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  • Tata Aia Wealth Pro 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

    For customers who wish to invest their savings and yield a high return which can be used for their retirement, wedding, child’s education, etc., the non-participating unit linked endowment Tata AIA Life Insurance Wealth Pro Plan is just for them. The Tata AIA Life Insurance Wealth Pro Plan comes with flexible premium payment options, 11 investment funds to choose from and additional benefits such as loyalty additions , etc.

     

    Eligibility -Who is the Tata AIA Life Insurance Wealth Pro Plan for?

    To be eligible for the Tata AIA Life Insurance Wealth Pro Plan, customers need to meet certain criteria.

    Parameters Details
    Entry Age Minimum: 0 years (30 days) Maximum: 60 years
    Maturity Age Minimum: 18 years Maximum: 75 years
    Policy Term 15-40 years

     

    Sum Assured and Premium Range - What you get and what it costs

    Sum assured: The sum assured depends on the premium chosen by the policyholder and the policy term.

    Premium: The minimum premium for the for the Single Pay Premium mode is Rs.5 lakh per annum while the for the Regular Pay Premium mode, the minimum premium is Rs.2.5 lakh per annum.

    Parameters Details
    Policy Term 15 years to 40 years
    Premium Paying Term Single - 5 years, 7 years, 10 years Regular - 15 and 20 years
    Premium Frequency Annual, half-yearly, quarterly, monthly
    Premium Amount Minimum: Single Pay - Rs.5 lakh Regular Pay - 2.5 lakh Maximum: No limit

    The Tata AIA Life Insurance Wealth Pro Plan comes with maturity benefits and death benefits.

    Death Benefits In case of untimely death of the policyholder, the nominee is entitled to:
    • 1.25 times of the annualised premiums for the Single Pay Premium mode.
    • 10 times the annualised premiums for the Regular or Limited Pay Premium Mode.
    • Fund value at the date of death.
    Maturity Benefits Policyholders are entitled to the fund value of their investments at the point of maturity.

     

    Riders / Add-On Plans – Additional coverage under the Tata AIA Life Insurance Wealth Pro Plan

    The Tata AIA Life Insurance Wealth Pro Plan comes with the benefit of three additional riders. They are as follows:

    • Tata AIA Life Insurance Accidental Death and Dismemberment: In case of accidental death or dismemberment of the policyholder, the nominee is entitled to an equal amount of the sum assured at that point. To be eligible for this rider, the minimum entry age is 18 years and the maximum is 60 years of age, while the maturity age for this rider is 70 years. For the 5 and 7 year policy term, the nominee is entitled to a maximum of 50% of the sum assured and 100% for other premium paying terms in case of untimely death of the policyholder.
    • Tata AIA Life Insurance Waiver of Premium (Linked) Rider: The Tata AIA Life Insurance Waiver of Premium (Linked) Rider promises a waiver in premiums following the disability of the policyholder, provided he/she is below the age of 65 years. The entry age of the Tata AIA Life Insurance Waiver of Premium Rider is a minimum of 18 years with the maximum being 60 years. The maturity age of the Tata AIA Life Insurance Waiver of Premium (Linked) Rider is 65 years.
    • Tata AIA Life Insurance Waiver of Premium Plus (Linked): The Tata AIA Life Insurance Waiver of Premium Plus offers a waiver in premiums following accidental death or disability of the policyholder. The minimum entry age for the Tata AIA Life Insurance Waiver of Premium Plus is 18 years while the maximum is 57 years. The maximum maturity age is 65 years.

     

    Rider Entry Age Maturity Age
    Tata AIA Life Insurance Accidental Death and Dismemberment Minimum: 18 years Maximum: 60 years 70 years
    Tata AIA Life Insurance Waiver of Premium (Linked) Rider Minimum: 18 years Maximum: 60 years 65 years
    Tata AIA Life Insurance Waiver of Premium Plus (Linked) Minimum: 18 years Maximum: 57 years 65 years

     

    Exclusions - What the Tata AIA Life Insurance Wealth Pro Plan doesn’t cover

    If the policyholder commits suicide within 12 months of the commencement of the policy, the nominee will receive the fund value of the policy at that point. No other benefits are applicable.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    The key features of the Tata AIA Life Insurance Wealth Pro Plan are listed below.

