Now plan Early Retirement and Fikar-Free Future with Tata AIA's Fortune Guarantee Retirement Readiness Plan
Now remain Har Waqt Ke Liye Taiyaar through Tata AIA’s Fortune Guarantee Retirement Ready Plan
MUMBAI, India, Nov. 29, 2023 /PRNewswire/ — Retirement aspirations are deeply rooted in pursuing financial independence, enabling one to preserve their cherished lifestyle well into their golden years. Everyone yearns for the economic resilience to confront life’s unforeseen challenges without burdening their loved ones. Whether it’s globe-trotting adventures, quality moments with grandkids, or spiritual journeys, planning for retirement is a vital step towards safeguarding their dreams. Enter the Tata AIA Fortune Guarantee Retirement Ready Plan, a meticulously crafted solution from Tata AIA Life Insurance designed to empower people for the golden years with guaranteed benefits and compelling features, ensuring they can fully embrace life.
Key Features of Tata AIA Fortune Guarantee Retirement Ready:
- Plan Options: Choose from three plans: My Pension, Partner Pension, and Partner Pension Plus. Each option caters to different needs, providing flexibility for individuals and couples in planning their retirement.
- Guaranteed Additions: Enjoy a 6% guaranteed addition of the sum assured on vesting, boosting the retirement corpus and providing a stable foundation for the golden years.
- Vesting Addition: Receive a lump sum Vesting Addition at the end of the policy term, further enhancing the overall benefits of the plan.
- Premium Payment Flexibility: Tailor the plan to individual’s financial preferences by selecting from Single, Limited, or Regular premium payment terms. This flexibility ensures that the plan aligns with their unique financial situation.
- Special Discounts: Avail special discounts, including:
- Smart Lady Discount: 2% on the first year’s premium for female lives assured.
- Transgender Discount: 2% on the first year’s premium for transgender customers.
- Super 35 Discount: Up to 2% on the first year’s premium for customers under 35.
- Flexibility: The product offers flexibility in the entry age (30 years) and maturity age (85 years).
Plan Options:
- My Pension (Option 1): A single-life option offering assured benefits on vesting. In case of the life assured’s demise during the policy term, death benefits are provided as defined in the policy.
- Partner Pension (Option 2): A joint-life option with assured benefits on vesting. In the event of the last surviving life’s death during the policy term, death benefits are payable.
- Partner Pension Plus (Option 3): A joint-life option with an added Waiver of Premium (WoP) benefit in case of the primary life assured’s death during the Premium Payment Term. The policy continues for the second life assured with waived premiums, ensuring complete benefits.
Vesting and Death Benefit Options: Options to avail of Vesting Benefit include utilising the entire proceeds for an annuity from the company, commuting up to 60%, or purchasing an annuity from another insurer. A Vesting Booster of 5% is added if 100% of the Vesting Benefit is used to buy an annuity from the company.
The Tata AIA Fortune Guarantee Retirement Ready Plan combines the certainty of guaranteed benefits with the flexibility to tailor the plan to individual needs. With various options, discounts, and added benefits, this plan empowers individuals and couples to embrace their retirement years with financial confidence.
Please refer to the official product documentation or consult a Tata AIA representative for the most accurate and detailed information.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world, spanning 18 markets in the Asia Pacific region.
Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2022-23, the revenue of Tata companies, taken together, was $150 billion (INR 12 trillion). These companies collectively employ over 1 million people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $300 billion (INR 24 trillion) as on July 31, 2023.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets–wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$276 billion as of 30 June 2023.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 41 million individual policies and 17 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”.
Notes:
(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.
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