Tata AIG Life Insurance Company Ltd. presents “Group Immediate Annuity with Return of Purchase Price” plan, the ideal solution to convert your employee's corpus to regular income.
The regular income helps your employees to cope with the expenses that continue even when they stop working and in fact increases with age as a result of mounting health bills and increasing prices.
This plan can be purchased through a single premium payment. It provides for annuity payments which are paid throughout the life of an annuitant.It is a non-participating single premium product.
How does the Plan Work?
a) All your employee has to do is pay or authorize transfer of a single premium to Tata AIG Life Insurance Company Limited (This amount is their purchase price).
b) They need to choose annuity payment modes (the frequency at which they want the income) - monthly, quarterly, half-yearly or yearly.
c) Tata AIG Life Insurance Company Limited guarantees you a rate per thousand at the time of purchase and this depends on the age as well as the purchase price.
d) Employee needs to opt for either receiving post dated cheques or a direct credit into their bank account i.e. PDCs / ECS.
Definition
Annuity - Series of regular payments received by the annuitant
Annuitant - Person who receives the annuity benefit
Return of Purchase Price - In this plan the annuity is paid to the annuitant throughout his/her life. On the death of the annuitant, the purchase price is returned to the nominee.It is a non-participating single premium product.
Entry Conditions
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Minimum Purchase amount
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Rs. 50,000
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Minimum age of purchase
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21 years
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Maximum age of purchase
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80 years
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Policy period
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Life time
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Premium payment Period
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Single
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Minimum annuity installment
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Rs. 3,000 p.a
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Annuity rates – Unisex
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Yes
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Medical Requirement
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None
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Minimum Group Size
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50
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Please Note:
- No surrender permitted under this plan
- Tata AIG Life Insurance Company Ltd. reserves the right to review the annuity rates, subject to IRDA's prior approval.
- Please ask for latest rates at the time of purchasing the annuity plan.
- Once annuity is bought, the rate remains constant throughout the lifetime of the annuitant.
- Once the frequency of payment is opted it cannot be changed.
- No loan will be available under this plan.
- Incentives available for higher purchase price.
- Please refer to policy document for more details.
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