New Delhi, Jan 3 (UNI) Tata AIA Life Insurance on Thursday announced the launch of Tata AIA Life Insurance Smart Annuity Plan, a single premium, non-linked non-participating annuity plan that offers guaranteed lifetime income to help manage expenses post retirement.
The plan removes investment risk and the risk of outliving one’s savings for annuitant, in their retirement years by providing a guaranteed income for as long as they live.
The plan has three, flexible annuity options to meet a retiring individual’s needs – Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, and Deferred Life Annuity with return of Purchase Price.
For those who plan ahead, the deferred annuity option offers guaranteed income at rates locked in today, for a lifetime, and the income can commence at a future date, as decided by the annuitant.
All three options are available on single life and joint life basis.