Tata AIA Life Insurance Money Back Plus plan is a non linked, participating, endowment assurance plan that will offer the double benefit of life cover and savings. The plan will help you save up for your child’s future, a dream house and more. The Tata AIA Life Saving Plan offers guaranteed cash flow at regular intervals.
Eligibility Criteria for Tata AIA Life Insurance Money Back Plus
Listed below is the eligibility criteria for Tata AIA life Insurance Money Back Plus
| Minimum age at the time of entry | 2 years |
| Maximum age at the time of entry | 51 years |
| Minimum age at maturity | 18 years |
| Maximum age at maturity | 75 years |
| Policy term | 16 years, 20 years and 24 years |
| Premium payment term | 8 years, 10 years and 12 years |
| Payment mode | Annually, semi annually and monthly |
| Minimum basic sum assured | Rs. 2,00,000 |
| Maximum basic sum assured | There is no limit on the maximum basic sum assured for this plan |
Key Features of Tata AIA Life Insurance Money Back Plus
Listed below are the key features of Tata AIA life Insurance Money Back Plus
| Type | Endowment plan |
| Basis | Individual |
| Policy terms | 16 years, 20 years and 24 years |
| Premium payment terms | 8 years, 10 years and 12 years |
| Premium payment mode | Annually, semi 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, Vested Compound reversionary bonus and Terminal bonus if any. |
| Maturity benefit | On survival of the insured till the end of the policy, the insured will receive guaranteed sum assured along with vested reversionary bonus and terminal bonus if it's applicable. |
| Survival benefit | The plan offers guaranteed regular payouts as a percentage of basic sum assured at intervals. |
| 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 when the policy acquires surrender value. One can apply for a loan up to 65% of the surrender value. |
| 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 |
Benefits of Tata AIA Life Insurance Money Back Plus
Listed below are the benefits of Tata AIA Life Insurance Money Back Plus
- Death benefit- On unfortunate death of the insured, the nominee will receive guaranteed sum assured, vested reversionary bonus and terminal bonus if any.
- Maturity benefit- On maturity of the policy, the insured will receive sum assured along with vested reversionary bonus. Terminal bonus is payable if it's applicable.
- Survival benefit- Survival benefit will be paid in the form of regular guaranteed payout at regular intervals.
- Loan facility- One can avail loan under the policy given that the policy has acquired surrender value.
- Tax benefit- The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
- The plan can be easily purchased online without any hassles.
- Offers regular payout at intervals.
- Offers the double benefit of savings and protection.
Discount
The policy offers Large sum assured discounts for those who opt for a higher sum assured.
| Basic Sum Assured | Discount per Rs. 1000 Basic Sum Assured |
| Rs. 2,00,000 to Rs. 3,49,000 | Nil |
| Rs. 3,50,000 to Rs. 4,99,000 | Rs. 2 |
| Rs. 5,00,000 to Rs. 9,99,000 | Rs. 3 |
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
