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Tata AIG has launched Nirvana, a pension plan for individuals. The policy cover is available for persons between 18 and 55 years with a minimum cover of Rs 5,000. Premiums have to be paid till retirement when 25 per cent of the sum accumulated will be paid out. The rest can be used to buy an annuity from Tata AIG, or any other insurance company. The annuity will provide a monthly income for the rest of the policyholders' life.

A guaranteed addition of 10 per cent of the sum assured payable on death or on retirement is a feature of Nirvana. An annual bonus would be credited to the policyholder and paid on compounded basis from the fifth year.

BL Research Bureau

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