Tata AIG Life Assure Security & Growth Plan

 

Tata AIA Life Assure 10 years-20 years-30 years Security and Growth Plans is an endowment policy. It is a Traditional Plan with Bonus Facility.

 

In this plan premium needs to be paid till the end of the Policy Term. There is a choice of 3 policy terms of 10, 20 or 30 years. In this plan, the Sum Assured along with Guaranteed Loyalty Addition and Terminal Bonuses are paid on the maturity of the policy as Maturity Benefit. However, if the Life Insured dies within the Policy Tenure, then the Sum Assured + Guaranteed Loyalty Addition of 10% the Sum Assured (provided the policy has been inforce for at least 10 years) + Bonuses are paid as Death Benefit.

 

This plan has 9 additional riders which can be availed.

  

 

• This plan provides 3 policy terms of 10, 20 or 30 years which can be chosen according to your choice
• The Benefit of (Sum Assured + Guaranteed Loyalty Addition of 10% the Sum Assured + Bonuses) is paid on Maturity or on earlier Death and the policy is terminated
• High coverage can be opted for higher family protection
• Guaranteed Loyalty Additions and Terminal Bonus is payable on death or maturity
• There are 9 riders that can be availed to enhance protection- Accidental Death Benefit Rider, Accidental Death and Dismemberment (Long Scale and Short Scale) Riders, Waiver of Premium Rider, Critical Illness (Lumpsum and Accelerated Benefit) Riders, 10/15/20/25 years Term Rider, 5 Year Renewable Term Rider and Term to Age 60 Rider

 

 

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Death Benefit – Sum Assured + Guaranteed Loyalty Addition of 10% the Sum Assured (provided the policy has been inforce for at least 10 years) + Bonuses

 

Maturity Benefit – Sum Assured + Guaranteed Loyalty Addition of 10% the Sum Assured + 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)

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	25,000	No Limit
Policy Term (in years)	10, 20	30
Premium Payment Term (in years)	Equal to PT
Entry Age of Life Insured	18	65 years for 10 years term 55 years for 20 years term 45 years for 30 years term
Age at Maturity	-	75
Single premium (in Rs.)	NA
Payment modes	Yearly, Half-yearly, Quarterly, Monthly

 

 

 

The below illustration is for a healthy person opting for a Sum Assured = Rs. 1,00,000

Age= 35 years

Policy Term= 10 years, 20 years and 30 years

Bonus Assumption= 10% p.a.

Guaranteed Additions= 10% of SA= Rs 10,000

 

 

 

Riders- There are 9 riders available with this plan-

1. Accidental Death Benefit Rider
2. Accidental Death and Dismemberment (Long Scale) Rider
3. Accidental Death and Dismemberment (Short Scale) Rider
4. Waiver of Premium Rider
5. Critical Illness (Lumpsum) Rider
6. Critical Illness (Accelerated Benefit) Rider
7. 10/15/20/25 years Term Rider
8. 5 Year Renewable Term Rider
9. Term to Age 60 Rider

 

 

 

 
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.