Tata AIA Pension Plans – Review, Types, Features, Eligibility Criteria & more
Last Updated Date: Nov 17, 2022During the long course of earning period, we often managed to create a worthy enough lifestyle. Retaining it is a desire for the retirement period, which is difficult, given the barrier put on income sources. Tata AIA Pension Plan aims at diminishing the uncertainty of lifestyle retaining.
A retirement plan, especially the Tata AIA NPS would be a great option to build a constant income source. You need to save from the period you work, so you can build enough corpus to fulfill your retirement needs. Also, the perks provided by Tata AIA NPS Scheme would add up to the corpus.
We have gathered all the insights you would like to have on the plan and present this well constructed article. We wish to educate you on the possibility of living a full and peaceful retired life.
About Tata AIA Pension Plans
Tata AIA Life Insurance Company Limited was formed collectively by Tata Sons Pvt. Ltd. and AIA Group Ltd. forming a Joint venture. The merger was formed on account of creating a leadership position in the insurance sector, and for the upliftment of everyone’s retirement comfort.
They are a financially strong company, which has some remarkable pension plans to offer. All of the Tata AIA Retirement Plans have the common motive of reaching out for people’s needs and desires. Their plans are the ground a lot of people rely on, and they have a fun filled peaceful life, worries apart.
Ensure your boat is up for a smooth sail through the hurdles of the retirement period, with the Tata Pension Plan.
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Types of Tata AIA Pension Plans
You will find one Tata AIA National Pension Scheme with this company, which further has 2 plans or options you can choose from. This makes the plan highly customizable, making it possible to meet the needs of all the people who have diverse needs to fulfill.
Here is the reference to the plan, just like the name suggests:
- Tata AIA Life Insurance Freedom Plan
Find out other NPS Scheme in India
| HDFC Pension Plans | ICICI Pension Plans | Kotak Pension Plans |
| SBI Pension Plans | Bajaj Allianz Pension Plans | Aviva Pension Plans |
| Birla Sun Life Pension Plans | Reliance Pension Plans | Max Life Pension Plans |
Tata AIA Life Insurance Freedom Plan – By Tata AIA Pension Plans
This Tata AIA Pension Plan has the traits of a non linked and participating traditional pension plan. Hence, you will be able to save and grow your end retirement entitlement, alongside guaranteed additions and revisionary bonuses. Enjoy great years as the Tata AIA National Pension Scheme provides the following features.
- Death benefit of this Tata AIA Pension Plan is assured sum along with guaranteed additions, reversionary and terminal bonus.
- Sum assured paid upon death of the holder in this Tata AIA National Pension Funds is higher than absolute amount to be paid on death or 11x premiums paid per year. Death benefit is a minimum of 105% of all the premiums paid.
- Upon maturity, that is the period of vesting, sum assured along with reversionary and terminal bonus is payable.
- Option 1 of the plan has a vesting period of 55 years, and option 2 has 60 years.
More Features of Tata AIA Life Insurance Freedom Plan
- This Tata AIA NPS also comprises of some survival benefits. Such benefits would be paid on early death or start of last policy year or also at surrender time.
- Bonuses are also applicable for this Tata AIA Retirement Plans. It is Compound reversionary bonus given every year after the end of 1st policy year. This amount will be entitled to the concerned on event of death or maturity or surrender, and is an annual bonus. Second is the terminal bonus, which is provided at a percentage of basic sum assured. It is as well provided on death or surrender or maturity after 7 fully paid up premiums are registered.
- Loan benefit is as well offered by this Tata AIA NPS. So, according to it the holder can avail for 65% of the surrender value.
- Surrender value is as well applicable for this Tata AIA NPS Scheme. But, the surrender Tata AIA National Pension Funds are only payable if 3 years successful premiums are paid.
Eligibility Criteria for Tata AIA Life Insurance Freedom Plan
- Age criteria: 25 to 45 years for option 1 plan and 50 years for option 2 plan
- Vesting age: 55 years on maximum for option 1 and 60 years on maximum for option 2
- Period: 10 to 30 years for plan 1 or 35 years for plan 2.
- Payment term: 7/10 Years (For Policy Term 10 To 14 Years), 7/10/15 Years (For Policy Term 15 Years And Above)
- Intervals of premium payments allowed: half yearly, monthly or even annually
- Basic sum assured: Rs.2,00,000 on the minimum with maximum based on underwriting limit
- Premium amount to be paid: Varies according to assured sum
Check out more Pension Plans available for Investment
Tata AIA Pension Plans / Retirement Plans – Conclusion
The Tata AIA Pension Plan as provided by the company is an offline plan, and so, in order to avail for it, one needs to visit the intermediaries. The Tata AIA Retirement Plans along with a number of other segment plans are provided by the company, which you can enquire about.
As far as this retirement plan is of concern, it provides as pretty good amount of coverage so the clients can lead a contentment life.
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