Every person has different dreams and requirements at different stages of life. Planning early and wisely can help you in fulfilling all of those without putting a financial strain. With the guaranteed payouts of Tata AIA Life Insurance, you can realize your and your family’s dreams without thinking twice.
The Tata AIA Life Insurance is an individual non-participating savings insurance that protects the future of your loved ones. It comes with two options
The Tata AIA Life Insurance offers the flexibility to choose the payout of the plan, and opt for life cover till the age of 100 under extended life cover. You can also choose any of the additional covers to increase protection. The plan lets you opt for different policy terms to suit your requirements and pay the premium annually, half-yearly, quarterly, or monthly. One of the biggest advantages of the policy is that you can enjoy tax redemptions and can also take a loan against it.
The following are the key benefits of the Tata AIA Life Insurance-
Parameters |
Details |
Minimum Entry Age |
30 days |
Maximum Entry Age |
Premium payment term of 5 years: 55 years Premium payment term of 6 years: 58 years Premium payment term of 7 years: 62 years Premium payment term of 8 to 15 years: 65 years |
Minimum Maturity Age |
18 years |
Maximum Maturity Age |
80 years |
Policy Term |
10 to 40 years (Calculation of Minimum policy term = Premium Paying Term + 5 years) |
Plan Option |
Two plan options are available: (a) Endowment (b) Endowment with Extended Life Cover (ELC) till the age of 100 |
Loan Facility |
Available |
If the insured person dies accidentally during the policy term, the company would pay
The total benefit available is subject to 105% of the total premiums paid till the date of death. In the event of a death claim, an Interim bonus is applicable.
To understand the Tata AIA Life Insurance Value Income Plan, let us take a look at these examples
Policy Year |
Guaranteed Benefits: Sum Assured on Death |
Non Guaranteed Benefits: Cash Bonus and Terminal Bonus at 8% |
Total Death Benefit at 8% |
5th |
INR 12,23,618 |
INR 26,667 |
INR 12,23,618 |
11th |
INR 12,23,618 |
INR 26,667+INR 3,04,762 |
INR 15,28,380 |
15th |
INR 12,23,618 |
INR 26,667+INR 2,66,667 |
INR 14,90,285 |
20th |
INR 12,23,618 |
INR 26,667+INR 4,38,095 |
INR 16,61,713 |
When the policy matures, a life cover which is equal to the Basic Sum Assured will be payable.
Policy Year |
Guaranteed Benefits: Sum Assured on Death |
Non Guaranteed Benefits: Accumulated Cash Bonus and Terminal Bonus at 8% |
Total Death Benefit at 8% |
5th |
INR 11,00,000 |
INR 1,14,085 |
INR 12,14,085 |
11th |
INR 11,00,000 |
INR 3,27,686+INR 3,04,762 |
INR 17,32,448 |
15th |
INR 11,00,000 |
INR 5,04,856+INR 3,52,381 |
INR 19,57,237 |
20th |
INR 11,00,000 |
INR 7,75,028+INR 4,95,238 |
INR 23,70,266 |
With Tata AIA Life Insurance Value Income Plan, you get the flexibility to choose your premium payments time, i.e., annually, half-yearly, quarterly, or monthly.
Annual Premium Rate |
Multiply Annual Premium Rate by 1 (i.e. No loading) |
Half-yearly Premium Rate |
Multiply Annual Premium Rate by 0.51 |
Quarterly Premium Payment |
Multiple Annual Premium Rate by 0.26 |
Monthly Premium Payment |
Multiple Annual Premium Rate by 0.0883 |
The policy further gives you the option to include the following Add-ons to the plan to increase the coverage-
This rider offers a full waiver of the due premium payments under the total policy term if the policyholder dies accidentally or becomes completely disabled. It is only applicable to policyholders under 70 years of age. The following rider can be attached only during the inception of the policy and will be applicable after the base policy completes the 5th anniversary.
Since the loan acquires Surrender Value, therefore the policyholder can apply for a loan, provided the loan amount is within the extent of 80% of the Surrender Value and the policy must be assigned to Tata AIA Life.
The policyholder gets a 15 day free look period from the day of inception of the policy and a period of 30 days in case of access through electronic or distance mode. Within this period, if he/she wants to cancel the policy by stating any objection, it is possible. The policyholder will receive a refund of the amount without the interest after deduction of proportionate risk premium, stamp duty, and medical examination cost along with applicable taxes and cesses or levies if any.
It is not possible once the policy is activated.
The policyholder might apply for a loan but it must be within the extent of 80% of the Surrender Value and assigned to Tata AIA Life.
Tax exemptions are available as per the prevailing Income Tax Laws, subject to the fulfilment of conditions stipulated therein. However, Tata AIA Life does not ensure it anywhere.
Assignment is allowed as per provisions of Section 38 of the Insurance Act 1938 as amended from time to time.
Nomination is allowed as per provisions of Section 39 of the Insurance Act 1938 as amended from time to time.
Payment of premium in advance is possible as long as it is done within the same financial year.
Any non-disclosure or misstatement shall be dealt with according to the provisions of Section 45 of the Insurance Act 1938 as amended from time to time.
If the policyholder dies by suicide within 12 months from the inception of the policy or revival of the policy, the nominee or beneficiary of the policy will receive 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy active.
You want to secure your children and loved ones’ future without a doubt. Planning early and investing in the right policy helps in achieving the milestone, without putting a financial strain. Tata AIA Life Insurance Value Income Plan promises a guaranteed payout from time to time and takes care of your financial commitments. Choose this plan and enjou=y the double benefits of a life insurance cover and guaranteed returns.