• Zero Premium Allocation Charges
• Flexibility of premium payment options: pay for 1, 3, 5 and 10 years
• Return of premium on death and vesting
• One medical declaration only
• Tax benefits u/s 80CCC as per Income Tax Act, 1961
Tata AIG Life Insurance Company Limited (Tata AIG Life) announced the launch of Tata AIG Life Apex Pension Plans – a bouquet of 4 ingeniously designed unit linked pension plans that assist the policy holder to secure his golden years through the unique feature called ‘Guaranteed Maturity Unit Price’ (GMUP) which enables him to get returns based on the highest NAV per unit achieved on the reset dates.
The policyholder’s premium is allocated immediately in the respective Investment Fund from where the money is transitioned to the respective Return Lock-in Fund on the immediate next reset date.
• The Investment Fund – The investment objective for the Investment Fund is to provide capital protection with a high level of safety and liquidity through judicious investment in high quality short-term debt.
• The Return Lock-in Fund – The investment objective for the Return Lock-in Fund is to use the participation in an actively managed well diversified equity portfolio of large cap companies to generate capital appreciation and use high credit quality debt instruments to lock-in that capital appreciation. The NAV per unit of this fund is noted every reset date for the purposes of calculating the GMUP.
The 4 plans a customer can choose from, depending upon his age, planned retirement age and financial requirement, include:
1. Tata AIG Life Apex Pension – With this plan, the policy holder pays a single premium for a 10 year term. The Apex Pension Return Lock-in Fund comes with 100 reset dates in the plan.
2. Tata AIG Life Apex Pension 10 – The plan requires payment of premium for 3 years only for a 10 year term. It offers the policy holder the flexibility to opt for reducing premium from the 2nd policy year. The Apex Pension 10 Return Lock-in Fund comes with 100 reset dates in the plan.
3. Tata AIG Life Apex Pension 15 – Under this variant, the policy holder is required to pay premium for 5 years for a 15 year term. This plan also offers the flexibility to opt for reducing premium from the 2nd policy year. The Apex Pension 15 Return Lock-in Fund comes with 150 reset dates in the plan.
4. Tata AIG Life Apex Pension 20 – The policy holder pays premium for 10 years for a 20 year term in this plan. The option of reducing premium can be chosen from the 2nd policy year. The Apex Pension 20 Return Lock-in Fund comes with 200 reset dates in the plan.
For all the above variants, the minimum annualized premium is Rs 48,000.
Tata AIG Life Apex Pension plans will be available nationally through Tata AIG Life’s advisors and several other distribution partners.
About Tata AIG Life Insurance Company Ltd
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by Tata Sons and American International Group, Inc. (AIG). Tata AIG Life combines Tata’s pre-eminent leadership position in India and AIG’s global presence as one of the world’s leading international insurance and financial services organization. Tata Sons holds a majority stake (74%) in the company and American International Assurance Company, Ltd. (AIA) holds 26% through an AIA Group company. AIA is a leading international insurance franchise of AIG. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
