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Tata AIA Life Insurance Investassure Maximizer

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This plan has been withdrawn by the insurance company and is no longer available for sale.
 
Tata AIA Life Insurance InvestAssure Maximizer Plan
 
Tata AIA Life Insurance InvestAssure Maximizer Plan is a Unit Linked Insurance Plan. This is a Non-Traditional Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid for either 5 years or 7 years whereas the policy continues till the end of the Policy Tenure as selected. There is Loyalty Additions available in this plan of 0.25% of the Regular Premium Fund Value which would be paid every 5 years, starting from the 10th policy anniversary.
 
In this plan, there are 2 Portfolio Strategies to choose from other than a wide range of 7 Investment Funds. The 2 Portfolio Strategies to choose from where the investment has been characterized to suit the risk appetite and lifestyle requirement.
  • Systematic Money Allocation & Regular Transfer (SMART) and
  • Automatic Asset Allocation (AAA)
 
In this plan, there are 2 options for Death Benefit to choose from:
  • Standard Life Cover : In this option, the Death Benefit that is paid in case of an unfortunate death of the Life Insured within the policy tenure is Higher of Sum Assured or Fund Value
  • Premium Life cover : In this option, the Death Benefit that is paid in case of an unfortunate death of the Life Insured within the policy tenure is Sum Assured + Fund Value
 

On Survival till the end of the Policy Tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates. There are 2 additional riders in this plan for enhanced coverage.


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Benefits you get from Tata AIA Life Insurance InvestAssure Maximizer Insurance Plan
 
Death Benefit – In case of an unfortunate death of the Life Insured within the Policy Tenure, the nominee would get the Death Benefit and the policy would terminate. The Death Benefit payable would be:
  • Standard Life Cover- Higher of the Sum Assured or the Fund Value, subject to a minimum of 105% of the Total Regular Premiums Paid net of deductible withdrawals
  • Premium Life Cover- Sum Assured + Fund Value, subject to a minimum of 105% of the Total Regular Premiums Paid net of deductible withdrawals
 
Maturity Benefit – On survival till the end of the Policy Tenure, the entire Fund Value is paid to the Policyholder as Maturity Benefit and the policy would be terminated
 
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), subject to fulfilment of terms and conditions.
 
 
Eligibility in Tata AIA Life Insurance InvestAssure Maximizer Insurance Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
For Age < 45 yrs, SA=Higher of (10 x AP) or (0.5 x PT x AP)
For Age >= 45 years, SA=Higher of (7 x AP) or (0.25 x PT x AP)
For Age < 45 yrs, SA=Higher of (15 x AP) or (0.5 x PT x AP)
For Age >= 45 years, SA=Higher of (10 x AP) or (0.25 x PT x AP)
Policy Term (in years)
20
40
Premium Payment Term (in years)
5
7
Entry Age of Life Insured (in years)
4
55
Age at Maturity (in years)
-
75
Annual Premium (in Rs.)
Annual Mode:
Rs 75,000 p.a. for PPT=5
Rs 48,000 p.a. for PPT=7
For Other Modes:
Rs 1,20,000 p.a.
No Limit
Payment modes
Yearly, Half-yearly, Quarterly, Monthly
 
 
Sample illustration of Annual Premium in Tata AIA Life Insurance InvestAssure Maximizer Plan
 
The below illustration is for a healthy person of age 30 years opting for a Sum Assured = Rs. 10 lacs, 20 lacs and 30 lacs respectively with Policy Tenure=25 years and PPT=7 years Premium Multiple=15
Tata AIA Invest Assure Maximizer Insurance Plan Sample Premiums


 

Additional Features and Benefits of Tata AIA Life Insurance InvestAssure Maximizer Plan
 
Riders
There are 2 Additional Riders available in this plan:
  • Tata AIA Life Accidental Death Benefit Linked Rider
  • Tata AIA Life Critical Illness Linked Rider (Lump sum Benefit)
 
Investment Fund Options
In this plan, there is a choice of Portfolio Strategies:
  • Systematic Money Allocation & Regular Transfer (SMART) and
  • Automatic Asset Allocation (AAA)
Alternately, you could also choose from the available 7 Funds for Investment Purpose
  • 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
 
Top Up Premium - Top Up is allowed at any time except in the last 5 policy years. The Minimum Top Up Amount is Rs 5,000 and every Top-Up Premium has a lock in of 5 years.
The Top Up Premium is accompanied by an increase in Sum Assured according to the multiple of 1.25, 2.5, 5 or 10 times Single Top-Up Premium if the age of the Life Insured is below 45 years of age and 1.1, 2.5, 5 or 10 times Single Top-Up Premium if the age of the Life Insured is 45 and above, subject to underwriting.
 
