Tata AIA Life Insurance launches Fortune Guarantee Pension

Mumbai, February 11, 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.
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.”