Tata AIG Life Insurance Gyan Kosh

 

 

Tata AIA Life Gyan Kosh is a unit linked insurance plan which is designed to work as a child savings plan. In addition to the standard benefits of a ULIP, Gyan Kosh offers two options wherein one option provides family income benefit and the other offers waiver of future premiums in case of death of the policyholder. This plan also offers a special benefit for total and permanent disability of the Life Insured.

 

 

 

• In built Waiver of Premium benefit whereby the insurance company will waive all future premiums in case of death or total permanent disability of the insured
• Option of receiving part of the proceeds as regular monthly Income for the family
• Guaranteed Maturity Benefit is paid on the term’s maturity
• Choice of 7 investment funds and 2 Portfolio Strategies available
• Choice of 3 riders is available with this policy.

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Death Benefit – The policyholder has to choose one of the two policy options – 1) Security Net or 2) Safety Net. The death benefit under each of the options is given below.

 

Death benefit under Security Net Option

On death of the life insured, the nominee would get

1. Sum Assured as a lump sum benefit.

2. Further there are two options under the security net which can be opted -

-  Family Guard where 100% of future regular premiums paid into the policy OR

-  Family Advantage where 50% of future regular premiums is paid into the policy and the remaining 50% paid to the nominee

3. Family Income Benefit - Regular income which is 1% of the Basic Sum Assured is paid to the family every month for the next 100 months or till the end of policy Term, whichever is earlier

 

Death benefit under Safety Net Option

In case of Death of the Life Insured under Safety Net Option, the nominee would get

1. Sum Assured as a Lump Sum Benefit

2. All Future Premiums Waived according to the option chosen:

Family Guard - 100% of future regular premiums paid into the policy OR

Family Advantage - 50% of future regular premiums paid into the policy and the remaining 50% paid to the nominee

 

Maturity Benefit – If the policyholder survives at the end of the policy term, i Total Fund Value paid to the policyholder/nominee on Maturity

 

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
 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	For Age < 45 years, Higher of (10*Annualized Premium or 0.5*Policy Term* Annualized Premium)   For Age>= 45 years, Higher of ( 7* Annualized Premium or 0.25*Policy Term* Annualized Premium)	Policy Term* Annualized Premium
Policy Term (in years)	15	25
Premium Payment Term (in years)	Equal to Policy term	Equal to Policy term
Entry Age of Policyholder	18	50
Age at Maturity	-	65
Single premium (in Rs.)	NA	NA
Payment modes	Annually, Semi-Annually, Quarterly or Monthly

 

 

 

Premium = Rs.1,00,000

Age = 35 years

Policy Term = 25 years

Sum Assured = Rs 12,50,000

Total Investment = Rs. 1,00,000 x 25 years = Rs. 25,00,000

 

Riders – There are 3 riders available in this policy

1. Tata AIG Life Accidental Death Benefit (ADB) Rider
2. Tata AIG Life Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
3. Tata AIG Life Critical Illness (Lump sum Benefit) Rider

 

 

Investment Fund Options

There are 7 Investment Funds available

1. Large Cap Equity Fund
2. Whole Life Mid Cap Equity Fund
3. Super Select Equity Fund
4. Whole Life Aggressive Growth Fund
5. Whole Life Stable Growth Fund
6. Whole Life Income Fund
7. Whole Life Short Term Fixed Income Fund

 

And 2 Portfolio Strategies:

1. Systematic Money Allocation & Regular Transfer (SMART) Investment
2. Automatic Asset Allocation (AAA)

 

 

Top-up - Minimum Top up Amount is Rs 5,000 up to 4 times in one policy year. Sum Assured increases for every Top Up Premium up to 1.25/2.5/ 5/ 10 times Single Top-Up Premium if you are below 45 years age and 1.1/2.5/5/ 10 times Single Top-Up Premium if your age is 45 and above, subject to underwriting.

 

Switching - There are 24 free switches are allowed in a policy year.

 

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or 18 years age of the life insured, whichever is later. The minimum amount that you can withdraw is Rs 5,000 subject to Total Fund Value after withdrawal is not less than an amount equivalent to one year's Annualized Regular Premium and 4 Partial Withdrawals are allowed in one year.
 

 

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy- Loan is not available under this plan.