The Tata AIA Life Insurance InvestOne Plan is a non-participating, unit-linked endowment insurance plan that offers policyholders life coverage as well as a chance to build their wealth through investing in the market. The policy is ideal for individuals who wish to benefit from comprehensive life coverage along with loyalty additions and guaranteed maturity benefits. Policyholders can also choose their investment strategy based on their risk appetite, enabling them to personalise it to suit their individual needs.
The term insurance plan from Tata AIA is ideal for individuals who are looking at life cover as well as earning from their insurance policy. The plan provides policyholder with a choice of investment funds to choose from based on their risk appetite as well as the chance to customise the policy. This is a single holder plan, with the life cover extending to the policyholder only. While the policy is open to all Indian residents, there are some additional criteria that a future policyholder has to meet:
|Minimum age at entry||30 days|
|Maximum age at entry||60 years|
|Minimum maturity age||18 years|
|Maximum maturity age||75 years|
|Policy term||15 to 30 years|
|Premium paying term||Single pay|
The amount that the company guarantees a policyholder excluding tax and any additional benefits is known as the sum assured. Under this endowment plan, the sum assured amounts are as mentioned in the table:
|Minimum sum assured||1.25 times the single premium|
|Maximum sum assured||Entry age||Max multiples of single premium|
|0- 20 years||5|
|21- 29 years||3|
The premium amount is payable by the policyholder for the life cover provided by the insurance company. The minimum premium amount under this policy is Rs.1 lakh. There is no maximum amount, though premiums should be in multiples of Rs.1,000.
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The Tata AIA Life Insurance InvestOne Plan provides a number of benefits to policyholders, which are listed in the below table:
|Guaranteed maturity addition||The policy provides policyholders with guaranteed maturity additions at 5% of the units in each fund upon maturity.|
|Death benefit||Nominees will receive the highest of the following in the event of the policyholder’s death during the policy term:
|Loyalty additions||From the 10th policy year onwards, 1% units will be added to the existing units in all funds at every 5th policy anniversary. Each year, 0.4% additional units will be added to each fund.|
Additional coverage under the Tata AIA Life Insurance InvestOne Plan
The endowment policy offering from Tata AIA offers policyholders the chance to enhance their coverage by opting for riders. These riders can be added to an existing policy at an additional cost. The riders associated with this plan are as follows:
While the plan offers policyholders a plethora of benefits and features, there are certain exclusions in which case the company will not be liable to pay any benefit. In the event of the policyholder committing suicide within one year of the policy inception or one year of its renewal, no death benefit will be paid.
The nominee will instead receive the fund value at the time of death.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
The insurance policy offers policyholders with additional benefits and features such as those listed below:
|Premium top-ups||Policyholders can top up their premium during the policy term. The minimum amount is Rs.5,000 and each top up has a 5-year lock-in period. The policy can be topped up a maximum of 4 times in a policy year.|
|Partial withdrawals||Partial withdrawals can be made after the 5th policy year. The minimum withdrawal amount is Rs.5,000 per withdrawal. The total fund value cannot fall below 50% of the single premium amount paid.|
|Choice of investment avenue||Policyholders can choose to invest in any of the 8 funds or pick a portfolio strategy based on individual risk appetites.|
|Settlement option||If the policyholder survives till maturity, he/she can choose to receive the benefits in a lump sum or over a period of time, known as a settlement period. The maximum settlement period is 5 years following the policy maturity date.|
|Free-look period||Policyholders can choose to return the policy without charge during the free-look period if he/she is dissatisfied with the terms. The free-look period is 15 days (30 days for distance marketing policies).|
|Grace period||Since this is a single pay policy, there is no grace period.|
|Surrender value||Policyholders who wish to discontinue the policy can do so by notifying the company. If the policy is surrendered during the lock-in period, the fund value after deductions will be paid after the lock-in period ends. In other circumstances, the fund value as on date of surrender will be paid.|
|Loans||No loans can be taken out against the policy.|
|Assignment and nomination||The policy allows for assignment and nomination as per prevailing laws.|
Policyholders can avail tax benefits under Section 80C of the Income Tax Act of 1961. Under this provision, policyholders stand to receive tax benefits on the premium amount paid, subject to stipulated conditions.
It is to be noted that tax benefits are subject to change. Policyholders should consult tax advisors for further information on tax benefits they are eligible for.
The Tata AIA Life Insurance InvestOne Plan offers policyholders a number of benefits. In addition to the plan benefits, Tata AIA policyholders stand to benefit from their prompt and efficient customer care service. Policyholders can contact the company through mail, telephone as well as live chat to resolve any queries.
Individuals who wish to know the premium amount payable for a particular sum assured merely have to visit the company’s website and access the premium calculator. Individuals will have to input the policy name, tenure, sum assured and other details, upon which they will be presented with the premium amount payable.
Policyholders have access to all policy-related information online, making it easier for them to keep up with premium payments or track a claim.
The Tata AIA Life Insurance Company is one of the leading life insurance companies in the country. A joint venture between Tata Sons and the AIA Group, it blends intrinsic market knowledge with decades of insurance expertise. The company provides customers with a wide range of policy options to choose from through their vast network of branches, ensuring ease of accessibility.
Boasting a claim settlement ratio of 96.8% for the year 2015-16, the company has seen its business grow by leaps and bounds thanks to its stellar customer service and one of the quickest claim settlement procedures in the industry.
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