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Nirvana Pension Policy - Tata-AIG: Suitability

The Nirvana Pension Policy from Tata-AIG allows policyholders to choose their retirement date between ages 50-65. At retirement, they can take 25% of accumulated savings as a lump sum and use the rest to purchase an annuity. Death and accident benefits are provided. Riders for additional coverage are available. The policy aims to help people save and plan for retirement.

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365 views4 pages

Nirvana Pension Policy - Tata-AIG: Suitability

The Nirvana Pension Policy from Tata-AIG allows policyholders to choose their retirement date between ages 50-65. At retirement, they can take 25% of accumulated savings as a lump sum and use the rest to purchase an annuity. Death and accident benefits are provided. Riders for additional coverage are available. The policy aims to help people save and plan for retirement.

Uploaded by

prabs9869
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Nirvana Pension Policy - Tata-AIG

Suitability The policy is suitable for people who wish to plan and save for the golden years of retirement years. Salient Features Nirvana is a deferred annuity plan.

Policyholder can choose the date of retirement to be between 50 to 65 years.

On the date of retirement i.e., end of deferment period policyholder can take 25% of the sum accumulated as lump sum and utilise the rest for receiving annuit Terminal Bonus: This bonus will be payable either on the date of retirement or on death, provided the policy has been in force for 10 years. The premiums paid are eligible for tax benefits under section 80 CCC (1). Riders are additional benefits available along with the policy on payment of additional premium. The riders available along with this policy are: 1. Accident Riders 2. Term Riders 3. Critical Illness Riders

Benefits On death during the deferment period

Sum Assured + guaranteed addition (@10% of sum assured provided the policy is in force for a period of 10 years)+ Reversionary Bonus +Terminal Bonus is payable.

On survival Policyholder can take 25% of the sum accumulated as lump sum(Sum Assured + guaranteed addition @10% of sum assured + Reversionary Bonus +Terminal Bonus) and utilise the rest for receiving annuity.

Other Conditions Minimum age at entry : 18 years. Maximum age at entry: 55 years. Minimum age of retirement : 50 years. Maximum age of retirement: 65 years. Minimum Sum Assured - Rs. 50,000/-. Maximum Sum Assured - unlimited. The minimum premium paying period is ten years, subject to a minimum retirement age of 50 years.

New Jeevan Akshay I


Suitability The plan is ideal for persons who are self employed namely Doctors, Architects, Lawyers etc. Only the persons above 40 years of age are eligible to take this policy. Salient Features A lump sum purchase price is given to purchase future pensions. This amount is referred to as Guaranteed Insurance Sum (GIS). Mode of annuity payment can be monthly, quarterly, half-yearly or yearly and can be chosen by the annuitant.

Incentives are available for high purchase prices, which are paid along with the annuity.

Amount of Annuity depends on the type of option chosen. Options available are:

1.Annuity for Life

2.Annuity certain for 5,10,15,20 years and for life thereafter 3.Annuity with return of purchase price. 4.Annuity for Life increasing at a simple rate of 3 % per annum. 5.Annuity for Life with a provision for 50 % of the annuity to the spouse of the annuitant for life on death of the annuitant. Benefits On death during the deferment period

Under option (1) annuity ceases Under option (2), in the event of death within the period selected, nominee continues to get the annuity till the selected period is over. However if death occurs after the selected period is over, annuity stops Under option (3) purchase price is paid to the nominee and annuity stops. Under option (4) annuity ceases

On survival The annuity commences one mode (month,quarter,half year or year, to be chosen by the annuitant) after the purchase price is paid. Number of annuity payments will depend on the option chosen. Other Conditions Minimum premium: Rs. 25,000. Minimum annuity: Rs. 250. Minimum age at entry: 40 Last Birthday. Maximum age at entry:79 Last Birthday.

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