Launch Date | UIN | Status |
13/10/2018 | 110N120V05 | Active |
The Tata AIA Life Guaranteed Monthly Income plan is a non-linked, non-participating life insurance plan. The plan provides life insurance cover throughout the policy term for the financial security of your family and a monthly income that meets tomorrow’s requirements, thus helping you plan ahead to fulfil your future goals. Moreover, the plan provides tax benefits and an option to enhance your protection by opting for riders.
Let’s understand this plan in brief before getting into its details:
Modes of Payment |
|
Claim Settlement Ratio of the Insurer |
98% |
USPs of the Policy |
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Illustration |
If a 45-year-old male purchases the Tata AIA Life Guaranteed Monthly Income plan, the sum assured will be INR 11,00,000 for a policy term of 12 years and premium-payment term of 12 years at INR 1,00,000 premium (yearly mode). |
Firstly, the individual has to choose the policy term, premium-payment term, and premium amount to be paid. The individual has the flexibility to choose the policy term between 5/8/12 years. Based on the policy term chosen by the individual, the monthly income term will be 10/16/24 years respectively.
Now, let’s understand the further actions of this plan with the help of various benefits offered.
Maturity Benefits
If the policyholder survives till the date of maturity and all the premiums are paid, then a guaranteed monthly income is payable in arrears during the income term, starting from the end of the first month after the end of the policy term. The income term shall be:
Policy Term (years) | Income Term (years) |
5 | 10 |
8 | 16 |
12 | 24 |
The guaranteed monthly income is determined as a percentage of the total premiums paid, depending on the age at entry and the chosen policy term.
Death Benefit
In case of the unfortunate death of the policyholder during the policy term, the death benefit will be paid to the beneficiary. Death benefit (sum assured on death) is the lump sum amount that is paid on the death of the policyholder. The policy shall be terminated once the death benefit is paid. The sum assured on death will be the highest of the following:
Death during Income Term
In case of the unfortunate death of the policyholder during the income term, all the future guaranteed monthly income will be paid to the beneficiary. The beneficiary will have the option to receive the commuted value of the future guaranteed monthly income in the form of a lump sum. The policy will be terminated once the death benefit is paid and none of the benefits mentioned earlier will be paid.
The Tata AIA Life Guaranteed Monthly Income plan offers the following riders:
Besides the benefits mentioned earlier, here are some other features of the Tata AIA Life Guaranteed Monthly Income plan:
The eligibility criteria to purchase this plan is based on the policy term chosen by the policyholder, as follows:
Policy Term (years) | Minimum Entry Age | Maximum Entry Age |
5 | 13 years | 60 years |
8 | 10 years | 60 years |
12 | 6 years | 55 years |
The Tata AIA Life Guaranteed Monthly Income plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums, helps you fulfil your responsibilities, and helps even in your absence by offering high protection cover along with additional benefits.
Tata AIA Life Insurance is a joint venture between the Tata Group and AIA Group Ltd., one of the largest independent publicly listed pan-Asia Group. Tata AIA started operations in 2001. It offers various insurance products for individuals and corporates. The company has a strong distribution network of agents, bancasurance channels and branches.
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