The Tata AIA Life Insurance Good Kid is a non-linked, anticipated endowment assurance plan that provides your children a way to achieve their future goals. The policy offers money back benefits foreseeing the child's educational and career needs.
This child plan by TATA AIA Life insurance allows one to nominate their beneficiaries who will receive all the policy benefits in case of their unfortunate demise, without paying any future premiums. It comes with both guaranteed and non-guaranteed benefits and milestone additions at the rate of 5 % of the basic assured sum.
Note: The life assured in this policy shall be a parent and the nominee should compulsorily be the child.
Minimum Entry Age | 25 years as on last birthday |
Maximum Entry Age | 45 years as on last birthday |
Minimum Age of Nominee | 30 days |
Maximum Age of Nominee | 17 years |
Maximum Maturity Age | 70 years as on last birthday |
Payback at the end of (term minus 3) years | 15 % of Basic Sum Assured |
Payback at the end of (term minus 2) years | 15 % of Basic Sum Assured |
Payback at the end of (term minus 1) years | 15 % of Basic Sum Assured |
Term of the policy | 12 to 25 years |
Minimum Sum Assured | The Minimum Basic Assured sum for the policy is Rs 2,50,000. |
Maximum Sum Assured | No limit on the Max Sum Assured, subject to underwriting policy |
Premium Payment Options | Annual, Half-Yearly or Monthly |
Maturity Benefits | The Assured Sum on Maturity along with vested compound reversionary bonuses and applicable terminal bonuses |
Money Back Benefits | Money Back benefits shall be provided annually as a percentage of the basic sum assured |
Milestone paybacks | Milestone additions are given at the rate of 5% of basic sum assured It accrues in a term of every 5 years Total milestone payments will amount to 25 % of basic sum assured |
Death benefits |
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Loan | Insurers can opt for loans once the policy acquires surrender value. Policy loan is available on the terms that the loan amount should not exceed 65 % of the surrender value. |
Tax Benefits | The premiums are eligible for tax benefits under section 80C and 10D |
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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