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Tata AIA Shubh Life Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Tata AIA Life Shubh Life Plan
 
Tata AIA Life Shubh Life Plan is a Participating Endowment Plan. This is a Traditional Plan with Bonus Facility.
 
How it works – In this plan, premium can be paid till the end of the Policy Tenure or for a shorter period as desired. This Plan has Limited Paying Term facility as well.
 
This plan provides for Guaranteed Loyalty Addition of 3% of Basic Sum Assured once every 2 years till half the Policy Tenure. Thus for a 10 years policy, Guaranteed Loyalty Additions are paid in years 1, 3 and 5 and for a 15 years policy, Guaranteed Loyalty Additions are paid in years 1, 3, 5 and 7.
 
This policy also has Simple Reversionary Bonus from the 6th year onwards till the end of the Policy Tenure.
 
When the policy matures, the Basic Sum Assured + accrued Guaranteed Loyalty Addition + Simple Reversionary Bonus would be payable as Maturity Benefit, provided all due premiums had been paid till date. However, if the Life Insured dies within the Policy tenure, the Basic Sum Assured + accrued Guaranteed Loyalty Addition + accrued Simple Reversionary Bonus would be payable to the nominee as Death Benefit and the policy terminates. 

There are 9 additional riders in this plan.

 
Key Features of Tata AIA Life Shubh Life Policy
 
  • This is a Participating Endowment Plan
  • Premium can be paid till the end of the policy tenure or for a limited period as chosen
  • This plan provides for Guaranteed Loyalty Addition of 3% of Basic Sum Assured every 2 years till half the Policy Tenure
  • This plan also accrues Simple Reversionary Bonus from the 6th Policy Year onwards
  • Sum Assured + accrued Guaranteed Loyalty Addition+ accrued Simple Reversionary Bonus  would be payable on Maturity or on earlier Death
  • The Sum Assured can be increased or decreased in this plan
  • There are 9 additional riders in this plan

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 
Benefits you get from Tata AIA Life Shubh Life Insurance Plan
 
Death Benefit – If the Life Insured dies within the policy tenure Sum Assured + accrued Guaranteed Loyalty Addition+ accrued Simple Reversionary Bonus is paid to the nominee as Death Benefit and the policy terminates.
 
Maturity Benefit – When the policy matures, Sum Assured + accrued Guaranteed Loyalty Addition+ accrued Simple Reversionary Bonus would be payable as Maturity Benefit, provided all due premiums had been paid till date.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility in Tata AIA Life Shubh Life Insurance Policy
 
 
Minimum
Maximum
Policy Term (in years)
10/15/20/25
30
Premium Payment Term (in years)
3/5/7/10
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
75 – Policy tenure
Age at Maturity (in years)
-
75
Premium (in Rs.)
7,500
No Limit
Payment modes
Yearly, Half-yearly, Quarterly, Monthly
 
 
Sample illustration of Premium Amount in Tata AIA Life Shubh Life Plan
 
The below illustration is for a healthy person opting for a Sum Assured = Rs. 2,50,000, Policy Tenure= 20 and 25 years and
Premium Paying Term=Policy Tenure

Tata AIA Shubh Life Insurance Plan Sample Premiums


 

Additional Features and Benefits of Tata AIA Life Shubh Life Plan
 
Riders- There are 9 additional riders available with this plan-
  1. Accidental Death Benefit
  2. Accidental Death and Dismemberment (Long Scale)
  3. Accidental Death and Dismemberment (Short Scale)
  4. Waiver of Premium Rider
  5. Critical Illness (Accelerated Benefit) Rider
  6. Critical Illness (Lumpsum Benefit) Rider
  7. 10/15/20/25 Year Term Rider
  8. 5 Year Renewable Term Rider
  9. Term to age 60 Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. The policy will acquire a Paid Up Value if at least 3 years’ premiums have been paid. However it can be revived within 5 years from the first unpaid premium after fulfillment of certain terms and conditions and payment of due premiums and interest.
 
You want to surrender the policy – Surrender is allowed after completion of 3 policy years.
Guaranteed Surrender Value = 30% of all basic premiums paid - 1st years premium
 
You want a loan against your policy - There is loan available under this plan after 3 policy years.
 
 
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