At a Glance

Tata AIA Life Insurance Smart Annuity Plan is a Single Premium, Non-Linked, Non-Participating Individual Annuity Plan.

Your retirement years are your second innings, a new life where you leave behind your working life and find time for yourself. During this time, you want to be empowered to do all that you could not while working – going on vacations, fulfill your dreams, pursue hobbies, spending time with friends and family, pilgrimage etc. However, to enable yourself to have a worry-free retirement, you need to plan right, so that you can truly enjoy your golden years.

Presenting, Tata AIA Life Insurance Smart Annuity plan that helps you gain financial freedom during your second innings. The plan offers you regular income to help you manage your expenses post retirement.

 

Features & Benefits


Key Features

  • Flexible annuity options to meet your future needs
    • Immediate Life Annuity
    • Immediate Life Annuity with Return of Purchase Price
    • Deferred Life Annuity with Return of Purchase Price
  • Option of Single or Joint Life annuity
  • Flexibility to choose the Annuity Payouts mode
  • Option of Top Up to enhance your Annuity Payout
  • Loan facility available with Deferred Life Annuity with ROP option

Key Benefits

Annuity Payouts – Annuity shall be payable in arrears at the end of chosen annuity payment mode from the date of purchase of the plan.

   
ModeAnnuity Instalment (per mode selected)Annuity Payout
YearlyYearly AnnuityAfter one year from the purchase
Half-yearly98% of Yearly Annuity x 1/2After 6 months from the purchase
Quarterly97% of Yearly Annuity x 1/4After 3 months from the purchase
Monthly96% of Yearly Annuity x 1/12One month from date of purchase

Note: Yearly Annuity refers to the annuity paid in respect of annual mode.


Maturity Benefits – There is no maturity benefit in this plan.

Death Benefits – The death benefit will vary depending on the annuity option selected by the policy holder. The table below sets out the death benefits for different annuity options:

   
S.No.Annuity OptionDeath Benefits
1.Immediate Life Annuity OptionNone
2.Immediate Life Annuity with Return of Purchase Price Option100% of the Purchase Price of the annuity
3.Deferred Life Annuity with Return of Purchase Price OptionHigher 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 * Annuity Rate/12.

Lump sum Death Benefit – Under this option the entire Death benefit shall be payable to the nominee(s) in lump sum.

Annuitisation of Death Benefit – Under this option the benefit amount payable on death shall be utilized for purchasing an Immediate Annuity from the Company for nominee(s). The annuity amount payable to the nominee(s) on the admission of death claim shall be based on the age of nominee(s) and immediate annuity rates prevailing as on the date of death of Annuitant (last survivor in case of Joint Life Annuity). This option can be opted for full or part of the benefit amount payable on death. However, the annuity payments for each nominee(s) shall be subject to the eligibility conditions of the annuity plan available at that time and then prevailing Regulatory provisions on the minimum limits for annuities. The entry age criteria for the plan do not apply to the nominee opting for annuitisation of death benefit. Thus, a nominee from age 0 to 100 years can opt for annuitisation of death benefit. However, the minimum purchase price and minimum annuity criteria apply.

The Purchase Price referred above excludes applicable taxes and other statutory levies, if applicable.

 

Eligibility

   
Eligibility CriteriaMinimumMaximum
Entry Age1Immediate Life Annuity45 years85 years
Immediate Life Annuity with Return of Purchase Price
Deferred Life Annuity with Return of Purchase Price
Annuity Purchase PriceImmediate Life Annuity47,962/-No Limit subject to Board Approved Underwriting Policy
Immediate Life Annuity with Return of Purchase Price1,78,306/-
Deferred Life Annuity with Return of Purchase Price83,857/-
Annuity Payout (Rs.)Annually12,000No Limit
Half-yearly6,000
Quarterly3,000-
Monthly1,000
Frequency for annuity paymentsMonthly / Quarterly / Half-yearly / Yearly
Premium payment periodSingle Premium
Policy TermSingle Life: Till death of annuitant
Joint Life: Till later of the deaths of the two annuitants
Lives CoveredSingle Life / Joint Life

Sample Annuity Rates:

      
Age (years)Purchase PriceImmediate Life AnnuityImmediate Life Annuity with Return of Purchase PriceDeferred Life Annuity with Return of Purchase Price (Deferment Period 10 years)
5020,00,0001,50,4751,34,4632,65,113
5520,00,0001,58,1001,35,5002,73,950
6020,00,0001,66,7251,36,3252,81,188
6520,00,0001,78,5381,37,7502,84,025
7020,00,0001,96,3751,38,1632,80,088

The above annual annuity amount is for male, standard life for purchase price exclusive of applicable taxes, cesses & levies.

 

Disclaimer

  • This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
  • Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
  • 1All reference to age is as on last birthday.
  • For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Tata AIA Life Insurance Company Ltd. (IRDA of India Regn. No.110) CIN No. U66010MH2000PLC128403; Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor/ Intermediary or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com or SMS 'LIFE’ to 58888. 

L&C/Advt/2019/Jun/338

Beware of Spurious / Fraud Phone calls!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

UIN: 110N150V02

Disclaimer

DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the Registered office at GF: Nos. 11 & 12 & FF - Nos.110 to 115, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the Composite Corporate Agent of Tata AIA Life Insurance Company Limited (IRDA of India Regn. No.110) CIN: U66010MH2000PLC128403 having the Registered office/principal place of business at 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Aditya Birla Sun Life Insurance Company Limited (IRDA of India Regn.No.109) CIN: U99999MH2000PLC128110 having the Registered office address at One India bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013, Royal Sundaram General Insurance Company Limited (IRDA of India Regn.No.102) CIN: U67200TN2000PLC045611 having the Registered office address at No.21, Patullos Road, Chennai - 600002 and Bharti Axa General Insurance Company Ltd. having the Registered office address at First Floor Hosto Centre, No. 43, Millers Road, Vasanth Nagar, Bangalore - 560052. ISNP Registration valid.

DBS Bank India Limited does not underwrite the risk or act as an insurer. The Insurance products are offered and underwritten by respective insurance companies. The contract of insurance is between the insurer and the insured and not between the bank and the insured. Bank does not give any warranty, as to the accuracy and completeness of the policies. Bank does not accept any liability or losses attributable to your contract of Insurance. Customers are advised to take independent professional advice before participating. Insurance is a subject matter of solicitation.

For more details on risk factors, terms and conditions, exclusions, please read sales brochure of insurer and policy terms and conditions carefully before concluding a sale. Tax benefits are available as per the prevailing tax laws, which are subject to change. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis.

For any information including cancellation, claims and complaints, please contact our Treasures Relationship Manager or visit DBS Bank India’s nearest branch office or Contact our 24-hour toll free customer service helpline number 1860 2671234 / 1800 209 4555 or our overseas customer service number 91-44-66854555 or write to us at customercareindia@dbs.com. Visit us at: www.dbs.com/in

 

How to Apply

Apply now
for Tata AIA Life Insurance Smart Annuity Plan
Locate us Visit us at your nearest DBS branch
Call 1860 267 1234 / 1800 209 4555 / +91 44 6685 4555

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