Tata AIA InvestAssure Gold Supreme Plan
InvestAssure Gold Supreme Plan from Tata AIA is a Whole Life Unit Linked Insurance Plan. In this plan, if the Life Insured dies within the policy tenure, the nominee would get the Sum Assured or the Fund Value, whichever is higher as Death Benefit. If the Life Insured survives the entire policy tenure, then he would get the Fund Value as Maturity benefit.
Key Features of Tata AIA InvestAssure Gold Supreme Insurance Plan
Benefits you get from Tata AIA InvestAssure Gold Supreme Plan
Death Benefit – In case of death of the Life Insured, the nominee would get the higher of Sum Assured or Fund Value
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the investment option chosen.
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
Eligibility conditions & other restrictions in Tata AIA InvestAssure Gold Supreme Polic
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
For Issue Age < 45 years - Higher of (10*AP, 0.5*PT*AP) For Issue Age >= 45 years - Higher of (7*AP, 0.25*PT*AP) AP - Annualized Premium, PT - Policy Term |
|
Policy Term (in years) |
100 – Age at Issuance |
|
Premium Payment Term (in years) |
5 |
7 |
Entry Age of Policyholder |
4 |
60 |
Age at Maturity |
- |
100 |
Single premium (in Rs.) |
NA |
NA |
Payment modes |
Annual, Semi-Annual, Quarterly and Monthly |
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Sample illustration for Tata AIG InvestAssure Gold Supreme Insurance Policy
Premium = Rs.1,00,000
Age = 30 years
Policy Term = 100- issue Age= 70 years
Premium Paying Term = 5 and 7 years
Sum Assured = Rs 20,00,000
Total Investment = Rs.1,00,000 x 5 years = Rs. 5,00,000 and Rs.1,00,000 x 7 years = Rs. 7,00,000
Additional Features and Benefits of Tata AIA InvestAssure Gold Supreme Plan
Riders – There are 2 riders available in this policy
Investment Fund Options
There are 2 Portfolio Strategies available:
And there are 7 Investment Funds available
Top-up - Minimum Top Up is Rs 5,000 upto a maximum of 4 times in one policy year. Sum Assured also increases accordingly for every Top-Up premium paid. Every Top UP premium will also have a lock in of 5 years.
Switching - Switching may be restricted if any one of the portfolio strategies is chosen. A total of 12 free switches are allowed in a policy year.
Partial Withdrawal - Minimum partial withdrawal amount is Rs 5,000 subject to Total Fund Value post such withdrawals is not less than an amount equivalent to one year's Annualized Regular Premium. Partial Withdrawal is not allowed before insured attains age 18 years or 5 policy years, whichever is later.
What happens if?
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- Loan is available under this plan before completion of 5 years and not afterwards.