Tata AIA Life Insurance Saral Pension

General

1. What is a retirement plan or annuity plan?

An annuity or annuity plan is an investment or savings plan over the long term that is offered by your life insurer. You may purchase the policy before or during your retirement. The premiums paid towards such a policy will be used to offer you and your family a regular income benefit throughout your retirement.

2. How do I buy a pension plan online?

To buy a pension plan, you can go to the official Tata AIA Life Insurance website and request a call back from us. Our financial advisor will guide you to choose the right plan basis your life goals.

3. What is the difference between an annuity and pension plan?

The terms annuity and pension may be used interchangeably when it comes to the umbrella term “retirement plan”. However, an annuity is purchased during retirement or after retirement, while the pension is accumulated through the savings for your retirement. Both types of retirement plans can pay out a regular income during retirement.

4. Do I need an annuity plan for my retirement?

You can always choose what type of plan you want for planning your retirement. An annuity plan is more popular because it is flexible in terms of policy tenure and premium payment options. Moreover, the payout benefits are in the form of a guaranteed regular income that can be useful during your retirement.

Cover

1. Till when are the survival benefits under the Tata AIA Life Insurance Saral Pension Plan payable?

The survival benefits under the Tata AIA Life Insurance Saral Pension Plan are payable as follows:

• Until the death of the annuitant under the Single Life option
• As long as either of the two annuitants is alive under the Joint Life option
  
  

2. How do the benefits work in Tata AIA Life Insurance Saral Pension Plan?

When you purchase Tata AIA Life Insurance Saral Pension, your annuity rate is fixed depending on the purchase price, annuity amount, single/joint life and annuity mode. Besides, on the death of the annuitant, 100% of the purchase price is paid back.

3. How is the death benefit offered under the Tata AIA Life Insurance Saral Pension Plan?

The annuity plan offers the death benefit as follows:

a. Under the Single Life option, the death benefit will be paid out to the nominee of the deceased annuitant.

b. Under the Joint Life option, the secondary annuitant will receive the death benefit if the primary annuitant dies. In case of the death of both annuitants, their nominee will receive the death benefits.

Policy

1. What are the premium payment terms available under the policy?

This policy offers a Single Pay premium payment term, meaning you can make the premium payment as a one-time lump sum investment in the annuity plan. This also eliminates the chance of a lapse in the annuity policy and its benefits due to unpaid policy premiums.

2. Can I switch from a Single Life annuity to a Joint Life annuity option?

No, either one of the annuity plan options can only be selected when purchasing the policy, and you may not switch between the two options at any point during the policy period.

3. Under what circumstances will the annuity policy be terminated?

The annuity plan can be terminated in case of any of the situations given below:

• The date on which the free-look request from the policyholder is accepted.
• On the date when all the applicable benefits under the policy are paid out.
• On the date when the policyholder surrenders the annuity policy.
  
  

4. What are the annuity pay-out modes under this policy?

The annuity pay-out modes under this policy are as given below:

• Monthly
• Quarterly
• Half-yearly
• Annually

It is to be noted that these annuity pay-out modes are for survival benefits payable during the policy term and are not applicable for the death benefit.

Claim

1. How to file a claim on the Tata AIA Life Insurance Saral Pension Plan?

To file a claim with us, you can choose any of the following channels to reach out to 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 if my nominee is abroad and wants to file a claim?

If your nominee is abroad and would like to file a claim with us, they can simply courier the relevant documents needed for claim intimation to their representative in India. The representative can visit any of our office branches and file the claim on their behalf.

To file the claim online, your nominee can upload the attested copies of the documents online on our official website or send them to us over an email.

3. What documents do I need to file a claim under my annuity plan?

Please click here to know the list of documents needed to file the claim and for the settlement process for your Tata AIA Life Insurance Saral Pension Plan.
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4. Who will file a claim under a Single Life option and the Joint Life option of the policy?

Under the Single Life option, if the annuitant passes away during the policy period, their appointed nominee will file the death claim.

Under the Joint Life policy, one annuitant can file the claim in case of the other annuitant’s death. However, if both annuitants pass away, their nominee can file a death claim.

• This is not a contract of annuity. The precise terms and conditions of this plan are specified in the policy contract.
• 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/May/1466