Tata AIA Life Insurance has introduced the Smart Pension Secure Plan, a Unit-Linked Pension Plan (ULIP) designed to cater to individuals seeking flexible and market-linked growth opportunities for their retirement corpus. The plan is linked to the Tata AIA Alpha 50 Index Pension Fund, which invests 80-100% of its assets in equity aligned with the Nifty Alpha 50 Index. The New Fund Offer (NFO) is priced at ₹10 per unit and is available until January 31, 2025.
The Smart Pension Secure Plan offers policyholders the flexibility to allocate their premiums across multiple funds, with the option to allocate 100% to equity for higher potential returns. Some of the key features of the plan include unlimited fund-switching at no cost, tax benefits under Section 80CCC, and comprehensive coverage options for added protection. The plan is available in two options: Smart Pension Secure, which provides market-linked returns and death benefits, and Smart Pension Secure Plus, which includes additional premium waiver benefits in case of the policyholder’s demise.
The plan can be purchased through Tata AIA’s online platform and digital partners such as Policybazaar, Tata Neu, and PhonePe, allowing users to manage and customize their plans digitally without the need for physical documentation. The key details of the policy include an entry age of 35-75 years, a vesting age starting at 45 years, and a policy term ranging from 10 years to the maximum vesting age.
According to Jeelani Basha, President & Chief Distribution Officer of Tata AIA Life Insurance, the plan is designed for individuals prioritizing financial planning flexibility and growth. The Smart Pension Secure Plan aims to address the growing demand for retirement solutions by providing a flexible and market-linked growth opportunity for individuals to build their retirement corpus. With its unique features and flexible options, the plan is expected to attract individuals looking for a secure and growth-oriented retirement solution.