The Tata AIG Life Nirvana Plus (Nirvana Plus) policy is India’s first and only pension policy with a guaranteed addition of 10% of the sum assured every 5 years. You can choose from three levels of cover, which is your amount of Sum Assured: Rs. 1 lakh, Rs. 2 lakhs and Rs. 4 lakhs. You can also decide the age you want to retire: 55, 58 or 60 years of age.

Key features include:

•10% of sum assured is added to your sum assured for every 5 years of paid premiums.
•Rs. 1 lakh will be paid directly to you should you be diagnosed with a covered critical illness (after a 30 day survival period) for first 3 years of the policy.

TATA AIG LIFE Nirvana

You need money to live after you retire, but is the money you saved going to be enough?
The Tata AIG Life Nirvana (Nirvana) retirement plan is a flexible policy that allows you to choose your retirement age (from 50 to 65 years).

Key features include:

•Sum Assured is payable on death during the accumulation stage or on vesting age.
•A guaranteed 10% addition to the sum assured payable at the time of your death or vesting age if your policy has been in force for 10 years.
•A Reversionary bonus declared from the 5th policy anniversary and credited on each policy anniversary.
•A Terminal bonus is payable at the time of retirement or death (policy must be in force for a minimum 10 years).

Plan details
Participants can either pay a fixed premium every year (payable yearly or half-yearly) for a specified term, or pay a single premium.
On maturity, the policy will provide a corpus that includes the sum assured and the pure endowment benefits purchased out of the bonuses declared. Bonuses are not guaranteed and are a function of the company's investment performance.
One can commute up to 25 per cent of the corpus on maturity and buy an annuity with the remaining amount. The annuity options offered by MNYL are:

Annuity for life: The policyholder will receive an annuity till his death

A plan that enables you to retire with laughter lines – not worry lines

• Option to take a tax-free lump sum up to 33% of Sum Assured + Accrued Bonuses.

• Open Market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any other Life Insurance Company.

Additional Benefits:
• Accidental Death Benefit and Disability Benefit.
• Critical Illness Benefit and Hospital Cash Benefit.
• Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.
• Term Cover: Additional life insurance protection at a nominal cost.