TATA AIA Life Insurance Fortune Guarantee Pension Plan

A Non-Linked, Non-Participating, Annuity Plan

Like everything else, you would also want your retirement period to be planned out properly. Since finances are one of the most important aspects of any life stage, you will need to opt for a suitable annuity pension plan that gives you complete peace of mind during your second innings!

The Tata AIA Life Insurance Fortune Guarantee Pension helps you look after your post-retirement financial needs with a guaranteed$ regular income so that you can lead a life free from financial worries.

All You Need To Know

Benefits of Tata AIA Life Insurance Fortune Guarantee Pension Plan – An Annuity Plan

Choice of Annuity Options:

You can choose from varied and flexible options in an immediate annuity and deferred annuity, and return of purchase price. The product also offers a choice of plan options on the basis of Single Pay, Limited Pay, Regular Pay, Single Life, or Joint Life.

Death Benefit:

In case of your untimely demise during the policy term, the death benefit is paid out either to the nominee in case of the Single Life option or on the second annuitant’s death in the Joint Life option.

Guaranteed* Additions:

The Guaranteed^* Additions are accumulated at the end of every policy month during the Deferment Period and become part of the death benefit, considering all premiums are paid. These additions cannot accrue if the policy lapses or becomes a Reduced Paid-Up policy.

Choice of Riders^^:

You can choose between two riders during policy inception or on policy anniversary as long as the rider PPT and PT do not exceed the base plan’s outstanding Deferment Period and the PPT. But, if the plan is purchased under PoS, then no rider can be attached to the policy.

Loan Against the Policy:

The annuitant can get a loan on the policy, six months after the policy’s commencement but not on Immediate Life Annuity. Under Joint Life, the primary annuitant can take a loan which the secondary annuitant can avail in case of the primary annuitant’s death.

Get Tax Benefits#:

You can avail tax benefits^# as per applicable income tax laws. These benefits are subject to the policy terms and conditions.

Highlights of the Plan

Multiple Annuity Options - Choose from multiple annuity options to suit your needs.
Choice of Higher Purchase Price – Avail higher annuity amount by choosing higher Purchase price/premium.
Availability of Top-Up Premium – Choose to increase your annuity amount by paying top-up premiums.
High Purchase Price Benefit - High purchase price benefit to encourage you to save more.

Add Riders to enhance the Plan

The below-mentioned rider(s) would be available with the base product:

Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version)

Choose from one or more risk covers to avail of coverage against various risks including accidental death/disability, critical and terminal illness.
Choose to receive a return of balance premiums on policy maturity.

Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version)

This rider offers coverage against major illnesses, minor illnesses and injuries, and also allows for multiple claim payments.
The rider offers flexible payout options either as a lump sum or lump sum and income for a fixed period, or a monthly income for up to 10 years.

How does the Tata AIA Fortune Guarantee Pension Plan Work?

		Minimum	Maximum
Purchase Price		Corresponding to minimum annuity amount below	As per maximum annuity chosen
Annuity Amount (₹)		• Yearly in arrears: ₹12 (in ‘000s) • Yearly in advance: ₹12 (in ‘000s) • Half Yearly in arrears: ₹6 (in ‘000s) • Quarterly in arrears: ₹3 (in ‘000s) • Monthly in arrears: ₹1 (in ‘000s)	No limit - subject to Underwriting Policy approved by the Board
Premium Payment Term	Single Pay	1 year
Premium Payment Term	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 year	Premium Payment Term + 5 years

Step 2 - Choose your Plan Option from the plan options available.

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

Step 3 - Receive Annuity Payouts as per the chosen Payout Mode.

