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