Mobilenews24x7 Bureau
Mumbai, Feb 11 (UNI) Tata AIA Life Insurance (Tata AIA Life) has launched a Tata AIA Life Fortune Guarantee Pension, a flexible annuity (guaranteed income for life) solution offering multiple tailor-made guaranteed income options. Fortune Guarantee Pension aims to help consumers bridge the gap in terms of adequate retirement planning and income, gain financial freedom and lead a carefree life by encouraging savings from an early age for yourself and your spouse. Ensuring a comfortable lifestyle throughout one’s life, especially at retirement, is an often-neglected priority in financial planning. In a recent report by the World Economic Forum, the size of the retirement savings gap in India is expected to touch $85 trillion by 2050.
The product is suitable for a diverse set of customers, including the married, women and individuals wanting to seriously consider saving to maintain their current lifestyles for the future. It is also apt for SME customers who need to ensure a security net for themselves in their life. Commenting on the launch, Samit Upadhyay, Chief Financial Officer, Tata AIA Life Insurance, said: “In the absence of a formal social security system in India, there is an urgent need to expand the influence of protection – income and health – to ensure against a fall in living standards through exigencies that may arise.”
The product offers attractive returns. For example in the Deferred Life Annuity (GA-I) and with Return of Purchase Price, when a 45-year old male annuitant pays an annual premium of Rs. 5 lakhs for seven years, he would start receiving an annuity income of Rs. 254,450 per annum from the 8th year till the time he is alive. Thus, he ensures an annual income of 7.27 pc of the total premiums paid. In case of the annuitant’s death, the nominee is also entitled to receive Death Benefit.
