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  • Tata Aia Child Solutions

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Parents seek to secure the future of their kids in their absence, and one of the means by which this can be achieved is efficient financial planning. Tata AIA Life Child Solutions presents all parents with the opportunity to fulfill their responsibilities with 2 different insurance plans on offer for your child’s benefit:

    • Tata AIA Life Insurance Super Achiever
    • Tata AIA Life Insurance Good Kid

    Benefits of Tata AIA Child Solutions Insurance Plans

    Tata AIA Child Solutions Insurance Plans can provide multiple benefits to the policyholders such as:

    • Child Solutions ensure that the child of a policyholder gets to complete their education no matter what the circumstances.
    • All policies award a death benefit to the Life Assured’s family. Thus, a policyholder can enjoy peace of mind knowing that their children’s future is financially safe in their absence.
    • The policyholder can opt to have periodical payout of benefits instead of the family getting a lump sum amount, thus ensuring their child would have the funds when they most need it.
    • The Child Solution Plans come with inbuilt Premium Waiver benefit to ensure that child and the family of the Life Insured is not burdened in their absence.
    • The return of benefits in case of Child Solutions is quite large compared to the premium cost as it includes additional benefits like terminal bonus, reversionary bonus, profit investment, money back benefit, etc.
    • Tata AIA Child Solutions provides tax exemptions on premiums paid under Section 80C of the Income Tax Act, 1961 and on the benefits received under Section 10DD of the Income Tax Act.

    List of Child Solutions Insurance Plans Provided By Tata AIA Life Insurance Company Limited

    The child insurance plans offered by TATA AIA Life Insurance Company Limited are:

    • Tata AIA Life Insurance Super Achiever: It is a non-participating unit-linked endowment plan for children where policy benefits under the plan continue even after the demise of the Parent (Life Insured).
      • Benefits and features of Tata AIA Life Insurance Super Achiever plan are as follows:

        • This plan provides for Guaranteed Maturity Additions at the end of the term of the policy.
        • This is an endowment plan that comes with the flexibility to select from 8 different fund options available with Tata AIA, enhancing investment opportunities.
        • There is also the option to increase investment via premium top-ups.
        • There are also options available Maturity benefit settlement - receive a lump sum payout or as periodical payments.
        • Death Benefit: In case the life insured dies before the end of policy term, the nominee receives the Basic Sum Assured or 105% of the total Regular Premiums paid, whichever is higher, as death benefit.
        • Funding of Premium benefit: Death of a policyholder also triggers this benefit wherein 100% of regular premiums to be paid in future are paid by Tata AIA, into the Policyholder’s fund as and when due.
        • Maturity benefit: Total fund value (Regular Premium fund value plus Top-Up Premium fund value) on policy maturity date.
    Plan Name Entry Age Maturity Age Premium
    Tata AIA Life Insurance Super Achiever
    • Minimum age of the policyholder: 25 years
    • Maximum age of the policyholder: 50 years
    • Minimum age of the child: 30 days.
    • Maximum age of the child: 17 years.
    • Life Assured: 70 years.
    • Minimum: Rs.24,000 p.a.
    • Maximum: No limit.

     

    • Tata AIA Life Insurance Good Kid: It is a participating non-linked endowment plan that provides Milestone Additions and Money Back Benefits to accommodate the changing needs of a child, besides covering for unforeseen circumstances.
      • Benefits and features of Tata AIA Life Insurance Good Kid plan are as follows:

        • The plans provides Money Back Benefits as a percentage of Base Sum Assured.
        • Policyholders get Milestone Additions amount to 5% p.a. of Base Sum Assured for the first 5 years of the policy.
        • Flexibility to enhance coverage through Accidental Death & Dismemberment (Long Scale) (ADDL) Rider.
        • Death Benefit: In case the life insured dies before the end of policy term, the nominee receives the higher of the following:
          • 11 x Annual Premium.
          • Absolute sum assured payable on death.
          • Guaranteed Maturity Sum Assured.
        • Fund growth through Compounded Reversionary Bonus, which is a   percentage of Base Sum Assured and vested Compound Reversionary Bonus.
    Plan Name Entry Age Maturity Age Premium
    Tata AIA Life Insurance Good Kid
    • Minimum age of the policyholder: 25 years
    • Maximum age of the policyholder: 45 years
    • Minimum age of the child: 30 days.
    • Maximum age of the child: 17 years.
    • Life Assured: 70 years.
    • Minimum: Depends on minimum basic Sum Assured.
    • Maximum: No limit, subject to approved underwriting.

     

    Why one needs Tata AIA Child Solutions Insurance Plans?

    Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Limited and AIA Group Limited. TATA is prominent industry leader in India and AIA has a large presence in the Asia Pacific region.

    The retail Claims Settlement Ratio of Tata AIA Life was 96.8% at the end of FY16. Tata AIA Group Insurance Plans offer financial protection, insurance cover, and tax benefits for the insured member and his or her family.

    Tata AIA Life offers multiple benefits of purchasing one of their child solutions including premium waiver, flexible payout options, protection of a child’s future educational needs, and an easy claim process.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.