Tata AIA Life Insurance Insta Wealth Plan is a participating endowment assurance plan. It is one of the top savings plans offered by Tata AIA Life Insurance. This plan is a simple insurance plan that will help you to accumulate your wealth efficiently. It is a non-linked plan that can be purchased very conveniently.
With this plan, you will get great insurance cover without medical or financial underwriting. Once you complete the premium paying term, you will receive guaranteed additions on an annual basis. You only need to fill your proposal form with a basic health questionnaire and then you will receive the insurance cover.
The Tata AIA Life Insurance Insta Wealth Plan is a great insurance plan for anyone who wants protection for life without having to be a part of long and tiring medical examinations. Let us take a look at the eligibility criteria that needs to be met for this plan:
|Minimum entry age||0 years as on your last birthday (30 days)|
|Maximum entry age||45 years as on your last birthday|
|Minimum maturity age||18 years as on your last birthday|
|Maximum age||65 years as on your last birthday|
The Tata AIA Life Insurance Insta Wealth Plan offers a good sum assured amount depending on your policy terms, your age, and your policy period. The payment mode is flexible for this plan. You can choose any of the 3 payment modes according to your specific preferences. You can select your basic sum assured according to your convenience. Let us take a look at the sum assured and premium range details:
|Minimum basic sum assured||Rs.100,000 (The basic sum assured will have to be in multiples of Rs.1,000.)|
|Maximum basic sum assured||For ages 0 to 35 years: 10,00,000 36 to 45 years: 5,00,000|
|Minimum premium||Rs.10,000 p.a.|
|Premium payment mode||Once a year, once in 6 months, and once a month|
|Policy term or premium payment term||
|Premium paying option||Limited premium paying option|
Your premium will depend on the policy period, your age, your premium payment mode, and basic sum assured.
Premiums vary based on age, location, plan term and other factors.
Discounts on large sum assured
When you go for a large sum assured, you will get great discounts. Let us take a look at the discounts that are offered for different sum assured amounts:
|Basic sum assured (in Rs.)||Discount for 1000 basic sum assured (in Rs.)|
|100,000 to 199,000||-|
|200,000 to 299,000||2.00|
|300,000 to 499,000||3.00|
|500,000 and above||4.50|
Modal loading for premiums
Let us take a look at the modal loading details:
|Annual premium rate||No loading|
|Semi-annual premium rate||Multiply annual premium rate by 0.51.|
|Monthly premium rate||Multiply annual premium rate by 0.0883.|
You will not be allowed to raise or reduce your sum assured in the middle of the policy period.
The Tata AIA Life Insurance Insta Wealth Plan provides a wide range of benefits including maturity benefit, guaranteed additions, death benefit, and bonuses. Let us discuss what this plan covers:
|Type of benefit||Features of the benefit|
|Maturity benefit||When this plan matures, you will receive your basic sum assured with your accumulated guaranteed additions and bonuses (if any) if all your premiums have been paid completely.|
|Guaranteed additions (GA)||You will get 1% of basic sum assured for each year as a guaranteed addition. It starts accumulating from your policy anniversary until the premium paying term for the policy term ends.|
|Death benefit||When the policyholder dies, the nominee will receive the sum assured on death with the bonuses and guaranteed additions. The sum assured on death will be basic sum assured on death or 10 times the annualised premium, whichever is higher.|
The Tata AIA Life Insurance Insta Wealth Plan has a certain exclusion for suicide. If the policyholder commits suicide in 12 months after the policy begins, then the nominee will get only a certain amount which will be equal to the total premiums that have been paid. If the policyholder commits suicide in 12 months after the policy is revived or reinstated, the nominee will receive accumulated surrender value until the insured commits suicide or the total premiums that have been paid, whichever is higher.
The Tata AIA Life Insurance Insta Wealth Plan comes with an extensive assortment of great features that will benefit the policyholder. Let us take a look at the other important features that are offered with this plan:
|Policy loan||With this plan, you will receive a policy loan when your policy obtains the surrender value. The policy loan amount should be within the extent of 65% of the surrender value.|
|Grace period||You will get a certain grace period to pay your premiums when you miss your premium payment deadlines. For monthly mode, you will get a grace period of 15 days and for other modes, you will get a grace period of 30 days. If you do not pay your premiums within the grace period, the policy will expire.|
|Assignment||You can make an assignment for your policy according to the Insurance Act 1938 under Section 38.|
|Non-forfeiture provisions||If you do not pay your premiums within the grace period, your policy will expire and then you can reinstate it within a period of 2 years from the last date for the 1st premium that has not been paid.|
|Nominee||You can nominate another person to obtain your benefits as per the Insurance Act 1938 under Section 39.|
When you pay your premiums for this plan, you will receive tax benefits as per the Income Tax Act, 1961 under Section 80C. You will also get tax benefits according to Section 10(10D) of the same act for life insurance proceeds.
These are some of the other advantages of choosing this plan:
Tata AIA Life Insurance is a prominent insurance company in India that extends outstanding insurance policies for every individual as per his or her specific needs. You can attain your unique dreams by involving in good financial planning with the help of Tata AIA Life Insurance. The company is dedicated to offering transparent and innovative insurance solutions. With the Insta Wealth Plan from Tata AIA Life Insurance, you can make great savings and also provide financial protection to your near and dear ones.
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