Switching - The first 12 switches in a policy year are free post which there is a charge of Rs 100 per switch which can maximum increase to Rs 250 per switch after IRDA approval.
 
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or after completion of 18 years of the Life Insured. The minimum partial withdrawal is Rs 5,000 subject to at least 1 year’s Annual Premium should remain in the Fund Value. There are no charges for any number of Partial Withdrawals in this plan.
 
 
Charges in Tata AIA Life Insurance InvestAssure Maximizer Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Allocation Charge
1st to 3rd
5% of Annual Premium Paid
4th to Premium Paying Term
4% of Annual Premium Paid
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted on a monthly basis. There will be an absolute cap of Rs 6000 per annum on the policy administration charge.

 

Annualized Premium Amount
Monthly Premium Allocation Charge
Rs 48,000 to Rs 1,19,999
0.25% of First Year Annual Regular Premium
Rs 1,20,000 and above
0.15% of First Year Annual Regular Premium
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis which can maximum increase to 1.35% p.a. of the Fund Value.

 

Type
Charge
Large Cap Equity Fund Management Charge
1.20% p.a. of the Large Cap Equity Fund Value
Whole Life Mid-Cap Equity Fund Management Charge
1.20% p.a. of the Whole Life Mid-Cap Equity Fund Value
Super Select Equity Fund Management Charge
1.20% p.a. of the Super Select Equity Fund Value
Whole Life Aggressive Growth Fund Management Charge
1.10% p.a. of the Whole Life Aggressive Growth Fund Value
Whole Life Stable Growth Fund Management Charge
1.00% p.a. of the Whole Life Stable Growth Fund Value
Whole Life Income Fund Management Charge
0.80% p.a. of the Whole Life Income Fund Value
Whole Life Short-Term Fixed Income Fund Management Charge
0.65% p.a. of the Whole Life Short-Term Fixed Income Fund Value
 
 
Surrender Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

Year of Discontinuation
Discontinuance Charge
1st
Lower of 6% of Annualised premium or 6% of Regular Premium Fund Value subject to maximum of Rs 6000
2nd
Lower of 4% of Annualised premium or 4% of Regular Premium Fund Value subject to maximum of Rs 5000
3rd
Lower of 3% of Annualised premium or 3% of Regular Premium Fund Value subject to maximum of Rs 4000
4th
Lower of 2% of Annualised premium or 2% of Regular Premium Fund Value subject to maximum of Rs 2000
5th onwards
NIL
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 
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 earn a minimum guaranteed interest rate of as applicable to savings bank accounts of State Bank of India 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.
The policy can however be revived within a period of 2 years from the due date of first unpaid premium.
 
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is 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, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to savings bank accounts of State Bank of India. 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 there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want a loan against your policy - There is no loan available under this plan.
 
 
Key Features of Tata AIA Life Insurance InvestAssure Maximizer Policy
 
  • In this Plan there are 2 Death Benefit Options to choose from
    • Standard Life Cover : Death benefit is Higher of Sum Assured or Fund Value
    • Premium Life cover : Death benefit is Sum Assured + Fund Value
  • There is an Option of Limited Premium Paying Term in this plan
  • In this plan, Loyalty Additions of 0.25% of the Regular Premium Fund Value are paid every 5 years, starting from the 10th policy anniversary
  • There are 7 Fund Options for Investment Facility
  • There are 2 additional riders in this plan
  • In this plan, there is a choice of Portfolio Strategies:
    • Systematic Money Allocation & Regular Transfer (SMART) and
    • Automatic Asset Allocation (AAA)

 

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