Tata AIA Life Assure Career Builder Plan
Tata AIA Life Assure Career Builder Plan is a Money Back Child Plan. This is a Traditional Plan with Bonus Facility. In this plan the life of the child is insured.
In this plan, premium needs to be paid till the end of the Policy Tenure. The child would receive 20% of the Sum Assured when he is 18, 21 and 24 years of age and the remaining 40% along with Guaranteed Additions and Bonuses would be payable on maturity when he is 27 years old. However if the child dies within the policy tenure, then the Sum Assured along with Guaranteed Additions and Bonuses would be payable and the policy would be terminated.
Along with this, there is an additional Life Payor Benefit that can be opted as a rider. If the rider has been opted for and the parent dies or meets with disability during the policy tenure, then the future premiums would be waived off by the Insurer and the policy continues to provide the benefit to the child. However, if the rider has not been opted for, then the premiums would still need to be paid even if the proposer, i.e. the parent dies within the policy tenure.
Key Features of Tata AIA Life Assure Career Builder Insurance Plan
Benefits you get from Tata AIG Life Assure Career Builder Policy
Death Benefit –
Survival Benefit –
Maturity Benefit – When the child is 27 years old, the remaining 40% of Sum Assured + Guaranteed Loyalty Addition of 10% of Sum Assured + Simple Reversionary and Terminal Bonuses
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility in Tata AIA Life Assure Career Builder Insurance Policy
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
25000 |
No Limit |
Policy Term (in years) |
27 years – Age at Entry of the Child |
|
Premium Payment Term (in years) |
Equal to PT |
|
Entry Age of Life Insured (Child) |
0 |
15 years |
Age at Maturity |
- |
27 years |
Single premium (in Rs.) |
NA |
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly |
Sample illustration of premium amount in Tata AIA Life Assure Career Builder Plan
The below illustration is for a healthy person opting for a Sum Assured = Rs. 2,00,000 &
Age= 0, 5 and 10 years
Guaranteed Benefits:
When Child is 18 years = 20% of SA= 20% of Rs 2,00,000= Rs 40000
When Child is 21 years = 20% of SA= 20% of Rs 2,00,000= Rs 40000
When Child is 24 years = 20% of SA= 20% of Rs 2,00,000= Rs 40000
When Child is 27 years = 20% of SA= 40% of Rs 2,00,000= Rs 80000 + Guaranteed Addition of Rs 20000 + Bonus
Additional Features and Benefits of Tata AIA Life Assure Career Builder Plan
Riders- There are 1 additional rider available with this plan-
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 5 years from the first unpaid premium after fulfillment of certain terms and conditions and payment of due premiums and interest.
You want to surrender the policy – Surrender is allowed after completion of 3 policy years.
Guaranteed Surrender Value = 30% of all basic premiums paid - 1st years premium
You want a loan against your policy - There is no loan available under this plan. However an automatic loan is provided from the Cash Value of the policy if the premium is not paid within the Grace Period.