Tata AIG Invest Assure Gold Supreme

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

• Loyalty Additions of 0.25% of the Regular Premium Fund Value, paid every 5 years starting from the 10th policy anniversary
• 7 Fund Options and 2 additional riders are available.
• Different Portfolio Strategies are available for different people with various risk appetite.
• There is a flexibility to increase or decrease Sum Assured during the policy tenure by changing the premium multiple.

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

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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

 Riders – There are 2 riders available in this policy

1. Accidental Death Benefit Linked Rider
2. Critical Illness Linked Rider with Lump Sum Benefit

Investment Fund Options

There are 2 Portfolio Strategies available:

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

And 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

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.