TATA AIA Life Insurance Wealth Pro Plan
TATA AIA Life Insurance Wealth Pro Plan is a Unit Linked Endowment Insurance plan which facilitates savings and life insurance under a single plan.
Compare this plan with other Investment Plans
TATA AIA Life Insurance Wealth Pro Plan - Key Features
Riders available under the plan enhance the coverage.
Premiums under the plan can be paid either for a limited duration or for the entire plan tenure or once at the commencement of the plan.
Regular Loyalty Additions payable under the plan help to boost the Fund Value.
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TATA AIA Life Insurance Wealth Pro Plan - Benefits
On maturity, the Fund Value including the Loyalty Addition would be paid to the policyholder. The policyholder can also opt for the Settlement opti
If the insured dies when the plan is in-force, higher of the following is paid as death benefit:
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For limited pay plans, Loyalty Additions are added @ 0.20% of the available Fund Value every year from the 11th policy year and till the end of the
Being a ULIP plan, bonus is not declared.
Loan is not available under the plan.
Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit re
Three additional riders are available under the plan which includes TATA AIA Life Insurance Waiver of Premium Rider, TATA AIA Life Insurance Waiver
Four partial withdrawals are allowed in the plan after a completion of 5 policy years if the insured is above 18 years of age. The minimum amount o
Switching between the different funds is allowed only in the self-managed investment portfolio and not in the SMART investment option. The first 12
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Working of the TATA AIA Life Insurance Wealth Pro Plan
- The policyholder decides on the amount of annual premium he wants to pay, the premium payment term and mode and the investment strategy.
- If the policyholder wants to invest as per his strategy, there are five available funds for investment which are as follows:
- Large Cap Equity Fund
- Whole Life Mid Cap Equity Fund
- Whole Life Aggressive Growth Fund
- Whole Life Stable Growth Fund
- Whole Life Income Fund
- Whole Life Short-Term Fixed Income Fund
- The premium paid, net of the applicable allocation charge is invested based on the policyholder’s investment strategy.
- Under the enhanced Systematic Money Allocation and Regular Transfer (SMART) strategy, the policyholder chooses between a debt fund and an equity fund. The net premium is first parked in the chosen debt fund. From there, the money is systematically transferred to the selected equity fund. This strategy protects the entire investment from market volatility as the entire investment is not subject to equity exposure. This feature is available for single pay and annual pay plans.
- If the policyholder dies during the tenure of the plan the death benefit is paid.
- If the plan attains maturity, the maturity benefit is paid.
Applicable charges in TATA AIA Life Insurance Wealth Pro Plan
Being a ULIP plan, there are certain charges applicable. The charges include the following:
- Premium Allocation Charge – This charge is deducted on receipt of the annual premium before the premium is credited into the fund. The charge is equal to 3% of the single premium paid for Single Pay plans and 1.5% of top-up premiums. For limited pay plans, the allocation charge is as follows:
| Policy year | Premium Allocation Charge for premiums lower than Rs.5 lakhs | Premium Allocation Charge for premiums equal to and higher than Rs.5 lakhs |
| 1 | 6% | 5.50% |
| 2 | 5.50% | 5% |
| 3 to 5 | 5% | 4.50% |
| 6 to 7 | 4% | 3.50% |
| 8 to 10 | 3% | 2.50% |
| 11 and above | 1.50% | 1% |
- Policy Administration Charge – A monthly charge is deducted from the fund value at the start of each month every year and is expressed as a percentage of the annual premium. The charge is 0.90% of the premium per annum for Single Pay plans and 0.75% of the annual premium per annum for limited pay plans.
- Fund management Charge – These charges depend on the type of fund selected and are charged on a daily basis. The applicable charges are:
| Fund Type | Charge |
| Large Cap Equity Fund | 1.20% |
| Whole Life Mid Cap Equity Fund | 1.20% |
| Whole Life Aggressive Growth Fund | 1.10% |
| Whole Life Stable Growth Fund | 1.00% |
| Whole Life Income Fund | 0.80% |
| Whole Life Short-Term Fixed Income Fund | 0.65% |
- Discontinuance Charge – Applicable if the plan is surrendered before the lock-in period of 5 years. The charges are:
| Year of Discontinuance | Single Pay Plans | Limited Pay Plans |
| 1 | Lower of 1% of single premium or Fund Value up to a maximum of Rs.6000 | Lower of 6% of annual premium or Fund Value up to a maximum of Rs.6000 |
| 2 | Lower of 0.50% of single premium or Fund Value up to a maximum of Rs.5000 | Lower of 4% of annual premium or Fund Value up to a maximum of Rs.5000 |
| 3 | Lower of 0.25% of single premium or Fund Value up to a maximum of Rs.4000 | Lower of 3% of annual premium or Fund Value up to a maximum of Rs.4000 |
| 4 | Lower of 0.10% of single premium or Fund Value up to a maximum of Rs.2000 | Lower of 2% of annual premium or Fund Value up to a maximum of Rs.2000 |
| 5 year onwards | Nil |
- Mortality charge – This charge is deducted on the first day of each month based on the Sum at Risk, the policyholder’s age and gender.
Eligibility Criteria of TATA AIA Life Insurance Wealth Pro Plan
The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
| Minimum | Maximum | |
| Entry age (Last Birthday) | 30 days | 60 years |
| Maturity Age (Last Birthday) | 18 years | 75 years |
| Plan tenure | 15 years | 40 years |
| Premium payable | Single Pay – Rs.5 lakhs Limited Pay – Rs.250,000 |
No limit |
| Premium Paying Term | Single Pay or Limited Pay of 5,7,10,15 or 20 years | |
| Sum Assured | Single Pay – 1.25 times the single premium Limited Pay – higher of 10 times the annual premium or 0.5*term*annual premium |
Single Pay – 1.25 times the single premium Limited Pay - 20,30,15 or 10 times the annual premium depending on age |
| Premium Paying Mode | Yearly, half-yearly, quarterly and monthly or Single Pay | |
TATA AIA Life Insurance Wealth Pro Plan - Surrender Value
The policy has a 5 year lock-in period. If the policy is surrendered within the first 5 years, the funds in the Fund Value would be transferred to
If the plan is surrendered any time after the completion of 5 years, the available Fund Value would be paid. The option of making the policy paid-u
Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and
Exclusions in TATA AIA Life Insurance Wealth Pro Plan
- If the policyholder commits suicide anytime during the plan tenure, the available Fund Value would be paid to the nominee.
Non-payment of premiums in TATA AIA Life Insurance Wealth Pro Plan
Premiums are required to be paid for the stipulated tenure of 5 years. If the premiums are not paid the policy would lapse. The policyholder can revive the lapsed policy by paying the due premiums or surrender the policy and avail the Surrender Value.
