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Mumbai (Maharashtra) [India], May 16 (ANI/PRNewswire): Tata AIA Life Insurance (Tata AIA Life), one of India's leading Life Insurance Companies, has introduced a more powerful version of its flagship annuity (guaranteed income for life) plan, Tata AIA Life Fortune Guarantee Pension. The new version includes some critical improvements, including higher annuity rates and death benefits, making it a must-have for the consumers to live financially independent and worry-free in their golden years.Longer life expectancy and reduced savings levels have made Retirement Income a major concern in the country. The Retirement Savings Gap in India is projected to reach USD 85 trillion by 2050*, and Indian consumers must prepare for this crisis by ensuring financial independence after retirement. Tata AIA Life Fortune Guarantee Pension plan offers multiple tailor-made guaranteed income options and helps consumers save adequately for retired life. The plan caters to 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 a very suitable option for SME customers who need to ensure a security net for themselves in their life.Key product benefits include -Commenting on the occasion, Samit Upadhyay, Chief Financial Officer, Tata AIA Life Insurance, said, "Retirement is like starting a new chapter in one's life. It is a time when we can focus on enjoying ourselves rather than worrying about professional responsibilities. All of us, therefore, desire financial independence after retirement so money will not dictate how we live. With regular guaranteed income for life to help us manage our expenses after retirement, Tata AIA Life Fortune Guarantee Pension is an excellent financial tool to achieve that goal. The plan helps our consumers save enough before they retire and ensures stable income when the regular salary income stops."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.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. 261,030 per annum from the 8th year till the time he is alive. Thus, he ensures an annual income of 7.46 per cent 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. 4,06,100 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. 2,12,040 for life. Upon their death, their nominee would receive Rs. 24 lakhs.*World Economic Forun ( https://www.weforum.org/whitepapers/investing-in-and-for-our-future)Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group 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 2021-22, the total premium income of Tata AIA Life increased to Rs 14,445Cr., a growth of 30 per cent. For the same period, the Company registered a Retail New Business Weighted Premium of Rs 4,455 Cr. The 13th month persistency of the Company was at 87.8 per cent, and the Individual Death Claims Settlement ratio was at 98.53 per cent. 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.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 2021-22, the revenue of Tata companies, taken together, was USD 128 billion (Rs 9.6 trillion). These companies collectively employ over 935,000 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 USD 311 billion (Rs 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets - wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of USD 340 billion as of 31 December 2021.AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: "AAGIY").This story is provided by PRNewswire.will not be responsible in any way for the content of this article. (ANI/PRNewswire)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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