Tata AIA Life Lakshya Supreme Plan
Tata AIA Life Lakshya Supreme is a simple unit linked insurance plan (ULIP), where if the Life Insured dies during the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher, as Death Benefit. This plan also comes with an option of Accidental Death Benefit rider
ULIP policies aim at providing dual benefits that of protection and good returns. Tata AIG Life Lakshya Supreme ULIP comes with an Accidental Death Benefit rider to enhance the coverage and thus get all-round protection..
Key Features of Tata AIA Life Lakshya Supreme
· Non-participating unit-linked insurance plan
· On death, higher of the sum assured or fund value will be paid
· Accidental Death Benefit is available in this plan as a rider
· 7 Investment Fund Options and 2 Unique Portfolio Strategies are available.
Benefits you get from Tata AIA Life Lakshya Supreme
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Tata AIA Life Lakshya Supreme
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
7 X Annual Premium
|
15 X Annual Premium
|
|
Policy Term (in years)
|
20
|
30
|
|
Premium Payment Term (in years)
|
Equal to Policy Term
|
Equal to Policy Term
|
|
Entry Age of Policyholder(in years)
|
4
|
55
|
|
Age at Maturity(in years)
|
NA
|
75
|
|
Single Premium (in Rs.)
|
Not Allowed
|
Not Allowed
|
|
Payment modes
|
Yearly, half-yearly, quarterly or monthly
|
Sample illustration of premium amount in Tata AIA Life Lakshya Supreme
Premium = Rs.30,000
Age = 35 years
Premium Multiple= 10/15
Policy Term = 20 years and 30 years
Premium Paying Term = Regular Pay
Total Investment = Rs 30,000 X 20 years = Rs 6,00,000
Rs 30,000 X 30 years = Rs 9,00,000
Additional Features and Benefits of Tata AIA Life Lakshya Supreme
Riders – There is one rider available in this policy- Accidental Death Benefit rider
Investment Fund Options
There are 7 Investment Funds available
1. Large Cap Equity Fund
2. Whole Life Mid Cap Equity Fund
3. Super Select Equity Fund
4. Whole Life Aggressive Growth Fund
5. Whole Life Stable Growth Fund
6. Whole Life Income Fund
7. Whole Life Short Term Fixed Income Fund
And 2 Portfolio Strategies to choose from are:
1. Systematic Money Allocation & Regular Transfer (SMART)
2. Automatic Asset Allocation (AAA)
Top-up - Top Up is allowed except in the last 5 years of the policy. Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years
Switching - 12 free Switches are allowed in each policy year under this plan.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or the life insured’s age is at least 18 years, whichever is later. The Minimum Partial Withdrawal is Rs 5,000 such that at least 1 year’s annualized premium should be maintained after Partial Withdrawal.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want a loan against your policy - There is no loan available under this plan.
Some ULIPs from other insurance companies
Tata AIA Life Insurance InvestAssure Gold Supreme
Tata AIA Life Insurance InvestAssure Maximizer
Tata AIA Life Insurance Swarna Bhavishya
Tata AIA Life InvestAssure Flexi Supreme
Tata AIA Life Insurance United Ujjwal Bhawishya Supreme
Tata AIA Life Insurance Gyan Kosh
Tata AIA Life Insurance Swarna Pratigya - Single Premium
Tata AIA Life InvestAssure Plus Supreme - Single Premium
