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Tata AIG Life United Ujwal Bhavishya Supreme

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This plan has been withdrawn by the insurance company and is no longer available for sale.


Tata AIA Life United Ujwal Bhavishya Supreme Plan

 

Tata AIA Life United Ujwal Bhavishya Supreme Plan is a Unit Linked Insurance Plan (ULIP) with double benefits such that if the life insured dies within the policy tenure, Sum Assured is paid and all future premiums are waived off and the Fund Value is paid on maturity. However, if the life insured survives the policy term, then also he is paid the Total Fund Value at the end of the tenure. It is a simple ULIP which can be availed for the child’s benefit and future also.

 

Tata AIA Life United Ujwal Bhavishya Supreme Plan is a plan which insures the parent’s life such that if anything happens to him the nominee or the child’s future is secured with future premiums being waived off and double benefit received, i.e. Sum Assured and Fund Value.

 

 

Key Features of Tata AIG Life United Ujwal Bhavishya Supreme Plan

 

§  This is a Double Benefit ULIP such that both Sum Assured + Fund Value is paid as Death Benefit

§  All future premiums are waived of in case of death or disability of the Life Insured

§  There is an inbuilt rider of Premium Waiver Benefit

§  There are 4 additional riders and 7 investment funds available

 

COMPARE THIS PLAN WITH OTHER CHILD PLANS


 

Benefits you get from Tata AIA Life United Ujwal Bhavishya Supreme Plan

 

Death Benefit – If the Life Insured dies within the policy tenure, the Sum Assured is paid immediately and all future premiums are waived off and the Total Fund Value is paid to the nominee on maturity

 

Maturity Benefit – The Total Fund Value is paid on Maturity of the policy.

 

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)

 

 

Eligibility in Tata AIA Life United Ujwal Bhavishya Supreme Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For Insured's Age < 45 years : Higher of (10 x AP) or (0.5 x PT X AP)

For Insured Age>= 45 years :Higher of (7 x AP) or (0.25 x PT X AP)

PT X AP

Policy Term (in years)

15 years

25 years

Premium Payment Term (in years)

Equal to PT

Entry Age of Life Insured

18 years

50 years

Age at Maturity

-

65 years

Single premium (in Rs.)

NA

Payment modes

Yearly, Half-yearly, Quarterly, Monthly

 

 

Sample Returns in Tata AIA Life United Ujwal Bhavishya Supreme Plan

 

The below illustration is for a healthy person opting for a Premium= Rs. 1,00,000 & Age= 35 years

 


Tata AIG Life United Ujwal Bhavishya Supreme Sample Returns Illustration

Additional Benefits of Tata AIA Life United Ujwal Bhavishya Supreme Plan

 

Riders- There is 1 in built rider available with this plan- Premium Waiver Benefit

And 4 additional riders:

  1. Accidental Death Benefit Rider
  2. Family Income Benefit Rider
  3. Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
  4. Critical Illness (Lump sum Benefit) Rider

 

Investment Fund Options - There are 7 Investment Funds available

  1. Large Cap Equity Fund
  2. Whole Life Mid Cap Equity Fund
  3. Super Select Equity Fund
  4. Whole Life Income Fund
  5. Whole Life Short-Term Fixed Income Fund
  6.  Whole Life Aggressive Growth Fund
  7. Whole Life Stable Growth Fund

 

Top-up - The minimum amount for Top-up is Rs 5,000 and a maximum of 4 Top-Up in one policy year. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years. Sum Assured increases automatically with every Top Up.

 

Switching - There are 12 free switches in one year.

 

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. Minimum Partial Withdrawal is Rs 5,000 subject to Total Fund Value after withdrawals is not less than an amount equivalent to one year's Annualised Regular Premium. A maximum of 4 partial withdrawals are allowed in 1 year.

 

 

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 be credited with a minimum interest rate of 3.5% p.a. 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.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be 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 will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. 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 the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is no loan available under this plan.

 

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