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Tata AIA Life Insurance Smart Annuity Plan
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
- 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 Return of Purchase Price option
Annuity Payouts – Annuity shall be payable in arrears at the end of chosen annuity payment mode from the date of purchase of the plan including deferment period if any.
|Mode||Annuity Instalment (per mode selected)||Annuity Payout|
|Yearly||Yearly Annuity||After one year from the purchase|
|Half-yearly||98% of Yearly Annuity x 1/2||After 6 months from the purchase|
|Quarterly||97% of Yearly Annuity x 1/4||After 3 months from the purchase|
|Monthly||96% of Yearly Annuity x 1/12||One 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 Option||Death Benefits|
|1.||Immediate Life Annuity Option||None|
|2.||Immediate Life Annuity with Return of Purchase Price Option||100% of the Purchase Price of the annuity|
|3.||Deferred Life Annuity with Return of Purchase Price Option|
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 Deferred Life Annuity Option with Return of Purchase Price option, the nominee(s) will have to choose one of the following options for the payment of the death benefit.
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.
|Entry Age1||Immediate Life Annuity||45 years||85 years|
|Immediate Life Annuity with Return of Purchase Price|
|Deferred Life Annuity with Return of Purchase Price|
|Annuity Purchase Price||Immediate Life Annuity||85,227/-||No Limit subject to Board Approved Underwriting Policy|
|Immediate Life Annuity with Return of Purchase Price||1,93,128/-|
|Deferred Life Annuity with Return of Purchase Price||99,751/-|
|Annuity Payout (Rs.)||Annually||12,000||No Limit|
|Frequency for annuity payments||Monthly / Quarterly / Half-yearly / Yearly|
|Premium payment period||Single Premium|
|Policy Term||Single Life: Till death of annuitant|
Joint Life: Till later of the deaths of the two annuitants
|Lives Covered||Single Life / Joint Life|
|Age (years)||Purchase Price||Immediate Life Annuity||Immediate Life Annuity with Return of Purchase Price||Deferred Life Annuity with Return of Purchase Price (Deferment Period 10 years)|
The above annual annuity amount is for male, single & standard life for purchase price exclusive of applicable taxes, cesses & levies.
- *The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
- 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.
- 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 Limited (IRDAI Regn. No.110 – CIN: 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 email@example.com. Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888.
DBS Bank India Limited (CA0257) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. DBS Bank India Limited, Ground Floor, Express Towers, Nariman Point, Mumbai-400021. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis. The contract of insurance is between Tata AIA Life and the insured and not between the bank and the insured.
|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.
DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the registered office at GF: Nos. 11 & 12, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the 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. DBS Bank India Limited (Bank) does not underwrite the risk or act as an insurer. The Tata AIA Life Insurance Smart Annuity Plan with UIN: 110N150V05 is underwritten by Tata AIA Life Insurance Company Limited. 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. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis and is not linked to availment of any other facility from the bank. ISNP registration valid.
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.
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 1-800-209-4555 / 1-860-267-1234 or our overseas customer service number 91-44-66854555 or write to us at firstname.lastname@example.org. Visit us at: www.dbs.com/in