Tata AIG Life Invest Assure Flexi Supreme

 

 

Tata AIA Life Invest Assure Flexi Supreme Plan is a simple unit linked insurance plan (ULIP) such that if the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher, as Death Benefit.

 

 

 

·         Unit linked life insurance plan where investment risk is borne by the policyholder

·         Flexible option of choosing policy terms from 15 to 40 years

·         Flexibility to increase and decrease Sum Assured

·         Choice of 6 add on riders

 

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Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

 

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.)	10 X Annual Premium or 0.5 X Policy Term X Annual Premium	60 X Annual Premium
Policy Term (in years)	15 years	40 years
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Policyholder (in years)	4	60
Age at Maturity (in years)	NA	75
Single Premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

 

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Age = 30 years

Premium = Rs.50,000

Policy Term = 15 and 20 yrs

Total Investment = Rs. 50,000 x 15 years = Rs.7,50,000 and Rs 50,000 X 20 years= Rs 10,00,000

 

 

Riders – There are 6 riders available in this policy

1.       Tata AIA Life Accidental Death Benefit

2.       Tata AIA Life Accidental Death and Dismemberment

3.       Tata AIA Life Critical Illness

4.       Tata AIA Life Payor Benefit Rider

5.       Tata AIA Life Surgical Benefit Rider

6.       Tata AIA Life Family Income Benefit

 
Investment Fund Options - Under this plan the policy holder gets the following 2 investment options:

 

Either he can opt for one of the 7 investment Fund Options like

·         Large Cap Equity Fund

·         Whole Life Mid Cap Equity Fund

·         Super Select equity Fund

·         Whole Life Aggressive Growth Fund

·         Whole Life Stable Growth Fund

·         Whole Life Income Fund

·         Whole Life Short Term Fixed Income Fund

 

Or he can opt for one of the following two Portfolio Strategies

·         Systematic Money Allocation and Regular Transfer (SMART)

·         Automatic Asset Allocation

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. You can increase Sum assured for every  top-up premium paid up to 1.25, 2.5, 5 or 10 times the Top Up premium if age of life insured<45 years and up to 1.1, 2.5, 5 or 10 times the Top Up premium if age of life insured>=45 years. The minimum top-up premium is Rs. 5,000 and it can be done maximum 4 times in a year.

 

Switching - 12 Free switches are available in one year. However switching is not allowed if one of the 2 portfolio strategies have been selected.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life insured is at least 18 years of age, whichever is later.

The minimum amount of partial withdrawal should be Rs. 5,000. There is no limit for maximum partial withdrawal, however at least 1 years’ annualized premium need to remain in the fund value. Maximum 4 partial withdrawals are allowed in a year.

 

                                             

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, 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.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

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 - There is no loan available under this plan.