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  • Tata Aia Gold Income Plan

    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

    Tata AIA Life believes in helping their policyholders maximise their wealth while they stay insured. For this reason, Tata AIA Life has introduced the Tata AIA Life Insurance Gold Income Plan. This is a non-linked, non-participating endowment assurance plan which comes with guaranteed payouts. What makes the Tata AIA Life Insurance Gold Income Plan special is that it not only offers a lump sum amount at the maturity of the plan but it also gives guaranteed payouts during the term of the policy. These regular payouts help policyholders to take care of their expenses like paying education fees, medical expenses, planning retirement, or building a house. If you are someone who is looking for insurance coverage and wealth maximisation option, Tata AIA Life Insurance Gold Income Plan is the ideal plan for you.

    Eligibility – Who is the Tata AIA Life Insurance Gold Income Plan for?

    To be eligible to purchase the Tata AIA Life Insurance Gold Income Plan, individuals will have to meet the below mentioned eligibility criteria:

          Parameter       Details
    Plan Type Non-linked, non-participating endowment assurance plan.
    Minimum Entry Age 5 Pay: 6 years 12 Pay: 3 years
    Maximum Entry Age 5 Pay: 65 years 12 Pay: 55 years
    Minimum Age at Maturity 18 years
    Maximum Age at Maturity 5 Pay: 77 years 12 Pay: 70 years
    Policy Term 12 and 15 years
    Premium Payment Term 5 and 12 years

    Sum Assured and Premium Range – What You Get and What It Costs

    While purchasing the Tata AIA Life Insurance Gold Income Plan, the policyholder will be given an option to select the sum assured amount. For more information on the sum assured and the premium range available under the Tata AIA Life Insurance Gold Income Plan, read on.

          Parameter       Details
    Sum Assured The basic sum assured under this plan shall be equal to the annualised premium multiplied by the basic sum assured multiple.
    Premium Payment Mode Annual/Half-yearly/Quarterly/Monthly
    Policy Term 12 and 15 years
    Premium Payment Term 5 and 12 years

    Plan Coverage – What the Tata AIA Life Insurance Gold Income Plan Covers

    Following are the benefits offered by the Tata AIA Life Insurance Gold Income Plan:

    Maturity Benefit The Tata AIA Life Insurance Gold Income Plan offers a maturity benefit. At the end of the policy term, the policyholder will be eligible to receive a lump sum amount. The lump sum amount will be 100% of the basic sum assured. In addition to this, guaranteed income of 12% of the basic sum assured will be payable.
    Death Benefit In the event of the death of the policyholder, guaranteed death benefit is given. This benefit is payable only when the insured person dies during the policy term and provided the policy is in active status. In case of the unfortunate death of the insured, the nominee will be eligible to receive a lump sum amount. The sum assured payable will be the highest of the following:
    • Eleven times  the annualised premium.
    • 105% of all premiums paid by the policyholder.
    • Guaranteed sum assured amount on maturity.
    • Absolute amount assured to be paid on death.
    Income Boosters This is a unique option available for policyholders who have Tata AIA Life Insurance Gold Income Plan. Income boosters give an additional percentage of benefit as prescribed earlier which helps in increasing the guaranteed income every year.
    Surrender Benefit The policy will acquire the surrender value if the premiums for at least 2 years are paid in full in cash for Limited Pay 5 years and for at least 3 full years for Limited Pay 12 years. The surrender value payable is higher than the Guaranteed Surrender Value or the Special Surrender Value.
    Special Surrender Benefit Apart from surrender benefit, policyholders also get special surrender benefit under this plan. The special surrender value= The special surrender value factor x the number of premiums paid / number of premiums payable in the policy term x the guaranteed sum assured payable on maturity.

    Exclusions – What is Excluded from the Tata AIA Life Insurance Gold Income Plan

    Suicide Exclusion: If the life insured commits suicide within one year from the date of issue of the insurance policy, the nominee will be eligible to receive up to 80% of the premiums paid, provided that the policy is in force.

    Other Key Features

    Following are some of the other key features of the Tata AIA Life Insurance Gold Income Plan:

    Grace Period The Tata AIA Life Insurance Gold Income Plan has a grace period of 30 days for quarterly and yearly premium payment modes and 15 days for the monthly mode.
    Revival / Renewal A lapsed policy can be reinstated for full benefits by reviving it within two years from the date of the first unpaid premium. The insured has to pay the total outstanding premiums with interest to reinstate the policy.
    Free Look Period The Tata AIA Life Insurance Gold Income Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded. The free look period is 30 days for policies purchased through distance marketing.
    Policy Loan Facility Under the Tata AIA Life Insurance Gold Income Plan, policyholders are eligible to avail a loan. The loan will be available if the policy has acquired surrender value.
    Assignment Assignment option is available under Section 38 of the Insurance Act, 1938.
    Nomination Nomination option is available under Section 38 of the Insurance Act, 1938.
    Advance Premium Under this plan, policyholder is allowed to receive advance premium, provided the premium is collected with the same financial year.

    Tax Benefits – How You Can Save with the Tata AIA Life Insurance Gold Income Plan

     

    Policyholders who have purchased the Tata AIA Life Insurance Gold Income Plan will enjoy tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

    Other benefits of Tata AIA Life Insurance Gold Income Plan

    The benefits of Tata AIA Life Insurance Gold Income Plan are listed below:

    • The plans provide insurance coverage that offers flexibility as well as a choice of payment options, making it affordable for policyholders to make their premium payments on time.
    • The savings plans provide risk cover that is comprehensive, giving policyholders complete protection at a nominal cost.
    • The plans offer the policyholder financial security, ensuring his/her dependents will be taken care of in the event of the policyholder’s untimely demise.
    • Policyholders can avail tax benefits based on existing tax laws and provisions.
    • Guaranteed maturity benefit starting from 12% of basic sum assured.

    Why You Should Choose the Tata AIA Life Insurance Gold Income Plan

    Tata AIA Life Insurance Company Limited is one of the leading insurance companies in India. From protection plans and wealth solutions to child insurance plans and retirement solutions, they offer it all. All their term insurance plans are affordable and are designed to meet a policyholder’s requirements. As it is one of the reputable insurance brands in India, they offer flexible insurance options from time to time.