Tata AIG Life Plus Plan is a term insurance plan with a variation. There is a return of premium facility given on maturity. Thus, if the life insured dies during the policy tenure, the nominee would get the entire sum assured. And if the life insured survives, then the entire premium would be returned on maturity.
Key Features of Tata AIG Life Plus Plan
- There is a maturity benefit of Return of Premium
- In-Built Double Accidental Death benefit available if accidental death of life insured occurs within the policy tenure
- Premium is required to be paid only for 15 years while the coverage is received for 20 years
- Additional Accidental Death and Dismemberment rider can be opted for
- There is a guaranteed surrender value of the policy.
Benefits you get from Life Plus Plan
Death Benefit – In case of death of the policy holder, the nominee gets the entire sum assured.
Maturity Benefit – The premiums are returned on maturity if the life insured survives the entire term.
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 Life Plus Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10,000
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No Limit
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Policy Term (in years)
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20
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20
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Premium Payment Term (in years)
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15
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15
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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-
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80
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Single premium
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NA
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NA
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of premium amount in Life Plus Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 15 lakhs and Policy Term = 20 years
Additional Features and Benefits of Life Plus Plan
Riders – Accidental Death and Dismemberment rider is available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse after the grace period ends and all benefits of the policy will cease. It can however be revived within 5 years of lapsation by paying up all due premiums with interest and other documents provided.
You want to surrender the policy – There is a Guaranteed Surrender Value of 30% of all premiums paid till date except first year premium.
You want a loan against your policy – Loan facility is not provided under this policy.
Alternate term plans from different insurance companies
Reliance Term Plan
LIC Anmol Jeevan 1
SBI Life Saral Shield
Other term insurance plans from Tata AIG Life Insurance
Tata AIG Raksha Plan
Tata AIG Assured Lifeline Plan
