~ Flexible Annuity Plan offering multiple annuity options for leading comfortable lifestyle all through~
• Higher benefits to encourage retirement savings
• Opportunity to increase annuity through top-up premiums
• Offers flexibility in annuity payout frequency
• Ensures Systematic Investment for Lifetime Income for Annuitant & Spouse
Mumbai, February 2022: Tata AIA Life Insurance (Tata AIA Life), one of India’s leading Life Insurance Companies, launched Tata AIA Life Fortune Guarantee Pension, a flexible annuity (guaranteed income for life) solution offering multiple tailor-made guaranteed income options. Fortune Guarantee Pension aims to help consumers bridge the gap in terms of adequate retirement planning and income, gain financial freedom, and lead a carefree life by encouraging savings from an early age for yourself and your spouse.
Ensuring a comfortable lifestyle throughout one’s life, especially at retirement, is an often-neglected priority in financial planning. In a recent report by the World Economic Forum, the size of the retirement savings gap in India is expected to touch USD 85 trillion by 2050. Fortune Guarantee Pension is positioned on the premise of “Raho Befikr, Aaj ho Ya Kal” thereby allowing the customer to live without worries all through life. The product is suitable for a diverse set of customers, including the married, women and individuals wanting to seriously consider saving to maintain their current lifestyles for the future. It is also apt for SME customers who need to ensure a security net for themselves in their life.
Key product benefits include –
Immediate Life Annuity: Fortune Guarantee Pension offers immediate annuity payouts as per the chosen frequency during the annuitant’s lifespan. It also offers Immediate Life Annuity with Return of Purchase Price, wherein the amount paid at the time of purchase is paid back as a death benefit.
Option of Guaranteed Additions: Guaranteed Additions are accumulated at the end of every policy month during the Deferment Period
Option of choosing annuity in advance: This option allows you to avail the annual annuity payout in advance
Avail loan against policy: You can get a loan on the policy, six months after the policy’s commencement. Under Joint Life option, you can take a loan which the secondary annuitant can avail in case of your death.
Joint Life Options: Wherein the Primary Annuitant is the person entitled to receive the Annuity Payouts. Secondary Annuitants (spouse/ child/ parent/ parent-in-law or sibling) are entitled to receive the Annuity Payouts in the event of death of the Primary Annuitant, as applicable.

Commenting on the launch, Samit Upadhyay, Chief Financial Officer, Tata AIA Life Insurance, said, “In the absence of a formal social security system in India, there is an urgent need to expand the influence of protection- income and health – to ensure against a fall in living standards through exigencies that may arise. There are 44% households in India with a protection gap of over 90% in terms of their long-term protection needs. Annuity products that offer guaranteed income for life can help navigate this existent gap with the required security. Through Fortune Guarantee Pension, we endeavour to help our customers save adequately as early as possible before retirement, ensuring stable income and maintaining of their lifestyle and aspirations in the present and the future.”
The plan is an ideal solution for consumers seeking a suitable and secured retirement income, and for retired consumers who want to increase their retirement kitty by investing any surplus funds into a guaranteed life insurance solution, can take advantage of Fortune Guarantee Pension.
The product offers attractive returns. For example in the Deferred Life Annuity (GA-I) and with Return of Purchase Price, when a 45-year old male annuitant pays an annual premium of Rs. 5 lakhs for seven years, he would start receiving an annuity income of Rs. 254,450 per annum from the 8th year till the time he is alive. Thus, he ensures an annual income of 7.27% of the total premiums paid. In case of the annuitant’s death, the nominee is also entitled to receive Death Benefit.
The product offers an equally attractive proposition for the Deferred Life Annuity (GA-II) and with Return of Purchase Price. When a 50-year old individual invests an annual premium of Rs. 5 lakhs for ten years when still employed, they would start receiving an annuity income of Rs.35,000 per month / Rs. 4 lakhs per annum on reaching the age of retirement. Again, like in the previous instance, upon the annuitant’s death, the total premiums paid would be returned to his nominee. In the Joint Life option, when a 48-year old husband and 45-year old wife invest Rs. 2 lakhs for 12 years, they will get a guaranteed annual annuity of Rs. 2,07,240 for life. Upon their death, their nominee would receive Rs. 24 lakhs.

About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. For the financial year 2020-21, the total premium income of Tata AIA Life increased to Rs. 11,105.09 crore, a growth of 34%. For the same period, the Company registered retail new business weighted premium of Rs. 3,416 crore. The 13th month persistency of the Company was at 88.28%, and the Individual Death Claims Settlement ratio was at 98.02%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on individual weighted new business premium.

About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals.
The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.
In 2019-20, the revenue of Tata companies, taken together, was $106 billion (INR 7.5 trillion). These companies collectively employ over 750,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $123 billion (INR 9.3 trillion) as on March 31, 2020.
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.