the fund house from where the money was initially received.

    Upon receiving a request for Free Look cancellation, Tata AIA will process the request and refund the premium within 15 days. Once the refund is issued, the policy will be terminated, and all rights, benefits, and interests under the policy will cease.

  2. Policy Loan:

    Policyholders of the Tata AIA Saral Pension Plan have the option to avail of a loan against their policy. This loan facility is available anytime after six months from the date of commencement of the policy.

FAQs

  • How does the Tata AIA Saral Pension Plan work?

    The Tata AIA Saral Pension Plan allows you to plan your retirement by choosing either the purchase price to buy an annuity or the annuity amount you wish to receive. You then select your preferred annuity option and payment frequency—monthly, quarterly, half-yearly, or yearly. Afterwards, you will receive regular annuity payouts according to your chosen schedule.
  • What are the available annuity options under this plan?

    The plan offers two annuity options:
    • Life Annuity with Return of 100% of Purchase Price (ROP): You receive annuity payments as long as you are alive. Upon your death, the purchase price is returned to your nominee as a lump sum, and the policy terminates.

    • Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP): Both you and your spouse are covered. Annuity payments continue as long as either of you is alive. Upon the death of the last survivor, the purchase price is returned to the nominee, and the policy terminates.

  • Who can be covered under the Joint Life annuity option?

    The Joint Life annuity option covers both you (the Primary Annuitant) and your spouse (the Secondary Annuitant). The primary annuitant receives the annuity payouts initially, and upon their death, the secondary annuitant continues to receive the payouts until their death. After the death of both annuitants, the purchase price is returned to the nominee.
  • When will I receive my annuity payouts?

    Annuity payouts are made in arrears based on the payment mode you select:
    • Yearly: After One year from the purchase date.

    • Half-Yearly: After Six months from the purchase date.

    • Quarterly: After Three months from the purchase date.

    • Monthly: After One month from the purchase date.

  • Can NPS subscribers purchase this annuity plan?

    Yes, NPS subscribers can purchase this plan using their accumulated NPS funds. The utilization of the death benefit in this case will follow the guidelines set by the Pension Fund Regulatory and Development Authority (PFRDA).

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^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.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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