Tata AIA Life Insurance Insta Wealth Plan

Tata AIA Life Insurance Insta Wealth Plan is a non linked, participating, endowment assurance plan by Tata AIA Life Insurance. The plan not only offers protection but offers the insured an opportunity to build on their wealth. THe plan comes with a wide range of benefits.


Eligibility Criteria for Tata AIA Life Insurance Insta Wealth Plan

Given below is the eligibility criteria for Tata AIA Life Insurance Insta Wealth Plan

Eligibility factor Eligibility criteria
Minimum age at the time of entry 0 years or 30 days
Maximum age at the time of entry 45 years
Minimum age at maturity 18 years
Maximum age at maturity 65 years
Policy term 10 years, 15 years and 20 years
Premium payment term 7 years, 10 years and 15 years
Payment mode Annually, semi annually and monthly
Minimum basic sum assured Rs. 1,00,000
Maximum basic sum assured For ages of 0-35 years- Rs. 10,00,000 For ages of 36-45 years- Rs. 5,00,000

Key Features of Tata AIA Life Insurance Insta Wealth Plan

Listed below are the key important features of Tata AIA Life Insurance Insta Wealth Plan

Type Endowment plan
Basis Individual
Policy terms 10, 15 and 20 years
Premium payment terms 7 years, 10 years and 15 years
Premium payment mode Annually, bi-annually, and monthly
Death benefit In case of unfortunate death of the insured during the policy term, the nominee will be paid sum assured along with guaranteed additions Vested Compound reversionary bonus and Terminal bonus will also be paid if its applicable.
Maturity benefit The basic sum assured along with accrued guaranteed additions will be paid as maturity benefit on the maturity of the policy.
Free look period 15 days
Grace period One month (30 days)
Surrender The policy can be surrendered any time during the term of the policy provided that the premiums for the first year has been paid completely.
Policy cover Death benefit and maturity benefit along with guaranteed additions
Loan facility Loan facility is available under the policy but only after it acquires surrender value. One can apply for a loan up to 65% of the surrender value. The interest rate applicable on the loan will be same as the prevailing SBI deposit interest rate for a tenure of 1 to 2 years.
Policy revival The policy can be revived within the two years from the date of the first unpaid premium in case of lapse of the policy
Tax benefits The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961

Benefits of Tata AIA Life Insurance Insta Wealth Plan

Listed below are the benefits of Tata AIA Life Insurance Insta Wealth Plan

  • Death benefit- In case of unfortunate death of the insured during the policy term, the nominee will be paid sum assured along with guaranteed additions Vested Compound reversionary bonus and Terminal bonus will also be paid if its applicable.
  • Maturity benefit- The Tata AIA Life Policy also offers maturity benefit on the maturity of the policy. Basic sum assured along with accrued guaranteed additions will be paid as maturity benefit in this policy.
  • Guaranteed addition benefit- Guaranteed addition of 1% of the basic sum assured will accrue from the policy anniversary following the end of premium payment term until the end of policy term given that all the premiums have been paid.
  • Loan facility- Loan facility is offered under the policy once it acquires surrender value and loan will be guaranteed up to 65% of the surrender value.
  • Tax benefits- The plan qualifies for tax benefits under section 80C of the Income Tax Act, 1961.
  • Hassle free application process
  • The policy can be purchased online

How Tata AIA Life Insurance Insta Wealth Plan works?

The insured has to choose the basic sum assured, premium payment term and policy term as per their requirement. The premium will be calculated based on age, policy term, basic sum assured and premium payment mode.

Larger Sum Assured discount

Basic sum assured Discount per 1000 basic sum assured
Rs. 1,00,000- Rs. 1,99,000 Nil
Rs. 2,00,000- Rs. 2,99,000 2.00
Rs. 3,00,000- Rs. 4,99,000 3.00

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

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