Tata AIA Life is one of the largest insurance providers in Asia with over 17 markets spread across the Asia Pacific. Life Insurance is a key component of any savings plan. The life insurance products provided by Tata AIA offers a multitude of savings solutions that protect your loved ones in the unfortunate event of your death and provides financial stability for the future. The insurance solutions offered by Tata AIA allows you to provide lifetime financial security for your family and enables you to realise other goals in life such as providing for your child's future, purchasing a home or planning for retirement.
Types of Tata AIA Life Insurance Savings Plans
Below are the types of savings plans offered by Tata AIA Life Insurance
Tata AIA Life Insurance Secure 7 :This plan is designed to provide financial security for the future by offering guaranteed returns for the money paid as premiums. The key features and benefits of this plan is that the premiums need to be paid for 7 years after which, at the beginning of the 8th year of the policy, the policyholder will begin to receive guaranteed income provided that all premiums have been paid. The guaranteed income will be received till the end of the 14th year of the policy. Upon the policy reaching maturity, the policyholder will receive 25% of the basic sum assured. This policy also offers the applicable income tax benefits.
Tata AIA Life Insurance MahaLife Supreme :This plan from Tata AIA Life Insurance is a life insurance plan that provides guaranteed annual income. The key features of this plan is that upon maturity of the policy, the policyholder will receive a fixed percentage of the basic sum assured as a lump sum. The policy offers 2 choices to the policyholder. They can either choose policy term or the premium payment term. If policyholder chooses option of policy term, he/she will pay premiums for 15 years and the beginning of the 16th year they would receive guaranteed annual income till the end of the policy term. If the policyholder chooses premium payment term, then they will pay premiums for 12 years and starting from the 13th year they receive guaranteed annual income till the end of the policy term.
Tata AIA Life Insurance Fortune Guarantee :This plan has a policy term of 10 years and is a life insurance plan that doubles up as a savings plan. The Key benefits of this plan is that upon maturity of the policy, the policyholder receives anywhere between 138% to 159% of the total premiums paid as a guaranteed amount. The minimum age to enroll in this plan is 10 years as at last birthday and offers flexible premium payment modes such as monthly, quarterly, semi-annually and annually. Upon the death of the insured the nominee will either receive the basic sum assured or 105% of all the premiums paid, whichever is higher.
Tata AIA Life Insurance Insta Wealth Plan :This plan is a hassle free life insurance plan. It provides the financial security with a guaranteed cover of upto RS 10 lacs. The term of the policy is 10 years, 15 years or 20 years. The key benefits of this plan is that it provides maturity benefit of the basic sum assured along with guaranteed additions. The guaranteed additions begin after all the premium payments have been made and amounts to 1% of the basic sum assured. The guaranteed additions accrue till policy reaches maturity. Upon death of the insured, nominee will receive 105% of the total premiums paid.
Tata AIA Life Insurance Money Back Plus :This plan is a non participating life insurance plan that provides guaranteed income at specific intervals. The plan provides a compound reversionary bonus that accrues and is paid out on maturity. The key benefits of this plan is that death benefit equivalent to the basic sum assured, an accidental death benefit equal to the basic sum assured and a compound reversionary bonus that accrues from the 1st year of the policy and is paid out on either death of the insured or maturity or surrender of the policy. It also offers a terminal bonus which is a percentage of the compound reversionary bonus that has been vested. This bonus is paid in case of death of the insured or maturity of the policy.
Tata AIA Life Insurance Smart 7 :This plan provides the policyholder the features of shorter premiums and a shorter maturity period. This plan provides a simple way to boost your savings and secure a financially stable future. The key features of the plan is that it provides life protection. It has a policy term of 12 years where the policyholder pays premiums for 7 of those 12 years and enjoys benefits from the remaining 5 years. The policyholder can boost his or her corpus through bonuses that compound annually. The Policy also offers compound reversionary bonus that starts accruing from the 1st year of the policy and goes on for the duration of the policy. This bonus is paid out with a guaranteed sum upon maturity of the policy.
Tata AIA Life Insurance Smart Growth Plus :This plan is a holistic savings plan that boosts savings and provides life cover. The key features of this policy is compound reversionary bonus that takes effect from the 1st policy anniversary and is paid out on maturity along with maturity benefit of a guaranteed sum assured. It provides a guaranteed addition for the first 5 years of the policy which is calculated to be 5.5% p.a of the sum that has been assured. The minimum policy term is 10 years and goes all the way up to 30 years. It provides a death benefit which is equal to the base sum assured and has affordable premiums starting from RS 10,000 p.a.
Tata AIA Life Insurance MahaLife Gold Plus :This policy enables you to live life to the fullest and maintain your lifestyle by helping you secure your family's future financially. The policy has unique features such as a policy term of 85 years minus the age of the policyholder at the time of purchasing the policy. The basic sum assured is RS 2,00,000 and the premiums are to be paid only for the first 15 years of the policy and can be paid at a frequency of your choice, be it annually or half yearly or monthly or quarterly. Along with maturity benefits and death benefits, the plan also offers guaranteed annual coupons. These coupons are paid out starting from the 10th year of the policy till the 30th year of the policy or till the death of the insured (whichever is earlier). The basic sum under assurance decides the rate of these coupons.
Tata AIA Life Insurance MahaLife Gold :This policy also offers a policy term of 85 years minus the age of policyholder at the time of purchasing the policy. The maturity benefit of the policy is a guaranteed sum equal to the base sum assured with guaranteed annual coupons. These coupons also begin at the start of the 10th anniversary of the policy. The term of payment of the premiums is 15 years. The policy provides a death benefit that is equal to the basic sum assured and helps you to protect your family against life's uncertainties and secure your future financially. The basic sum assured here is RS 1,00,000 minimum.
Tata AIA Life Insurance MahaLife Magic :This plan is a participating life insurance plan that provides life cover and boosts savings through additional bonuses. This unique plan allows you to save and secure a financially stable future by paying premiums for only a short term. The term of the policy is 18 years in which the policyholder will need to pay premiums for only 9 years. The maturity benefit in this policy is compounded through addition of a terminal bonus and a compound reversionary bonus. The minimum sum assured in this plan is RS 2,00,000.
Tata AIA Life Insurance Money Maxima :The Money Maxima plan from Tata AIA offers a range of benefits that boost your savings while providing life cover. This plan helps in boosting your savings and securing a financially stable future for you and your loved ones. This policy has features such as a flexible policy term starting from 12 years going up to 30 years. Low premiums starting from RS 12,000 p.a and a minimum basic sum of RS 1,00,000 makes the policy affordable for many people. The maturity benefit of this policy is a guaranteed sum equal to the base sum assured. It also offers guaranteed loyalty additions during time of maturity which augments your savings.
Other Popular Tata AIA Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017