Mode	Annuity Instalment (per mode selected)
Yearly in arrears	Yearly Annuity
Half-yearly in arrears	98% of Yearly Annuity x ½
Quarterly in arrears	97% of Yearly Annuity x ¼
Monthly in arrears	96% of Yearly Annuity x 1⁄12
Annually in advance	93% of Yearly Annuity

Understanding the Death and Annuity Payout in the Plan

Death Benefits:

Depending on whether you have selected the Single Life option or the Joint Life option, the death benefit is paid either on the death of the annuitant or on the death of the second annuitant. The nominee can choose to receive the death benefit as a lump sum payout or allow us to purchase an Immediate Annuity for them.

Plan Option	Death Benefit
Option 1 - Immediate Life Annuity	No death benefit is payable
Option 2 - Immediate Life Annuity with Return of Purchase Price	Total Premiums Paid till date
Option 3 and 4 - Deferred Life Annuity (GA-I) and with Return of Purchase Price and Deferred Life Annuity (GA-II) and with Return of Purchase Price.	Within Deferment Period: • Death Benefit is higher of – • Total Premiums Paid (excluding loading for modal premiums up to date of death + Accrued Guaranteed* Additions • 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death. Post Deferment Period: Death Benefit is Total Premiums Paid (excluding loading for modal premiums) up to date of death + Max (Accrued Guaranteed* Additions − Total Annuity payouts till date of death, 0)

Annuity Payout:

The purchase price has to be paid in advance at the beginning of the contract and is calculated on the basis of the premium payment mode - Single Pay, Regular Pay or Limited Pay.

Frequency	Annuity payout starts after
Annually in arrears	One year from the purchase/end of Deferment Period
Half-yearly in arrears	Six months from the purchase/end of Deferment Period
Quarterly in arrears	Three months from the purchase/end of Deferment Period
Monthly in arrears	One month from the purchase/end of Deferment Period
Annually in advance (except for Option 1)	Purchase/end of Deferment Period

The annuity instalments are to be paid as given below:

Mode	Annuity Instalment (per mode selected)
Yearly in arrears	Yearly Annuity
Half-yearly in arrears	98% of Yearly Annuity x ½
Quarterly in arrears	97% of Yearly Annuity x ¼
Monthly in arrears	96% of Yearly Annuity x 1⁄12
Annually in advance	93% of Yearly Annuity

View Commission-related information

FAQs

What are the four plan options available in Fortune Guarantee Pension?
Option 1: Immediate Life Annuity
Option 2: Immediate Life Annuity with Return of Purchase Price (ROP)
Option 3: Deferred Life Annuity (GA-I) with Return of Purchase Price (ROP)
Option 4: Deferred Life Annuity (GA-II) with Return of Purchase Price (ROP)
What is the Min. and Max. entry age under all options of FG Pension?
Min. - 45 Years
Max. - According to Senior Citizen Guidelines of the bank
Return of Purchase Price (ROP) is available in how many options of the plan?
Return of Purchase Price (ROP) is available in three plan options:
• Immediate Life Annuity with Return of Purchase Price
• Deferred Life Annuity (GA-I) with Return of Purchase Price
• Deferred Life Annuity (GA-II) with Return of Purchase Price
Is Joint Life feature avaialble?
Yes. Joint Life feature is available under all four plan options.
Who all can be the Secondary Annuitants under Joint Life option?
Joint Life feature is available in all plan options. Secondary Annuitant can be:
Spouse, Child, Parent, Parent-in-law, Sibling
of the Primary Annuitant.
Other relationships may be considered as long as there is an insurable interest between the Annuitants
What are the different Premium Payment Terms (PPT) available?
Option 1 & 2: Single Pay
Option 3 & 4: Single Pay / Limited Pay & Regular Pay (5 Y to 12 Y)
What will be the Deferment Period?
Deferment Period can be chosen in options 3 and 4 of the plan which will be:
Single Pay – Min. 1 Y to Max. 10 Y
Limited Pay – Min. PPT + 1 Y to Max. PPT + 5 Y
Regular Pay – Same as PPT
What is the Min. and Max. Anuity Payout Amount?
Min.: Annual - ₹ 12,000 p.a. / Half Yearly - ₹ 6,000 p.a. / Quarterly- ₹ 3,000 p.a. / Monthly- ₹ 1,000 p.a.
Max. - No limit, subject to the Board Approved Underwriting Policy (BAUP)
What is the Min. and Max. Purchase Price?
Min. - Coresponding to minimum annuity amount
Max. - As per maximum annuity amount chosen
What are the different Annuity Payout Modes?
Yearly in arrears – 100%
Half-Yearly in arrears – 98% of Yearly Annuity x ½
Quarterly in arrears – 97% of Yearly Annuity x ¼
Monthly in arrears – 96% of Yearly Annuity x 1∕12
(Annuity frequency can be changed at policy anniversary except when the Annuity instalment will breach the minimum Annuity)
How are the Guaranteed Additions calculated?
During the Deferment Period, Guaranteed Additions accrue at the end of each completed policy month, subject to all due premiums being paid and form a part of the Death Benefit offered under the option.
GA – I: 1/12th of the yearly annuity amount
E.g. – Yearly Annuity amount is Rs. 6,00,000. Monthly GA-I amount will be
1/12 of Rs. 600000 = Rs. 50,000 per month.
(Monthly amount of GA-I will remain same throughout the Deferment Period)
GA – II: 1/12th of 6% of Total Premiums Paid (excluding premiums paid & loading for modal premiums)
E.g. – Annual Premium is Rs. 10,00,000. PPT is 5 Years. Deferment Period is PPT + 5 = 10 Years
Monthly GA-II added in 1st year will be
1/12 of (6% of Rs. 10,00,000) = 1/12 of Rs. 60,000
Rs. 5,000 per month during 1st Policy Year

