Tata AIA Life Insurance Smart Annuity Plan

General

 1. Are annuity plans necessary for retirement?

Yes, an annuity or a pension plan is necessary for retirement as it ensures a regular income stream and financial support for you and your family during your golden years. Such a policy is useful in the absence of a monthly salary.

2. Does an annuity plan pay regular income like a pension plan?

Yes, flexible regular income options are available under annuity plans. You can easily choose to receive the benefits on a monthly, quarterly, half-yearly or annual basis.

3. Why does one need a retirement plan?

When you stop earning a salary from your professional service after your retirement, you will need adequate financial resources to maintain your lifestyle and sustain yourself and your family.

4. How much should I save for retirement?

Retirement plans are quite flexible, and you can easily choose a purchase price or the amount you want to contribute towards your policy based on the monthly / annual income required by you based on your needs. You can do this by considering the future inflation rate along with the needs of your family, your future goals, and any important financial objectives such as financing your personal business, your child’s higher education or wedding and so on.

Also, be sure to set aside some funds in your pension plan for medical emergencies and the like. You will also have to consider how many years you need to save funds.

Cover

1. Is there a death benefit under the Tata AIA Smart Annuity Plan?

Yes, specific option in Tata AIA Smart Annuity plan offer a death benefit pay-out to your nominee, subject to the annuitant's or annuitants' death, as per the Single Life or Joint Life option, respectively.

2. What are the annuity options available under this retirement policy?

These are the following plan options under this annuity plan:

● Immediate Life Annuity

● Immediate Life Annuity with Return of Purchase Price

● Deferred Life Annuity with Return of Purchase Price

3. What is the Top-up option under Tata AIA Smart Annuity Plan?

The Top-up options allow you to increase your annuity pay-outs, where the additional annuity payable will depend on the amount of Top-up and the prevailing annuity rates during the Topup.

Policy

1. Can I get a loan against this retirement policy?

In Tata AIA Smart Annuity Plan, under the Deferred Life Annuity with Return of Purchase Price Option, you can apply for a loan which is up to 80% of the surrender value of the policy. The policy will then be assigned to Tata AIA Life Insurance.

2. What is the free-look period under this annuity plan?

If you have purchased the pension policy offline, a free-look period of 15 days is applicable to you. However, for policies purchased through the online or distance marketing mode, the free-look period is 30 days. During this period, you can review the terms and conditions of the Policy and if You disagree to any of those terms or conditions, you have the option to return the Policy to the Us for cancellation.

3. What is the minimum and maximum entry age for the Tata AIA Smart Annuity Plan?

The minimum entry age for this pension plan is 45 years, while the maximum entry age is 85 years.

Claim

1. Should I file a claim online or offline on my Tata AIA Smart Annuity Plan?

Here are the various channels through which you can file a claim with us:

● Email us at: customercare@tataaia.com

● Call our helpline number - 1860-266-9966 (local charges apply)

● Walk into any of the Tata AIA Life Insurance Company branch offices

● Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607.

IRDA Regn. No. 110

2. What documents are needed to file a claim under this retirement plan?

Please click here to know the list of documents needed for the claim intimation and settlement process.

3. How many times can I file a claim under the Tata AIA Smart Annuity Plan?

You can only file a single claim under the Tata AIA Smart Annuity Plan under a Single Life or a Joint Life policy. Under the former, the death benefit will be paid out to the policyholder’s nominee on death, while under the second option, the death benefit will be paid out to the nominee on the latter of the two deaths.

• The product is also available for sales through online mode.

• 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.

• 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.

• 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 Lifes 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/2023/Aug/2714

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."