Tata AIG Life Assure Educare Plan

 

 

Tata AIG Life Assure Educare Plan is a Traditional Child Plan. This is an Endowment Plan for the benefit of the child. This is a traditional plan with Bonus facility. There are 2 versions of this plan:

• Tata AIG Life Assure Educare at 18- This plan matures at the age of 18 years of the child
• Tata AIG Life Assure Educare at 21- This plan matures at the age of 21 years of the child

 

In this plan, the life of the child is insured so as to provide complete protection to the child. Initially the policy rights vests with the parent till the child is 18 or 21 years old (as selected by the policyholder at the policy inception) when the policy rights are transferred the child.

 

This plan provides Sum Assured along with Guaranteed Additions and Bonuses on the policy maturity or on earlier death during the policy tenure. In this plan the child receives the Maturity Benefit when he reaches 18 years of age for Tata AIG Life Assure Educare at 18 and at 21 years of age for Tata AIG Life Assure Educare at 21.

 

If the Life Payor Rider Benefit has been opted for and the parent meets with death or total and permanent disability within the policy tenure, then the future premiums are paid by the insurer and not otherwise.

 

 

 

• This is a with profit endowment plan for the child
• There are 2 versions of this plan
• There is a Guaranteed Addition of 10% of Sum Assured which is payable on policy maturity or on earlier death, provided the policy has been inforce for at least 10 years.
• Guaranteed Education Benefit of 20% of Sum Assured is paid on policy maturity
• This policy provides for compound Reversionary and Terminal Bonus
• There is an additional Life Payor Rider available, where the company would pay the premiums on behalf of the parent, if he meets with death or total and permanent disability.

 

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Death Benefit – In case of death of the Life Insured, i.e. the child, Death Benefit = Sum Assured + Guaranteed Addition of 10% of Sum Assured (provided the policy has been in force for at least 10 years) + Compound Reversionary Bonus and Terminal Bonus (if any). In case of death of the Payor, i.e. the Parent, the policy continues as before unless Life Payor Rider has been opted for, where the premiums are waived and paid by the Insurer.

 

Maturity Benefit –Sum Assured + Guaranteed Addition of 10% of Sum Assured (provided the policy has been in force for at least 10 years) + Guaranteed Education Amount of 20% of Basic Sum Assured + Compound Reversionary Bonus and Terminal Bonus (if any)

 

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)

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	25,000	No Limit
Policy Term (in years)	18 – Age at Entry of the Child for Educare at 18 21 – Age at Entry of the Child for Educare at 21
Premium Payment Term (in years)	Equal to Policy Tenure
Entry Age of Life Insured, i.e. Child (in years)	0	8 for Educare at 18 11 for Educare at 21
Age at Maturity (in years)	18 for Educare at 18 21 for Educare at 21
Single premium (in Rs.)	NA
Payment modes	Yearly, Half-yearly, Quarterly, Monthly

 

 

 

The below illustration is for a healthy child opting for a Sum Assured = Rs. 2,00,000

Age= 0, 5 and 8 years

Policy Term= 18 – age at entry and

Policy Term= 21 – age at entry

for Assure Educare at 18 and for Assure Educare at 21 respectively

 

Guaranteed Benefits - Maturity Benefit = Rs 2,00,000 + 60,000 (Guaranteed Addition of 30% of SA)

 

Non Guaranteed Benefits - Compounded Reversionary Bonus + Terminal Bonus

 

 

 

Riders- There is 1 rider available with this plan-

• Tata AIG Life Payor Benefit Rider- If this rider has been availed and the parent dies or meets with disability within the policy tenure, then the future premiums would be waived.

 

 

 

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 - 1^st years premium

 

You want a loan against your policy - There is no loan available under this plan.