Tata AIA Life Insurance Super Achiever is a non participating Unit Linked Child Endowment Plan wherein the policy benefits continue even after the unfortunate event of the parent’s death. In this ULIP plan the investment risk in investment portfolio is borne by the policyholder and is best suited for individuals who are looking to combine market linked returns while securing their child’s academic future.
Features of Tata AIA Life Insurance Super Achiever
The main features of Tata AIA Life Insurance Super Achiever are:
- The plan offers the policyholder the option to choose between a policy term ranging from 10 to 20 years.
- The plan offers Guaranteed Maturity Additions to the policyholder at the end of the policy term
- The policyholder can choose from eight different fund options to increase his investment opportunities
- The plan offers the policyholder the choice to opt between Automatic Asset Allocation Plus or PROFIT Investment Portfolio Strategy
- The policyholder has the option to enhance his investment through top-ups
- At maturity, the policyholder can choose to receive the payout either in lump sum or in the form of periodical payments
- The policyholder has the option to pay premiums either annually, semi-annually or monthly as per his or her convenience
- The plan offers the policyholder tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961
Benefits of Tata AIA Life Insurance Super Achiever
The main benefits that Tata AIA Life Insurance Super Achiever offers are:
- Guaranteed Maturity Addition - Guaranteed Maturity Addition at the rate of 5% of the units in each of the funds under the Regular 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 during the policy term, the nominee will get the higher of:
- The Basic Sum Assured
- 105% of the total Regular Premiums paid
- Partial Withdrawals - The plan enables the policyholder to make partial withdrawals in case of emergencies after five policy years have been completed.
- Top-Up Flexibility - The policyholder has the option to pay additional premium as ‘Top-up premium’, as long as the policy is in force. The Sum Assured will increase by the Top-Up Sum Assured when the policyholder avails of a top-up.
- Switching Benefit - During the policy term, the policyholder can switch his or her investment from one fund to another based on market conditions. A total of twelve free switches are allowed during a policy year, after which charges will be applicable.
- Premium re-direction - The plan offers the policyholder the option of premium re-direction so as to help him or her allocate future premiums to a different fund or set of funds
- Free Look Period - In case the policyholder is not satisfied with the terms and conditions outlined in the plan, he or she can cancel and return the policy to the company within 15 days after receiving the policy
Eligibility Criteria to Avail of Tata AIA Life Insurance Super Achiever
- The minimum entry age of the Life assured is 25 years
- The maximum entry age of the Life assured is 50 years
- The minimum entry age of the nominee (child) is 30 days
- The maximum entry age of the nominee (child) is 17 years
- The maximum age of maturity is 70 years
- The policy term can only range from 10 to 20 years
- The premium payment term is 10 years
- The minimum premium amount payable by a policyholder is Rs 24,000 per year with no maximum limit.
- The basic Sum Assured is ten times the annualised premium
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017