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Business Economy


Tata AIA Life Insurance launches plan with lifetime guaranteed income

New Delhi, Jan 3 (UNI) Tata AIA Life Insurance on Thursday announced the launch of Tata AIA Life Insurance Smart Annuity Plan, a single premium, non-linked non-participating annuity plan that offers guaranteed lifetime income to help manage expenses post retirement.

The plan removes investment risk and the risk of outliving one's savings for annuitant, in their retirement years by providing a guaranteed income for as long as they live.
The plan has three, flexible annuity options to meet a retiring individual's needs - Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, and Deferred Life Annuity with return of Purchase Price.

For those who plan ahead, the deferred annuity option offers guaranteed income at rates locked in today, for a lifetime, and the income can commence at a future date, as decided by the annuitant.

All three options are available on single life and joint life basis. What that means is that in a joint-life option, income will continue to come in for as long as even one of the partners is alive.

Tata AIA Life Insurance Smart Annuity Plan offers the policyholder the option to choose an annuitant other than self. This ensures that one can provide for old age income of a close blood relative. Guaranteed income is paid out at a frequency - monthly, quarterly, half yearly or yearly - as chosen by the customer, at a rate guaranteed at the time of purchase.

The plan also offers the choice of boosting the lifetime income post purchase of the plan by flexible top-ups. The additional annuity amount payable is based on the top-up amount and the annuity rate prevailing at the time of top-up.

The minimum age of entry for the annuitant is 45 years. The minimum one-time investment can be as low as Rs 47,9622. The single premium invested is also eligible for a tax deductions under section 80CCC of the Income Tax Act.
UNI SW ADG 1733
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