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This article provides information on pension plans by TATA AIG. Read on to know more about the features and other information on TATA AIG's retirement plan.

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TATA AIG Pension Plans

Future is always uncertain, so it is important to have financial independence post retirement and if there are additional benefits from a policy it is a value added point for the investors too. TATA AIG brings flexible pension plans which are elaborated here.
 
Nirvana Pension Plan
Features of this plan are as follows:
 
Flexible plan: It gives a freedom to choose the cover amount as it depends on the capacity of premium payment of policy holder.

Age limit:
The maturity age can be chosen anywhere between 50 to 65 years. This pension plan also allows the investor to utilize 33 % of the policy amount for emergency purposes.
 
Annuity: If the 33% of the amount is being utilized by the investor, the balance money can be used to buy an annuity which will provide monthly income until the policy holder is alive.
 
Life Cover: The policy offers life cover to ensure financial security of the assured’s family.
 
Availability of Bonus
There are 2 types of bonus availability on retirement. They are:
Terminal Bonus: For this bonus, the policy should be in use for 10 years and above.
Reversionary Bonus: This bonus will be credited to the policy holder’s account after the completion of 5 years of the policy.

Other Important Pointers:
  • The policy holder is eligible for tax benefits according to the Income Tax Act.
  • The minimum policy cover for this Rs.50000/-
  • Riders can be added at nominal costs.
  • The age criteria to own this policy is between 18 years and 55 years.
  • The payment of premium will be made quarterly, monthly, half yearly or even annually based on the specifications of the policy holder. 
 
TATA AIG Nirvana plus Pension Plan
Features:
  • 1/3rd of the benefit amount can be taken in lump sum after maturity and the residual amount can be used to buy an annuity to ensure a monthly income post retirement.
  • After every 5 years of the policy being in use, there will be a guaranteed addition of 10% on sum assured to the retirement corpus.
  • Terminal Bonus and Compound Reversionary Bonus are applicable.
  • The policy offers a guaranteed additional bonus of 2% on sum assured in the first year of the policy itself.
  • Tax benefits are available as per Section 80C of Income Tax Act. 
Availability of Bonus
There are 2 types of bonus availability on retirement. They are:

Terminal Bonus:
For this bonus, the policy should be in use for 10 years and above.
Reversionary Bonus: This bonus will be credited to the policy holder’s account after the completion of 5 years of the policy.
 
Other Important Pointers:
  • There is Critical Illness Cover in the first 3 years of the policy. The policy holder can utilize this benefit after 180 days of the issue date, reinstatement or commencement date of the policy, whichever is earlier.
  • If there is death of the policy holder during the policy period, the beneficiary will receive the sum assured and is even eligible for bonus if there are any.
  • If the policy holder dies during the policy term due accident, the beneficiary will receive double the amount of sum assured and bonuses if any.
  • For being eligible to get this policy, there is no requirement of medical test. A health declaration has to be signed to complete the procedure if your age is between 18 to 45 years.
  • There is 15-day money back guarantee if the policy holder wants to withdraw from the policy.
  • The premium payment can be quarterly, monthly, half yearly or even annually. The premium payment is accepted in means of credit card or cheque. The monthly payment has to be made only by credit cards. 
TATA AIG Life Assure Golden Years Plan
This policy is a participating endowment assurance plan.

Features:
  • There is no limit for the sum assured. 
  • If there is a death or after maturity, the beneficiary gets sum assured along with terminal and reversionary bonuses.
  • The beneficiary gets a guaranteed additional 10% more on sum assured.
  • The policy holder will have tax benefits as per the sections 80C and 10D as per the Income Tax Act. 
Availability of Bonus
There are 2 types of bonus availability on retirement. They are:

Terminal Bonus:
For this bonus, the policy should be in use for 10 years and above.
Reversionary Bonus: This bonus will be credited to the policy holder’s account after the completion of 5 years of the policy.

Other Important Pointers:
  • The minimum age criterion to enter this policy is 18 years and the maximum is 50 years.
  • The minimum limit for sum assured is Rs. 25000.
  • The premium given depends on the age of the policy holder and on the policy cover chosen.
  • This policy has 15 day money back guarantee
  • If the premium payment is delayed, the grace period of 31 days are given. If the premium payment is not made even after grace period, it will be converted to automatic loan of the policy holder and the company can charge interest according to the applicability.


  • sujit chaudhari:
    Hello, I need a best pension plan after my retirement.
    My age is 40 Yrs,
    I can pay yearly premium at @ 1 lacs upto next 10 yrs.
    I need the pension around 40 k per month,
    Please revert
    24-Oct-2015 11:38 PM
  • aartichaturvedi:
    Hi,

    Please provide me the details about the Tata AIG Nirvana Pension plan.
    25-Jun-2013 01:21 PM
  • KK Nair:
    I am looking for a best pension plan for my daughter,who has completed MBA and is joining an MNC next month. She is 24 yrs now. If I can get detailed advise it will help me to take a decision. I have gone through the web site but could not understand fully. Thank you.
    04-Mar-2013 08:58 PM
  • SIYA RAM MISHRA:
    R/SIR,I WANT INVEST 2000/-MONTH PL ASK ME PENSION PLAN I AM PRIVATE JOB HOLDER
    08-Feb-2013 12:04 PM