"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Tata Aia Super Achiever 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

    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.

     

    Eligibility - Who is the Tata AIA Life Insurance Super Achiever Plan for?

     

    In order to avail this plan, individuals will have to meet the following eligibility criteria:

     

    Plan Parameters Details
    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

     

    Sum Assured:

    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

     

    Premium Range:

    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
    • Basic Sum Assured
    • 105% of the total amount of Regular Premiums paid
    Additionally, premium benefit funding will get activated wherein 100% of future regular premiums will be paid as when they are due. Apart from this the following is also payable - Higher of
    • Top-Up Sum Assured
    • 105% of the complete top-up premium that has been paid
    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

     

    Exclusions - What the Tata AIA Life Insurance Super Achiever Plan does not cover

     

    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.

     

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    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.
    Premium discontinuance
    • Discontinuance within a period of 5 years from commencement date -
      • Policyholder can either revive policy after a period of 2 years from the discontinuance date or
      • Withdraw from policy without any risk cover
    • Discontinuance after a period of 5 years from commencement date -
      • Policyholder can either revive policy after a period of 2 years from the discontinuance date or
      • Withdraw from policy without any risk cover or
      • Convert this policy into a Reduced Paid Up policy.

     

    Tax Benefits - How you can save with the Tata AIA Life Insurance Super Achiever Plan

     

    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.

    Other benefits - How you can save with the Tata AIA Life Insurance Super Achiever Plan

    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.

    Why you should buy the Super Achiever Plan from Tata AIA Life Insurance

    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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