• Tata Aia Good Kid Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Every parent wants to provide their children with the best of education and see to it that there are no hurdles faced by their wards while shaping their future. The Good Kid Plan aims to not only help you grow your money and maximise your returns but also help take care of your children's future from a financial point of view. This plan provides money back returns along with various benefits including tax and maturity.

    Eligibility – Who is the Tata AIA Life Insurance Good Kid Plan for?

    The eligibility criteria for this particular plan are given in the table below:

    Parameters Criteria for eligibility
    Minimum age at entry 25 years
    Maximum age at entry 45 years
    Minimum Nominee Age 30 days
    Maximum Nominee Age 17 years
    Maximum Maturity Age 70 years

    *Ages mentioned above are as on the policyholder’s last birthday.

    Sum Assured and Premium*

    The sum assured is the minimum amount the insurer will pay to the insured or the nominee incase of policyholder's death. The sum assured won’t contain any benefits or bonuses that the insured might be entitled to. Similarly, premiums payable will be decided at the beginning of the policy and will depend on the policy term,sum assured and premium payment term. All the relevant information on sum assured and premium for this plan is given in the table below:

    Minimum Sum Assured Rs.2.5 lakh
    Maximum Sum Assured No limit
    Minimum term of the policy 12 years
    Maximum term of the policy 25 years
    Premium Payment Term Policy Term minus 5 years
    Premium Payment Mode Yearly, Half-Yearly or Monthly
    Minimum Premium Amount** Based on minimum sum assured
    Maximum Premium Amount No Limit

    *The premium amount can change based on the entry age of policyholder, policy term, payment mode, etc.

    **Based on the minimum annual premium requirement. This can change based on the entry age, plan option chosen, policy term, etc.

    Plan Coverage – What the Tata AIA Life Insurance Good Kid Plan covers

    Death Benefit Incase of the insured’s death, the sum assured will be paid as the death benefit which will be equivalent to a minimum of 105% of total premiums paid. The sum assured on death payable will be higher of:
    • 11 times the annualised premium or
    • Basic sum assured paid on death
    • Sum assured on maturity
    Maturity Benefit The policyholder will be paid the guaranteed sum assured as maturity benefit as the policy attains maturity.

    Riders/Add-on plans – Additional coverage under the Tata AIA Life Insurance Good Kid Plan

    There is no rider or add-on plan.

    Exclusions – What the Tata AIA Life Insurance Good Kid Plan does not cover  

    If the insured commits suicide within a year of the date of the purchase or the revival of the plan, the nominee will be entitled to the total premiums paid, provided the policy is still in force.

    Other Key Features

    Grace period A grace period of 30 days is given for yearly and half-yearly mode of premium payment. 15 days for monthly mode of premium payment.
    Free look period A free-look period of 15 days are given.
    Surrender Benefit The policy can be surrendered at any point of time given that premium for the first year has been duly paid.
    Policy Loan One can opt to take a policy loan provided that the policy acquires a surrender value. The minimum loan that one can undertake is Rs.2,500.
    Revival If the policy lapses due to premiums not being paid, it can be revived within two years of the date of the first unpaid premium.
    Assignment Assignment is allowed under Section 38 of the Insurance Act 1938.
    Nomination Nomination is allowed under Section 39 of the Insurance Act 1938. Under this plan, it is mandatory for the nominee to be a child.

    Tax Benefits – How you can save with the Tata AIA Life Insurance Good Kid Plan

     

    You will be eligible to avail various tax benefits under Section 80C and Section 10(10D) of the Income Tax Act,1961. Since, the income tax laws are subject to change, it is advisable to consult a tax advisor incase of any query.

    Other benefits – How you can save with the Tata AIA Life Insurance Good Kid Plan

    There are various other benefits that you can enjoy under this plan.

    • You can purchase various products offered by TATA AIA Life Insurance from their official website.
    • You can pay your premiums online.
    • You can file for a claim online.
    • TATA AIA Life Insurance boasts of an extensive customer care support service. You can call or mail a customer care executive incase of any query.

    Why you should buy the Tata AIA Life Insurance Good Kid Plan

    Every parent want to see their children’s future shape up well and they would want that no hurdles are faced while doing so. Nobody wants to fall short financially when trying to provide the best of everything including education to their kids. The Good Kid Plan ensures that not only does your investment grow and returns get maximised but you are also able to take care of your children’s future without any financial problems.

    This plan offers money back benefits along with various tax and maturity benefits. You can choose your policy term and the premium to be paid based on your financial capabilities. Since, the nominee must be a child, the plan ensures that the kid achieves all his/her dreams even if you are not around. You can also take a policy loan with the minimum amount being Rs.2,500. Tata AIA Life Insurance is known to be extremely consumer friendly as one can not only purchase insurance plans online but also pay their premiums and file for claims online as well.

    Tata AIA Life Insurance is a joint venture between TATA Sons Ltd. and AIA Group Limited. They are considered to be one of the most reliable insurers today as they boast of having a 96% success rate in settling claims. They are also one of the best companies known to take care of their customers as they enjoy a 100% success rate in addressing their consumers’ grievances. They are recipients of various awards including the prestigious ‘Golden Peacock’ award for Risk Management.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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