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TATA AIA Life Insurance Immediate Annuity Plan

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It is basically an immediate annuity plan with return of purchase price. Here, the single premium is paid at the beginning of the plan. This plan is specifically meant for employees. With the help of this plan, individuals can continue to cope up with expenses even after they stop working. This plan will help convert the employee’s corpus to regular income. This plan is crucial in today's age where health bills and other prices are rising at an alarming rate. Any working individual can buy the plan with a single premium payment. The annuity payment is paid throughout the lifetime of an annuitant. The individual can opt for different modes of annuity payment such as monthly, quarterly etc., based on his/her preference.

Eligibility Conditions for the Tata Aia Life Insurance Immediate Annuity:

Minimum Entry Age 21 years
Maximum Entry Age 80 years

Policy Terms for the Tata Aia Life Insurance Immediate Annuity:

Premium Payment Period Single
Policy Period Lifetime

Premium Payments Offered by the Tata Aia Life Insurance Immediate Annuity:

Minimum Premium Single Premium – Rs. 50, 000
Minimum Annuity Installment(in Rs.) 3,000 p.a.
Maximum Annuity Installment(in Rs.) No Limit

Note the following -

  • As per this plan, the series of regular payments that are received by the policyholder is called as Annuity.
  • The individual who receives the annuity (payments) is called as the Annuitant.

Key Features of Tata Aia Life Insurance Immediate Annuity:

Type of Plan Immediate Annuity Plan with Return of Purchase Price
Premium Payment Term Single
Annuity Payment Modes Available Monthly, Quarterly and Half-Yearly or Yearly
In case of the death of the Annuitant The purchase price is returned to the nominee
Regarding Loan No loan is available under this plan
Regarding Surrender No surrender is permitted under this plan
Medical Examination Not needed for the purchase of this plan
Regarding the rates Once the annuity is bought, the rate remains the same throughout  the lifetime of the annuitant.
Frequency of payment Once the frequency of payment is chosen, it can’t be changed.
Incentives Incentives are available for higher purchase price.

Payment Option for the Premiums offered by Tata Aia Life Insurance Immediate Annuity:

As per this Tata Aia Life Insurance Plan, there is only a option of single premium which is paid at the beginning of the plan. It is the purchase price of the plan.

Advantages and Benefits of Tata Aia Life Insurance Immediate Annuity:

The Tata Aia Life Insurance Immediate Annuity provides the following key benefits:

Death Benefit -

As per the plan, in case of the death of the annuitant, the single premium paid is returned to the nominee. As soon as the amount is returned, the policy is ended.

Maturity Benefit -

One of the key features of this plan is that there is no specific maturity age for the annuitant. The plan continues as long as the annuitant lives.

Income Tax Benefit -

The single premium which is paid under this plan at the beginning is eligible for tax deductions under section 80C of the Income Tax Act.

Loan -

There is no loan available under this policy.

Surrender Benefits -

There are no surrender benefits under this plan.

Riders -

There are no additional riders available under this plan.

Free Look Period -

There is a free look period of 15 days during which the individual can decide to opt out of the policy by giving a written notice. The individual will be refunded the premium amount without interest along with some deductions due to the expenses that might have been incurred during the purchasing of the plan.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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