Tata AIA Life Insurance InvestOne is an Unit Linked Insurance Plan in which the investment risk in the investment portfolio is borne solely by the policyholder. This plan is well suited for customers who are looking to plan ahead for events like the birth of a child or the purchase of a home. The plan comes with loyalty additions and guaranteed maturity additions ensuring the policyholder attains maximum returns on maturity.
Features of Tata AIA Life Insurance InvestOne
The main features of Tata AIA Life Insurance InvestOne are:
- Under this plan the policyholder is only required to pay the premium once in order to get the dual benefits of both insurance as well as market linked returns.
- The plan offers the policyholder the option to choose between a policy term ranging from 15 to 30 years.
- The plan offers a Guaranteed Maturity Addition to enhance the maturity benefit
- Under this plan, the policyholder is eligible for loyalty additions every five policy years, starting from the tenth policy anniversary
- The plan comes with attractive premium allocation charges
- The policyholder has the opportunity and flexibility to choose from among eight different fund options along with two new funds
The policyholder can choose between two Investment Portfolio Strategies:
- Protect Returns Of Funds Increased over Time (PROFIT)
- Enhanced Automatic Asset Allocation Plus (Enhanced AAAP)
- The policyholder can completely withdraw funds from the policy anytime during the policy term by intimating the company
- In case the policyholder is dissatisfied with the terms and conditions of the plan, he or she can cancel and return the policy to the company within 15 days after commencement of the plan
- The plan offers the policyholder tax benefits under section 80C of the Income Tax Act, 1961
Benefits of Tata AIA Life Insurance InvestOne
- Loyalty Additions - Additional units at the rate of 1% of the units in each of the funds under the Single Premium Account will be credited to the respective funds every fifth policy anniversary starting from the tenth policy anniversary, till the end of the policy term.
- Guaranteed Maturity Addition - Guaranteed Maturity Addition at the rate of 5% of the units in each of the funds under the Single Premium Account will be credited to the respective funds at maturity date.
- Maturity Benefit - The policyholder will receive the Total Fund Value, valued at applicable NAV on the date of maturity, on survival to the end of the policy term
- Death Benefit - In the event of the unfortunate death of the policyholder, the nominee will get the highest of:
- The Basic Sum Assured from the Single Premium Fund Value
- The Single Premium Fund Value of the Policy
- 105% of the Single Premium paid
- Partial Withdrawals – The ULIP plan enables the policyholder to make partial withdrawals in case of emergencies after five policy years have been completed.
Eligibility Criteria to Avail of Tata AIA Life Insurance InvestOne
- The minimum issue age is 30 days while the maximum issue age is 60 years
- The minimum maturity age is 18 years while the maximum maturity age is 75 years
- The policy term can only range from 15 to 30 years
- The policy has a Single Pay premium paying term
- The minimum premium amount payable by a policyholder is Rs 1 lakh with no maximum limit.
- The minimum basic Sum Assured is 1.25 times the Single Premium while the maximum amount differs based on the entry age of the policyholder
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017