TATA AIA Life Insurance Good Kid Plan

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.

Eligibility Conditions for Tata AIA Life Insurance Good Kid:

Money Back Benefits offered by Tata AIA Life Insurance Good Kid:

Premium Payments under Tata AIA Life Insurance Good Kid:

What to know about Tata AIA Life Insurance Good Kid:

• The non-guaranteed benefits will depend on the performance of Tata AIA Life Insurance.
• If full premium of the first year term of the policy is not paid within the grace period the policy will lapse and no benefits will be applicable.
• The policy will be changed into Reduced Paid-up policy if the payments are defaulted after payment of first year’s premiums.
• Reduced Paid-up policies can be revived within 2 years from the date for lapse.
• The policy can be surrendered any time during the term, provided the first year’s premiums have been fully paid

Benefits of TATA AIA Life Insurance Good Kid:

Additional Features of Tata AIA Life Insurance Good Kid:

• Policyholders can cancel this Life Insurance policy any time if they are dissatisfied with its terms and conditions. Company shall be liable to refund all the premiums paid (without interest) after deduction of proportionate risk premium, stamp duty and medical examination cost.
• If an individual expires after receiving the milestone additions during the last four policy years, the death benefit shall not be reduced due to the payment of the same.
• Death benefits will be paid to the nominee even in cases where individuals commit suicide within 12 months from the date of commencement or revival of the policy. It will be equal to the total amount of premiums paid.
• Depending on the basic sum assured band, policyholders are eligible for premium discounts. If policy is in the range of Rs 5 lacs and Rs 9.9 lacs, insurers will get a discount of 1.50 per 1000 basic sum assured and for amounts more than 25 lac it will be 4.00.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017