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  • Tata AIA Life Insurance Wealth Pro Plan

    Tata Aia Life Insurance

     Tata AIA Life Insurance Wealth Pro is a non-participating endowment insurance plan, this plan will help your investment grow into wealth making your dreams into a reality. You can choose your premium paying term as well as your investment duration with this plan. Now fulfill your long term plans of retirement, children’s further education, and more.

    Eligibility conditions of the Tata AIA Life Insurance Wealth Pro

    Particulars

    Details

    Minimum issue age

    30 days

    Maximum issue age

    60 years

    Maturity age

    100 years

    The premium paying terms, methods and modes are in the table mentioned below:

    Particulars

    Details

    Policy Term

    15 - 40 years

    Premium paying modes

    Annually, half yearly, quarterly, monthly, or in a lump sum single payment

    Paying term for premiums

    Single pay

    Limited pay - 5, 7, and 10 years

    Regular pay - 15 and 20 years

    Minimum premium

    Single pay - Rs. 5, 00, 000

    Regular or Limited pay - Rs. 2, 50, 000 per annum

    Maximum premium

    No limit

    The key features of the Tata AIA Wealth Pro:

    The basic sum assured

    Minimum basic sum assured

    Single pay - 1.25 times of the single pay.

    Regular pay - the higher of 10 * annual premiums at the beginning of the policy or 0.5 * policy term * annual premiums

    Maximum basic sum assured

    Single pay - 1.25 times of the single pay.

    Regular pay

     

    Entry age band

    Multiple of annual premium (multiples)

    0 - 30

    30

    31 - 40

    20

    41 - 50

    15 or higher of policy term/2

    51 - 60

    10 or higher of policy term/2

     

    All amount mentioned are excluding taxes.

    1. With this plan you get regular loyalty additions to help increase your investments.
    2. Having the ability to choose between 6 different fund options to increase and enhance your investments.
    3. Get a top-up facility and make an increase to your financial portfolio.
    4. With this plan you can add a rider from a choice of 3 different investment funds.
    5. Enjoy Tax benefits under section 80C and 10(10D) of the Income Tax Act 1961.
    6. Get the flexibility with your premium payments, choose to pay your premiums in one shot or for a limited time span.
    7. Enhanced Systematic Money Allocation or Regular Transfer investment portfolio strategy, choose between them.
    8. A grace period of 30 day will be provided to make regular premium payments, policies on monthly mode the grace period would be 15 days.
    9. Free look period of 15 days is provided to you, you can decide if you are satisfied with the terms and conditions of the policy. A 30 day free look period will be offered is the policy source is through distance marketing.

    Are you wondering what are the benefits of the Tata AIA Wealth Pro plan?

    1. You can avail tax benefits under section 80C and 10(10D) of the Income Tax Act 1961 with this plan.
    2. With this plan you can earn additions of loyalty to your investment, as a reward to your loyalty, at a rate of 0.20% of the unit in each fund, under a regular premium account loyalty additions will be credited.
    3. Maturity Benefit - At the end of the policy term if the policyholder has survived, he/she will receive the total fund value which will be valued at an applicable net asset value (NAV) on the date the policy matures
    4. In case of the unfortunate demise of the policyholder during the term of the plan, and the death benefit availability with this plan, the nominee or the legal heir will get the benefits. This highest benefit will be the distributed as mentioned below:
      1. Basic sum assured - any partial withdrawals from a single or regular premium fund value. OR
      2. The regular/single premium fund value of the policy. OR
      3. 10 times the annual premium in both cases of limited premium payment term/regular payment term. OR
      4. 105% of the total premiums paid regular/single. In addition to this payment the highest of the below will be paid.
      5. 105% of the top-up premiums paid. OR
      6. The top-up premium fund value of the policy. OR
      7. The approved top-up sum assured.

    How does the Tata AIA Wealth Pro work ?

    Let’s take an example of Ms. Shilpa, a healthy female aged at 35 years, Shilpa pays a fund premium of Rs. 5, 00, 000 per annum. And makes these payments on an annual mode. At the time of inception of the policy she decide a fund allocation of 50% in a large capital equity fund and 50% in a whole life mid cap equity fund.

    Age

    Annual Premium

    Policy Term

    Premium paying term

    Premium Multiple Chosen

    Basic sum assured

    35

    5,00,000

    65

    Single

    1.25

    6,25,000

    35

    5,00,000

    65

    7

    10

    50,00,000

    35

    5,00,000

    65

    10

    10

    50,00,000

    35

    5,00,000

    65

    15

    10

    50,00,000

    The plan will also give you non-guaranteed benefits as well, these are at the discretion of the company.

    Add extra coverage to your policy with the below riders:

    When you choose to add extra coverage and are paying in a regular or limited pay mode you can opt for any of the below mentioned riders:

    1. Tata AIA Life Insurance Waiver of Premium (Linked) Rider - This particular rider will waive the remaining future premiums of the basic policy if the policyholder is totally and permanently disabled.
    2. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider - With this rider, the policyholder a waiver of all future premiums and in the case of death or a permanent disability before maturity age or end of the policy term whichever is earlier. The rider is allowed for a entry age of 18 years till 57 years with a maximum of 65 years (maturity age).
    3. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) - With this rider the policyholder is ensured of the protection of his/her family if and when an unfortunate event occurs. In the case of disability or death in an unfortunate event the nominee or legal heir will receive the amount of the rider sum assured in case of an accidental death, and in case of disabilities.

    If you are choosing to add extra coverage and are paying in a single pay then you can opt for the Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) sage.

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