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Tata AIA Swarna Pratigya 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This plan has been withdrawn by the insurance company and is no longer available for sale.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 Pratigya Plan
 
Tata AIA Life Insurance Swarna Pratigya Plan is a Single Premium Unit Linked Insurance Plan. This is a Non-Traditional Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid in a Lump Sum under Single Premium Plan while the plan continues for the entire period of 10 years.  This plan has been designed as an easy-to-buy plan for people above 51 years of age and provides an opportunity to remain invested with prevailing coverage till 80 years of age.
 
In this plan, there is a choice of Portfolio Strategies, Systematic Money Allocation & Regular Transfer (SMART) and Automatic Asset Allocation (AAA) and 7 Investment Funds for Individual Fund Allocation.
 
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, net of Deductible Partial Withdrawal, or the Single Premium Fund Value, subject to 105%of the Single Premium paid net of all deductible partial withdrawals, is paid to the nominee as Death Benefit and the policy terminates.

 
Key Features of Tata AIA Life Insurance Swarna Pratigya Policy
 
  • This is a Single Premium ULIP which has been designed for people more than 50 years of age
  • In this plan, premium is paid in lump sum but policy continues for 10 years
  • In this plan, there is a choice of Portfolio Strategies:
    • Systematic Money Allocation & Regular Transfer (SMART) and
    • Automatic Asset Allocation (AAA)
  • There are 7 Fund Options for Investment Facility
  • 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

COMPARE THIS PLAN WITH OTHER ULIP PLANS


 
Benefits you get from Tata AIA Life Insurance Swarna Pratigya Insurance Plan
 
Death Benefit – In case of an unfortunate death of the Life Insured within the Policy Tenure, the nominee would get the higher of:
  • The Sum Assured, net of Deductible Partial Withdrawal, or
  • The Single Premium Fund Value, or
  • 105%of the Single Premium paid net of all deductible partial withdrawals,

as Death Benefit and the policy terminates.

 
Maturity Benefit – On survival till the end of the Policy Tenure, the entire Single Premium 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 Pratigya Insurance Policy
 
 
Minimum
Maximum
Sum Assured (in Rs.)
1.10 X Single Premium
Policy Term (in years)
10
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
51
70
Age at Maturity (in years)
-
80
Single Premium (in Rs.)
1,00,000
No Limit
Payment modes
Only Single
 
 
Sample Benefit illustration of Tata AIA Life Insurance Swarna Pratigya Plan
 
The below illustration is for a healthy person of ages 55 and 65 years of age, paying a Single Premium of Rs 1,00,000and getting for a Sum Assured = Rs.1.1 lacs with Fund Allocation of 50% Large Cap Equity Fund and 50% in Whole Life Mid Cap Equity Fund

Tata AIA Swarna Pratigya Plan Sample Benefits
 
Additional Features and Benefits of Tata AIA Life Insurance Swarna Pratigya Plan
 
Riders - There are no Additional Riders available in this plan:
 
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
  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 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 equal to 1.1 X 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 Pratigya Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Premium Band
Premium Allocation Charge as a % of Single Premium
All Single Premium Paid
2.5% of Single Premium Paid
Top Up Premium Paid
1.5% of Top Up Premium Paid
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units from the Single Premium Fund Value on each monthly Policy Anniversary. There is a maximum cap of Rs 6,000 p.a.
Policy Year
Monthly Policy Administration Charge
All Years
0.14% of Single Premium Paid
 
 
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— There is no charge is for discontinuing the plan before the end of the Policy Tenure since premium is paid upfront.
 
 
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 – Being a Single Premium Plan, there is no question of further premium payment.
 
You want to surrender the policy – If the policyholder surrenders the policy, 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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