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Tata AIA Pension Plans

By the time you retire, you realise that you have spent a considerable part of your lifetime making money and fulfilling the needs of yourself and your family. In fact, a man’s youth is spent mostly working hard.

In this light, it becomes imperative that you delve deeper as to how you plan to save and spend during your days of retirement. Well, one of the key elements that you should look forward to while approaching retirement is financial adequacy and independence. Putting your savings to the best use is one of the most prudent uses of your resources that you can make to ensure that you do not have to depend on your children or relatives for your daily expenses.

In this article, we will tell you about one of the most preferred pension plans in the country i.e. TATA AIA pension plans. We also tell you about their best pension plans in addition to addressing some common queries and doubts. But first, let us talk about what exactly TATA AIA Pension Plans are.

But first, let us talk about what exactly TATA AIA Pension Plans are.

About TATA AIA Pension Plan

The TATA AIA Life Insurance is born of a collaboration of two of the biggest life insurance companies of the world, namely TATA and AIA. Operating since 2001, this collaboration has been pioneering the field of pension plans since a long time and holds a distinguished claim settlement ratio of almost 98 percent in the 2017-18 financial year. Its accomplishments in the field of various plans for retired customers and financial solutions to people across sectors and cities have made it sail through the insurance sector easily.

To assure retirees of a luxurious and comfortable lifestyle that is well financially sound, retirement plans are one of the most viable options that they can look for. In fact, in the recent past, India has seen a whole lot of financial entities stepping up their offers of pension plans which you can opt for to ensure a comfortable lifestyle and pursue interests that you had always planned to, after retirement. However, out of all the options, the TATA AIA Pension Plans are one of the most sought after due to the convenience and customer satisfaction that they strive to offer to their consumers.

Types of Retirement Plans Offered by TATA AIA

TATA AIA Pension Plans have always been driven by the fact that it is important that retired people have a sound financial life to ensure that they live their life luxuriously and do not suffer a setback due to the stagnation of regular income.

These plans have been designed with a customised approach so that you can choose plans as per your own needs and enjoy utmost utility from your savings. Apart from this inherent benefit, TATA AIA Pension Plans have a complete customer satisfaction rate which is a clear indication of the fact that the entity holds the demands of its revered customers always at the top.

Let us now take a look at one of the most well-liked pension plans that attracts a majority of customers.

TATA AIA Life Insurance Freedom

The TATA AIA Life Insurance Freedom plan is a non linked participating endowment plan. It helps you create an ideal balance in your portfolio that is imperative for a financial secure future. Apart from the regular features of a pension plan, the TATA AIA Life Insurance Freedom plan offers monetary enhancements to add to your regular pension income.

Here are some quick features of this inclusive plan offered by TATA AIA:

  • The plan offers an option to choose from the two retirement options wherein, the only difference is of the age of maturity. While one of the plans begins when you retire at the age of 55, the other begins at 60 years of age.
  • The TATA AIA Life Insurance Freedom plan offers you some great riders such as the Dismemberment Rider as well as the Accidental Death rider that you can choose to customise your pension plan further.
  • The plan also offers a 10 percent per annum of annualised premium till the end of the premium payment term.
  • One of the greatest benefits of this plan is that you can even enjoy financial enhancements through Terminal Bonus as well as Compounded Reversionary Bonus. The same is not guaranteed and depends on market factors.

How Does the Plan Work?

Rohan aged 30 years, chooses Retirement Option 1 with a policy term of 25 years and premium payment term of 10 years with a Basic Sum Assured of Rs. 10 Lakh by paying a annual premium of Rs. 1,08,690. On maturity he will receive Rs. 35,12,634

How to Apply for TATA AIA Pension Plans

Applying for TATA AIA Pension Plans is pretty convenient and trouble free. Here are few quick steps that you have to take to invest in your preferred TATA AIA Pension Plan.

  • Visit their website at tataaia.com or you can also visit Coverfox.com to choose a suitable plan.
  • Enter your vital details such as age, income, and other relevant considerations so as to get directed to the best plan possible.
  • Once you have zeroed down on your preferred plan, enter your personal details such as your PAN details, your identity proof, income statements, and other information specific to the policy.
  • Choose the mode of payment and once confirmed, keep a printout of your transaction safe for future reference.

FAQs on Tata AIA Pension Plans

What is the process to renew the policy?

Policy renewal can be done online and payment can be made through various online banking methods such as by card or by NEFT.

What is the way to settle claims?

TATA AIA settles claims within 7 days of receiving your request. Simply contact their customer care and send them the relevant documents. Their claim settlement process is quite transparent and convincing.

How can I cancel the policy?

The policy can be cancelled by filling out the surrender form and attaching the relevant documents. The amount spent by the insurance holder is transferred back to the account, subject to deductions, if any.

Which is the best pension plan in TATA AIA Pension Plans?

Well, each plan has its own benefits and therefore, you have to select the one that suits you best.

Apart from the TATA AIA Insurance Freedom plan, there are two more pension plans that you can look forward to:

TATA AIA Guaranteed Monthly Income Plan

This plan, as the name suggests, ensures that the retiree gets a regular sum of income uniformly so that they can spend a quality life post retirement. This plan pays you a monthly plan for double the term of the policy and also applies occasional premium boosts so as to enhance your return. The policy term varies from a period of 5, 8 and 12 years and comes with some very useful riders.

TATA AIA Smart Annuity Plan

This plan provides flexible annuity plans to meet your daily expenses after retirement. You can either choose from the option of a single annuity or a joint one. Even the payout modes are quite flexible. The TATA AIA Smart Annuity Plan is a non linked and non participating individual annuity plan and helps you plan your golden years really well.

Which is the best pension plan of TATA AIA Pension Plans 2018-19?

2018 has bought a lot of stiff competition in the field of insurance and therefore, each company has made all possible efforts to outweigh its competitors. However, one company that has stood through all is TATA AIA. Its pension plans truly cater to the customers in the best manner possible thus making sure that their life after retirement is not spent worrying about their finances. In this regard, they have come up with several plans such as the TATA AIA Freedom Insurance Plan, TATA AIA Smart Annuity Plan, as well as the TATA AIA Guaranteed Income Plan, all three of which have been customised to serve the best interests of the customer.

Which is the best TATA AIA pension plan for long term?

As mentioned above, the plans listed in this article are all long term plans and therefore, it would be extremely tricky to spot the best one. While some offer regular incomes, the other combine the benefit of riders and taxation to give you the best plan.

Why should I buy TATA AIA pension plans?

  • Tata AIA Pension plans provide benefits under Section 80C and Section 10 of the Income tax Act, 1961.
  • Their wide range of services is something each potential insurance holder should look out for.
  • Their customer service is quite competent and never disappoints the customer.
  • Door to door services enhance the experience of the customer.
  • Bonuses and additional incomes add to the bounty of benefits.

How to pay premium and what are the modes of payment?

There are 5 modes of payment that TATA AIA Pension Plans offer:

  • Online payment
  • Auto Debit Option
  • DropBoxes
  • Cash and cheque Collection
  • Payment Collection Centres

How can I check my policy status for TATA AIA Pension Plans?

All you have to do is log on to the TATA AIA’s website on tataaia.com and enter your policy details to check your status. The process of knowing your policy details is simple and quick.