Monthly GA-II added in 2nd year will be
1/12 of (6% of Rs. 20,00,000) = 1/12 of Rs. 1,20,000
Rs. 10,000 per month during 2nd Policy Year
(Monthly amount of GA-II will increase every policy year with the increase in total premiums paid)
Is Death Benefit available in the plan?
Yes, in Options 2, 3, and 4 in the form of Return of Premium
Option 1 (Immediate Life Annuity): No death benefit
Option 2 (Immediate Life Annuity with ROP): 100% of Total Premiums Paid till date
Option 3 (Deferred Life Annuity ( GA-I) with ROP) & Option 4 (Deferred Life Annuity ( GA-II) with ROP):
During Deferment Period - DB higher of:
• Total Premiums Paid (excluding loading for modal premiums) up to date of death + Accrued Guaranteed Additions
• 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death
Post Deferment Period - DB higher of:
Death Benefit is Total premiums paid ( excluding loading for modal premiums ) up to date of death + Max ( Accrued Guaranteed Additions – Total Annuity Payouts till date of death, 0)
Can policy loan be availed?
Yes, upto 80% of the Surrender Value
• Loan can be availed after 6 months from date of commencement for options 2, 3 & 4
• Under Joint Life, Loan can be availed by primary annuitant. On death of primary annuitant, loan an be availed by secondary annuitant
• Loan Interest will be recovered from the annuity amount payable under the policy
• Loan Interest will accrue as per frequency of annuity payment under the policy and it will be due on the date of annuity
• Loan outstanding shall be recovered from the claim proceeds under the policy
• Annuitant has the flexibility to repay loan principal at any time during the annuity payment period
Can riders be attached with the plan?
No

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Disclaimer

#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you
For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
Product Option Immediate Life Annuity with Return of Purchase Price is available under PoS as well.
^^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
*Guaranteed Additions accrue at the end of each completed policy month, subject to all due premiums being paid and form a part of the Death Benefit offered under the option.
$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. The plan is not a guaranteed issuance plan and it will be subject to company’s underwriting and acceptance. Insurance cover is available under this product.
HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. 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 HDFC Bank and the Insured. 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 customercare@tataaia.com. Visit us at: www.tataaia.com.
L&C/Advt/2022/Aug/1796

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