Children are one of the greatest joys in an individual’s life and apart from providing a reason to celebrate, it also signifies a new beginning for parents. Taking care of a child is perhaps one of the most fulfilling yet difficult experiences. It is imperative for individuals to ensure that the future of their child is taken care of with respect to their health and education. The Tata AIA Life Insurance Super Achiever Plan is the perfect plan to ensure the same. This Unit Linked Child Endowment Plan is non-participating and provides benefits even in case of untimely demise of the policyholder. Lucrative returns on maturity, option to enhance investment and settlement options are just some of the benefits provided by this policy.
Policyholders can choose from eight Fund Options and can also avail enhanced automatic asset allocation and profit investment portfolio strategy.
In order to avail this plan, individuals will have to meet the following eligibility criteria:
|Minimum Age of Entry of Policyholder(in years)||25|
|Maximum Age of Entry of Policyholder (in years)||50|
|Minimum Age of Entry of Nominee (in years)||0 (30 days)|
|Maximum Age of Entry of Nominee (in years)||17|
|Maximum Age at Maturity (in years)||70|
|Policy Tenure||10 years to 20 years|
Age mentioned is based on the last birthday of the policyholder or nominee.
Sum Assured and Premium Range - What you get and what it costs
The Sum Assured that is payable will depend on the policy tenure, premium payment tenure and the premium that the policyholder is paying.
|Basic Sum Assured||10X Annualised Premium|
The premium range varies based on the policy tenure, mode of payment and other factors.
|Premium Payment Tenure||10 years|
|Mode of Premium Payment||Yearly/Half-Yearly/Monthly|
|Minimum Premium||Rs.24,000 per year|
|Maximum Premium||No limit but is subject to underwriting policy that is Board approved.|
Customers should note that premium will vary based on location, age, premium payment tenure and other factors.
Plan Coverage - What the Tata AIA Life Insurance Super Achiever Plan
|Maturity Benefit||Upon policyholder’s survival until maturity, he/she will receive the Total Fund Value which is a sum of Top-up premium fund value that is value based on the applicable NAV or Net Asset Value and the Regular Premium fund value on the maturity date.|
|Death Benefit||In case of death of policyholder during the tenure of the policy, the nominee will receive -
A higher of
|Guaranteed Maturity Addition||Guaranteed Maturity Addition will be paid at the rate of 5% of units in each fund under the regular premium account will be credited to the select funds after the end of the policy tenure. This benefit will be provided only if the policy is in force and will not be paid on the Top-up premium account.|
Investment Fund Options
Customers have the option of choosing from eight different fund options based on their risk appetite. These options are -
|Fund Option||Risk Profile|
|Multi Cap Fund||High|
|India Consumption Fund||High|
|Large Cap Equity Fund||High|
|Whole Life Mid Cap Equity Fund||High|
|Whole Life Aggressive Growth Fund||Medium to High|
|Whole Life Stable Growth Fund||Low to Medium|
|Whole Life Income Fund||Low|
|Whole Life Short-Term Fixed Income Fund||Low|
In case of the policyholder’s death due to suicide within a period of 12 months from the date of policy commencement which is the same as the date of the policy inception or from date of policy revival, the nominee will be able to avail the fund value or the policy account value that is available on the date of the policyholder’s death.
Charges that have been recovered after the date of death will be paid back to the beneficiary or nominee along with the death benefit.
|Free Look Period||In case individuals are not satisfied with the policy, they have the option to return the same along with stated reasons, within a period of 15 days from the date of policy receipt. If the policy has been purchased through distance marketing methods, customers have a period of 30 days to return the same.|
|Policy Loan||This facility is not available for the Tata AIA Life Fortune Maxima plan.|
|Backdating||This facility is not available for the Tata AIA Life Fortune Maxima plan.|
|Assignment||Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938, as amended from time to time.|
|Nomination||Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938, as amended from time to time.|
|Grace Period||In case policyholders are not able to pay their premium amount on time, they will receive a grace period of 30 days to pay their premiums.|
|Fund Switching||During the tenure of the policy, individuals can switch their investment or a part of it from one fund to another. However, this facility may be restricted in case PROFIT or Enhanced AAAP is selected. In one policy year, 12 free switches can be allowed.|
|Premium Re-direction||Through this facility, individuals can allocate future premiums to a different set of funds or one different fund. Premium-Redirection charges will not be applicable.|
Individuals can save on their taxes by availing this plan.
All premiums that have been paid under this plan will be eligible for tax exemptions under Section 80C of the Income Tax Act of 1961 and are also subject to numerous modifications from time to time. Life Insurance proceeds, on the whole comes with tax benefits under Section 10(10D) of the Income Tax Act of 1961.
Tata AIA Life Insurance provides the best of products and services. In addition to providing unique plans, Tata AIA also provides the services of an advisor at the request of a customer. Additionally, the impeccable technology employed by this company allows individuals to apply for their plans online without having to visit a Tata AIA Life Insurance centre.
In case of queries, customers can get their doubts cleared by availing the ‘online chatting’ facility. Additionally, policyholders also have the option of gauging their premium by using the online premium calculator.
The brand ‘Tata’ brings to mind years of trust and goodwill along with customer friendly services. One of the most important providers of insurance, this insurance provider has a multitude of plans for every customer’s unique need. This company is also known for its high claim-settlement ratio and hassle-free plan availment process.
Employing the best in customer care services and technology, Tata AIA Life works to ensure that all their customers have the best experience and can avail plans in an easy manner. Tata AIA Life has also been the recipient of a number of awards in recognition of their services such as the Golden Peacock Award in 2016 for Risk Management and Aon Best Employer Award in 2017, among others.
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