Tata AIG Life Insurance has come up with their retirement plan named Tata AIG Life Easy Retire, which is a pension plan that allows a retired individual to get monthly normal income. The policy has been planned to help a retired individual to keep up its original or previous lifestyle. This policy is an instant annuity plan that has Return of Purchase Price, which can be availed after the payment of single premium.
Tata AIG Life Easy Retire retirement plan works in the following way:
- In this policy the premium is careful to be the purchase price of this policy. By creation a single premium payment makes a person eligible for this policy.
- Then the annuity that is the time distance on which is to be received by the individual is to be chosen by him or her. The options that are provided by the company are yearly monthly, quarterly and half-yearly.
- The insurance company also guarantees the insured a rate per thousand. This choice is offered at the time of purchasing the policy and depends mainly on the age as well as on the purchase price.
- In this policy the insured can also opt for the receiving post dated chaques or ECS under which the money would directly transferred to the bank account of the insured.
To avail this policy there, there is certain principle that has to be fulfilled by the insured. Some of the eligibility criterions of this policy are as follows:
- The minimum purchase amount under this policy is rupees fifty thousand and the individual must be more then twenty one years of age to subscribe to this policy.
- The maximum age of purchase of this policy is 80 years and the policy remains in force for the whole life.
- The premium payment period of this policy is single and the minimum annuity repayment is Rs. 3,000 per annum.
No medical exam is needed for subscribing to this policy.
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