Tata AIG Life launches its single-premium annuity plan
Company Limited (Tata AIG Life) today announced the launch of its first single-premium annuity plan. The plan provides Return of Purchase Price and offer annuity payments which are paid throughout the lifetime of an annuitant. The plan comes in two versions - Easy Retire Immediate Annuity Plan and Group Immediate Annuity Plan � catering to the retail and corporate segment of the insurance market.
Easy Retire Immediate Annuity is an individual immediate-annuity plan which is the ideal solution to convert a policyholder�s corpus to a guaranteed regular income. Group Immediate Annuity is a group annuity plan that helps in managing employees� corpus which in turn would endow them with a secure, guaranteed, regular income flow.
Easy Retire Immediate Annuity and Group Immediate Annuity also provide the policyholder maximum flexibility by allowing the option to choose his/her annuity payment modes i.e. monthly, quarterly, half yearly or annually � the frequency at which the policyholder wants his/her income. The regular income helps the policyholder maintain his standard of living and cope with the day-to-day expenses that are incurred post retirement which increase with age due to mounting health bills and ever increasing prices.
Speaking on the occasion, Mr. Joydeep Roy, Chief Distribution Officer, Tata AIG Life Insurance Company Limited said, �With increasing life expectancy and the proliferation of
nuclear families, it has become imperative for every individual to provision for his secure post retirement life. It has always been our endeavor to introduce global best practices and products to suit the needs of the Indian customer.
With the launch of Easy Retire Immediate Annuity plan, we have made our foray into the annuities product segment and we aim to target individuals who are looking for a financially sound and comfortable life post retirement.�
Mr. Mihas Setalvad, Vice President � Corporate Pensions and Group Life, Tata AIG Life Insurance Company Limited said, �We are pleased to announce the launch of our new group annuity product offering - Group Immediate Annuity plan. With the launch of this plan we have a comprehensive product suite of group retirement solutions, in addition to our current gratuity and superannuation products. This product offering will help to further reinforce Tata AIG Life as a preferred Employee Benefits provider and enhance our presence in the Corporate Market.�
The minimum entry age is 21 years and the maximum policy issue age is 80 years. Under the annuity plan offered by Tata AIG Life, the policyholder does not have to undergo any kind of medical examination.
Tata AIG Life Insurance is committed to introducing innovative insurance solutions and enhancing its product suite to address the varying needs of Indian consumers.
Sourced From: Perfect Relations Limited