Tata AIA Swarna Bhavishya 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This plan has been withdrawn by the insurance company and is no longer available for sale.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 Swarna Bhavishya Plan

Tata AIA Life Insurance Swarna Bhavishya 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, 7 or 10 years or till the end of the Policy Tenure as selected. The plan however continues till the end of the Policy Tenure. This plan has been designed as an easy-to-buy plan for people above 50 years of age.

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)

On Survival till the end of the Policy Tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, then the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit and the policy terminates. There is 1 additional rider in this plan for enhanced coverage.

Key Features of Tata AIA Life Insurance Swarna Bhavishya Policy

This is a ULIP which has been designed for people more than 50 years of age
There is an Option of Limited Premium Paying Term in this plan
There are 7 Fund Options for Investment Facility
There is 1 additional rider in this plan
In this plan, there is a choice of Portfolio Strategies:
- Systematic Money Allocation & Regular Transfer (SMART) and
- Automatic Asset Allocation (AAA)
On Survival till the end of the Policy Tenure, the Fund Value is paid to the Policyholder as Maturity Benefit
If the Life Insured dies within the Policy Tenure, then the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit

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Benefits you get from Tata AIA Life Insurance Swarna Bhavishya Insurance Plan

Death Benefit – In case of an unfortunate death of the Life Insured within the Policy Tenure, the nominee would the 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 as Death Benefit and the policy would terminate.

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 Swarna Bhavishya Insurance Policy

	Minimum	Maximum
Sum Assured (in Rs.)	For PT 10/15/20/25, SA= 7 X AP PT 30, SA = 7.5 X AP
Policy Term (in years)	10	30
Premium Payment Term (in years)	5/7/10	Equal to PT
Entry Age of Life Insured (in years)	50	65
Age at Maturity (in years)	-	80
Annual Premium (in Rs.)	Regular Pay - Rs 24,000 PPT 10 - Rs 24,000 PPT 7 - Rs 36,000 PPT 5 – Rs 48,000	Rs 1,00,000
Payment modes	Yearly, Half-yearly, Quarterly, Monthly

Sample illustration of Annual Premium in Tata AIA Life Insurance Swarna Bhavishya Plan

The below illustration is for a healthy person of age 50 years opting for a Sum Assured = Rs. 5, 6 and 7 lacs respectively with Policy Tenure=10 years and Premium Paying Term=5 years

Premium Multiple=7

Tata AIA Swarna Bhavishya Plan Sample Premiums

Additional Features and Benefits of Tata AIA Life Insurance Swarna Bhavishya Plan

Riders - There is only 1 Additional Rider available in this plan:

Tata AIA Life Accidental Death Benefit Limited Underwriting Rider

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 1.1, 2.5 or 5 times Single Top-Up Premium, 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. 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 but a maximum of only 4 Partial Withdrawals are allowed in each Policy Year.

Charges in Tata AIA Life Insurance Swarna Bhavishya Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year	Premium Allocation Charge for Annualized Premium Band
1^st	3% of Annual Premium Paid for AP=Rs 24,000 to AP=Rs 29,999	2% of Annual Premium Paid for AP=Rs 30,000 and more
2^nd to 10^th	2% of Annual Premium Paid
11^th and above	1% 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. The charge will increase by 5% compounded annually subject to a maximum of Rs 6000 per annum.

Annualized Premium Amount	Monthly Premium Allocation Charge
Rs 24,000 to Rs 29,999	Rs 75 p.m.
Rs 30,000 to Rs 39,999	Rs 95 p.m.
Rs 40,000 and above	Rs 115 p.m.

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	Annual Premium <= Rs 25,000 p.a.	Annual Premium > Rs 25,000 p.a.
1^st	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
2^nd	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
3^rd	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
4^th	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
5^th 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.

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