Tata AIA Life Assure 21 years Money Saver Insurance Plan
Tata AIA Life Assure 21 years Money Saver Plan is a Money Back Plan. This is a Traditional Plan with Bonus facility.
In this plan, premium needs to be paid till the end of the policy tenure. Survival Benefit of 10% of the Sum Assured is paid out every 3 years for the next 21 years and the remaining amount along with bonus is paid on maturity as Maturity Benefit. However if the Life Insured meets with death within the policy tenure, then the entire Sum Assured, irrespective of the amount already paid, along with accrued Bonus is paid as Death Benefit.
The coverage can be enhanced by 10 additional riders.
Key Features of Tata AIA Life Assure 21 years Money Saver Insurance Plan
Benefits you get from Tata AIA Life Assure 21 years Money Saver Insurance Policy
Death Benefit –
Survival Benefit – 10% of Sum Assured is paid back every 3 years for the next 21 years, i.e. at the end of 3rd year, 6th year, 9th year, 12th year, 15th year and 18th year.
Maturity Benefit – The remaining 40% of Sum Assured + Guaranteed Loyalty Addition of 10% of Sum Assured + Compound 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 21 years Money Saver Insurance Policy
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
25000 |
No Limit |
Policy Term (in years) |
21 |
|
Premium Payment Term (in years) |
Equal to PT |
|
Entry Age of Life Insured |
30 days |
55 years |
Age at Maturity |
- |
76 years |
Single premium (in Rs.) |
NA |
|
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly |
Sample illustration of premium amount in Tata AIA Life Assure 21 years Money Saver Plan
The below illustration is for a healthy person opting for a Sum Assured = Rs. 1,00,000
Age= 15, 25 and 35 years
Additional Features and Benefits of Tata AIA Life Assure 21 years Money Saver Plan
Riders- There are 10 additional riders 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.