Tata AIA Life Insurance Money Back Plus Plan

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:

  1. Death benefit - On unfortunate death of the insured, the nominee will receive guaranteed sum assured, vested reversionary bonus and terminal bonus if any.
  2. 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.
  3. Survival benefit - Survival benefit will be paid in the form of regular guaranteed payout at regular intervals.
  4. Loan facility - One can avail loan under the policy given that the policy has acquired surrender value.
  5. Tax benefit - The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
  6. The plan can be easily purchased online without any hassles.
  7. Offers regular payout at intervals.
  8. 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

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

Disclaimer
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.