Tata AIA Life Insurance Fortune Guarantee Pension (110N161V08)
Features
- Multiple annuity options to suit customer needs
- High purchase price benefits encourage customer to save more
- Option to increase annuity through Top-up premiums
- Tax benefits may be applicable on premiums paid and benefits received as per applicable tax laws
The Annuity Options available to customer/group members under this product are:
- Immediate Life Annuity
- Immediate Life Annuity with Return of Purchase Price
- Deferred Life Annuity (GA-I) and with Return of Purchase Price
- Deferred Life Annuity (GA-II) and with Return of Purchase Price
Plan Options 1 and 2 are available under Single Pay & Single Life and Joint Life basis.
Plan Options 3 and 4 are available under Single, Limited and Regular Pay & Single Life and Joint Life basis.
Eligibility Criteria
|
Minimum |
Maximum |
||
|
Entry Age |
30 years |
Option 1 & 2: 85 years Option 3 & 4: 84 years* annuity to start max. at age 85 years |
|
|
Premium Payment Term |
Single Pay |
1 year |
|
|
Regular/ Limited Pay |
5 years |
12 years |
|
|
Deferment Period |
Single Pay |
1 year |
10 years |
|
Regular Pay |
Equal to Premium Payment Term |
||
|
Limited Pay |
Premium Payment Term + 1 |
Premium Payment Term + 5 years |
|
|
Annuity Amount (R) |
• Yearly in arrears: R 12 (in ‘000s) • Yearly in advance: R 12 (in ‘000s) • Half Yearly in arrears: R 6 (in ‘000s) • Quarterly in arrears: R 3 (in ‘000s) • Monthly in arrears: R 1 (in ‘000s) |
No limit, subject to Board Approved Underwriting Policy |
|
|
Purchase Price |
Corresponding to minimum annuity amount above |
As per maximum annuity chosen |
|
|
Group size |
5 |
No Limit |
|
In case of Joint Life Annuities, age limits apply to both lives.
- Any reference to Age is as on last birthday.
- The minimum annuity instalment provided in the table above shall be complied in all policy years.
- The Purchase Price referred in the table above means total of all the premiums payable, excluding extra premium, any rider premium, taxes and other statutory levies, if applicable.
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Disclaimer
- The brochure is not a contract of annuity. The precise terms and conditions of this plan are specified in the policy contract available on Tata AIA Life website.
- This product brochure should be read along with Benefit Illustration.
- 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.
The Federal Bank Limited is a Corporate Agent having registration number - Regn. No. CA0227. The service provided by The Federal Bank Limited is purely an agency service and is carried out strictly on a non-risk participation basis. The Federal Bank Limited, as corporate agent does not underwrite the risk or act as an insurer. Participation by the Federal Bank’s customers in the insurance product is purely on a voluntary basis and is not linked to the availment of any other facility from the Federal Bank Limited.