Tata AIA Life Insurance Value Income Plan
Tata AIA Life Insurance Value Income Plan Individual, Non-Linked, Participating Life Insurance Savings Plan.
The Main Highlights of the plan are :
• Flexibility to choose plan option
– Endowment; or
– Endowment with extended life cover till Age 100
• Receive Cash Bonus or Accumulate cash bonuses, if declared payable at maturity.
• Get Cash Bonus, if declared each year on policy anniversary or on birthday following the second policy
anniversary.
• Receive Guaranteed Maturity Benefit with bonuses, if declared on maturity
• Flexibility of multiple Policy Term & Premium Payment Term
• Enhance your protection with optional Riders
Benefits of Tata AIA Life Insurance Value Income Plan
Survival Benefit:
Provided the policy is in force and all due premiums have been paid, the following bene t will be paid:
The following type of bonuses are applicable under this plan. These bonuses are not guaranteed in nature.
The Company may declare Cash Bonus rate annually in advance. The Cash Bonuses if declared will be applicable
provided all due premiums have been paid. At inception, the policyholder has a choice to select one of the following two Cash Bonus pay-out options.
In case Cash Bonus is opted:
Cash Bonus, expressed as % of Basic Sum Assured, may be declared every year starting from the 2nd policy year till the end of the Policy Term. At inception, the policyholder can choose if he wants to take cash bonus, if declared each year on policy anniversary or on his/her birthday following the second policy anniversary.
In case the policyholder chooses to take the cash bonus if declared on birthday:
• Cash bonus pay-out, if declared, for the last year shall be made along with maturity benefit and not on the birthday of the policyholder.
• Amount shall be payable any time within the week preceding the birthday of the policyholder.
In case Accumulated Cash Bonus is opted:
Any declared Cash bonus is not paid to the policyholder and instead gets vested at policy anniversary and subsequently gets accumulated at a non-participating accumulation rate. The non-participating annual accumulation rate declared shall be 10 year G-sec less 2% as on 31st March of every year. The 10-year G-Sec shall be sourced from Financial Benchmark India Ltd The Accumulated Cash Bonus, if declared is payable at Death/Surrender/Maturity.
Under plan Option 2, at inception, the policyholder has an option to opt for extended life cover till age 100 years. Under this option, there will be two payouts of Basic Sum Assured, first payout is on maturity and another payout shall be payable upon the death of the life insured during ELC period or upon the life insured surviving to 100 years of age, whichever is earlier. No bonuses are payable during the ELC period.
Maturity Benefit:
Provided the policy is in force and all due premiums have been paid, the following benefits shall be payable at maturity:
In case Cash Bonus is opted:
• Guaranteed Maturity Benefit
• Terminal Bonus, if declared In case Accumulated Cash Bonus is opted:
• Guaranteed Maturity Bene t
• Accumulated Cash Bonus, if declared
• Terminal Bonus, if declared
Death Benefit:
On death of the life assured during the Policy Term, provided the policy is in force, the Sum Assured on Death as defined below plus Accumulated Cash Bonus and Terminal Bonus, if declared, shall be payable.
Sum Assured on Death shall be defined as the highest of
• 11 times the Annualised Premium
• Guaranteed Maturity Bene t
• Basic Sum Assured
Under Option 2, an additional bene t equal to Basic Sum Assured shall be payable upon the death of the life insured during ELC period Where, Guaranteed Maturity Benefit is equals to Basic Sum Assured.
“Annualised Premium” shall be the premium amount payable in a year chosen by policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Disclaimer
• This product is underwritten by Tata AIA Life Insurance Company Ltd.
• Insurance cover is available under this product.
• This plan is not a guaranteed issuance plan, and it will be
subject to Company’s underwriting and acceptance.
• This product brochure should be read along with Benefit Illustration.
• Risk cover commences along with policy commencement for all lives, including minor lives.
• Buying a Life Insurance Policy is a long-term commitment. An early termination of the policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
• All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
• Past performance is not indicative of future performance.