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Tata AIA Life Suraksha Kosh Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Tata AIA Life Insurance Suraksha Kosh Plan
 
Tata AIA Life Insurance Suraksha Kosh Plan is a Non-Participating Unit Linked Insurance Plan with inbuilt critical illness, surgical and accident benefits Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure. There are 4 variants in this plan which can be opted for:
  1. Health Plus- Death Benefit + Surgical Benefit
  2. Health Plus Protect- Death Benefit + Surgical Benefit + Accidental Death and Dismemberment (Long Scale) Benefit
  3. Health Premium- Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit
  4. Health Protect Premium- This is a comprehensive variant with Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit +Accidental Death and Dismemberment (Long Scale) Benefit
 

If the Life Insured survived till the end of the policy tenure, then the Fund Value would be paid to the Policyholder as Maturity Benefit and the policy would be terminated. However, if the Life Insured dies within the Policy Tenure, then the Sum Assured + the Fund Value would be paid to the nominee as Death Benefit and the policy terminates.

 



 

Key Features of Tata AIA Suraksha Kosh Insurance Plan
 
  • It is a  plan Non-Participating ULIP Plan with a host of additional benefits
  • One plan to cover multiple needs. Comprehensive and inbuilt health and accident benefits.
  • In this plan there are 4 Options in this Plan
    • Health Plus- Death Benefit + Surgical Benefit
    • Health Plus Protect- Death Benefit + Surgical Benefit + Accidental Death and Dismemberment (Long Scale) Benefit
    • Health Premium- Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit
    • Health Protect Premium- This is a comprehensive variant with Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit +Accidental Death and Dismemberment (Long Scale) Benefit
  • There is Double Death Benefit in this plan where Sum Assured + Fund Value is paid if the Life Insured dies within the Policy Tenure
  • This fund has 2 Portfolio Strategies for Investment Purpose along with 8 Funds for Investment


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Benefits you get from Tata AIA Suraksha Kosh Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets Sum Assured + the Fund Value, subject to a minimum of 105%of total Regular Premiums paid, as Death Benefit and the policy is terminated.
 
Additional Benefits – This plan has a host of additional benefits which are provided according the plan option chosen
  • Accidental Death Benefit – The Accidental Benefit Sum Assured is paid over and above the basic Sum Assured in case the Life Insured dies in an accident during the Policy Tenure
  • Critical Illness (Lumpsum) Benefit – The Critical Illness Benefit Sum Assured is paid in a lumpsum on diagnosis of any of the 12 Critical Illnesses mentioned within the Policy Tenure. The covered Critical Illnesses are
    • Cancer
    • Stroke
    • Heart Attack Coronary Bypass Surgery
    • Chronic Renal Failure
    • Major Organ Transplant like Heart, Lung, Liver, Kidney or Pancreas or Bone Marrow Transplant
    • Aorta Surgery
    • Benign Brain Tumor
    • Heart Valve Surgery
    • Paralysis
    • Parkinson's Disease
    • Total Blindness
  • Surgical Benefit – The associated Surgical Benefit Sum Assured is paid on any listed 948 surgeries done during the Policy Tenure in a lumpsum according to the listed grade. The Maximum Surgical Benefit that can be provided is Rs 3,50,000 or Basic Sum Assured, whichever is lower
  • Accidental Dismemberment Benefit – The Accidental Death and Dismemberment Benefit Sum Assured would be paid on any dismemberment due to an accident within the Policy Tenure. This benefit is paid according to the level of dismemberment as mentioned.
 
Maturity Benefit – On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit and the policy is terminated.
 
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 conditions & other restrictions in Tata AIA Life Suraksha Kosh Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
For Age < 45 years - Higher of (10*AP) or (0.5*PT*AP)
For Age >=45 years - Higher of
(7*AP) or (0.25*PT*AP)
PT X AP
Policy Term (in years)
15
40
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
50
Age at Maturity (in years)
-
65
Annual Premium (in Rs.)
20,000 for Annual Mode
24,000 for other Modes
No Limit
Payment modes
Yearly, Half Yearly, Quarterly and Monthly
 AP – Annualised Premium; PT – Premium Term
 
Sample Benefit Illustration of Tata AIA Life Insurance Suraksha Kosh Plan
 

The below illustration gives the Total Maturity Benefit for a healthy male aged 30 years opting Policy Tenure of 15 and 30 years respectively for Fund Allocation of 50% in Top 50 Fund and 50% in Whole Life Mid Cap Equity Fund with Annualised Regular Premium of Rs 1,00,000 in Annual Mode. The Option selected is Health Plus Protect. Premium Multiple Chosen=10. Hence, Sum Assured= Rs 10,00,000

Tata AIA Life Suraksha Kosh Plan Sample Benefit Illustation
 

PT – Premium Term


 

 

 

Additional Features and Benefits of Tata AIA Life Insurance Suraksha Kosh Plan
 
Riders – There are No Additional Riders in this plan. The 4 additional benefits are in-built according to the plan option selected.
 
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 8 Funds for Investment Purpose
  1. Top 50 Fund
  2. Top 200 Fund
  3. Large Cap Equity Fund
  4. Whole Life Mid-Cap Equity Fund
  5. Whole Life Aggressive Growth Fund
  6. Whole Life Stable Growth Fund
  7. Whole Life Income Fund
  8. 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.
The Top Up Sum Assured can be changed by changing the Top Up multiple.
 
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. 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 Partial Withdrawals in this plan.
 
 
Charges in Tata AIA Life Insurance Suraksha Kosh Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Allocation Charge
1st to 3rd
3% of Annual Premium Paid
4th to 10th
2% of Annual Premium Paid
11th to 15th
1% of Annual Premium Paid
16th year and above
NIL
Top Up Premium
1.5% of Top Up 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 75,000
0.3% of Annualized Premium
Rs 75,000 and above
0.2% of Annualized 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
Top 50 Fund Management Charge
1.20% p.a. of the Top 50 Fund Value
Top 200 Fund Management Charge
1.20% p.a. of the Top 200 Fund Value
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
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
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of Annualised premium or 20% of Regular Premium Fund Value subject to maximum of Rs 3000
Lower of 6% of Annualised premium or 6% of Regular Premium Fund Value subject to maximum of Rs 6000
2nd
Lower of 15% of Annualised premium or 15% of Regular Premium Fund Value subject to maximum of Rs 2000
Lower of 4% of Annualised premium or 4% of Regular Premium Fund Value subject to maximum of Rs 5000
3rd
Lower of 10% of Annualised premium or 10% of Regular Premium Fund Value subject to maximum of Rs 1500
Lower of 3% of Annualised premium or 3% of Regular Premium Fund Value subject to maximum of Rs 4000
4th
Lower of 5% of Annualised premium or 5% of Regular Premium Fund Value subject to maximum of Rs 1000
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.
 
Morbidity Charge — This charge is paid for the Health Benefits provided in this plan and are guaranteed for the first 3 Policy Years. This may however change based on the future expected morbidity experience
 
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 II. The Discontinued Policy Fund II 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 Discontinued Fund Value II 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 II. The Discontinued Policy Fund II 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 Discontinued Fund Value II 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.

 
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