    Loyalty Additions For the Regular Premium accounts, a loyalty addition of 0.20% is added to the fund unit every year from the commencement of 11th year of the policy term till the year of maturity. For the Single Premium accounts, a loyalty addition of 0.35% is added to the fund unit every year from the commencement of the 6th policy year till the point of maturity of the term.
    Top-ups Policyholders can choose to top-up their premiums except in the last five years of the policy. The top-up comes with a lock-in period of 5 years and the minimum top-up a policyholder can make is Rs.5,000.
    Withdrawals In case of an emergency, policyholders can make partial withdrawals only after 5 years of holding the policy. The conditions to make a partial withdrawal are listed as follows:
    • Partial withdrawal from the top-up premium fund can be made only after 5 years from the commencement of the policy.
    • Policyholders can make a minimum partial withdrawal of Rs.5,000 for the regular premium policy and the single premium policy.
    • The minimum age to make a partial withdrawal is 18 years.
    • Partial withdrawals should be first made from the top-up premium fund and if the money is insufficient, the policyholder can make withdrawals from the single and regular premium funds.
    • Policyholders are granted 4 partial withdrawals in a year.
    Switching Policyholders can switch between funds up to 12 times a year for free. Having said that, if the policyholder has chosen Enhanced SMART, there are a few restrictions.
    Discontinuance If the policyholder fails to pay the premium and chooses to discontinue the policy within 5 years from the commencement of the policy, the policy is automatically shifted to a discontinued policy and the fund value minus the discontinuance and cancellation charges are paid to the policyholder. If the policyholder discontinues the policy after the lock-in period, the complete fund value at that point is paid. In case of death of the policyholder, the complete fund value is paid to the nominee.
    Grace period Policyholders are granted a grace period of 30 days for the annual, half-yearly and quarterly mode and 15 days for the monthly mode to pay the premium.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with the terms and conditions of the policy, they can return it within the free-look period.
    Nominations Policyholders can make nominations as per provisions of Section 39 of the Insurance Act, 1938. In case of untimely death of the policyholder, the nominee will receive the fund value of the policy at that point.
    Assignments Policyholders can make assignments as per Section 38 of the Insurance Act, 1938.

     

    Tax Benefits – How you can save with the Tata AIA Life Insurance Wealth Pro Plan

    In accordance with the Income Tax Act 1961, policyholders of the Tata AIA Life Insurance Wealth Pro Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

    Other benefits – How you can save with the Tata AIA Life Insurance Wealth Pro Plan

    Policyholders can choose to invest in any of the 11 investment funds. The choice may depend largely on the risk profile of the fund.

    Investment Fund Asset Allocation Risk
    Equity and Equity linked Instruments Debt and Cash / Money Market Instruments
    Super Select Equity Fund   Minimum: 60% Maximum: 100% Minimum:0% Maximum 40% High
    Large Cap Equity Fund   Minimum: 80% Maximum: 100% Minimum:0% Maximum 20% High
    Whole Life Mid Cap Equity Fund   Minimum: 60% Maximum: 100% Minimum:0% Maximum 40% High
    Whole Life Aggressive Growth Fund   Minimum: 50% Maximum: 80% Minimum:20% Maximum 50% (Debt Instruments) Minimum:0% Maximum: 30% (Money Market Instruments) Medium To High
    Whole Life Stable Growth Fund   Minimum: 30% Maximum: 50% Minimum:50% Maximum 70% (Debt Instruments) Minimum:0% Maximum: 20% (Money Market Instruments) Low to Medium
    Whole Life Income Fund   - Minimum:60% Maximum: 100% (Debt Instruments) Minimum:0% Maximum: 40% (Money Market Instruments) Low
    Whole Life Short-Term Fixed Income Fund   - Minimum:60% Maximum: 100% (Debt Instruments) Minimum:0% Maximum: 40% (Money Market Instruments) Low

     

    Why you should buy the Tata AIA Life Insurance Wealth Pro Plan from Tata AIA Life Insurance

    Currently, Tata AIA Life Insurance is the largest independent insurer in the country spanning 18 markets across Asia Pacific. In 2016, the company recorded an 85% growth in the sale of insurance products and currently has a claim settlement ratio of 96.8%. Over the years, Tata AIA Life Insurance has garnered awards such as the AON Best Employers Award for 2016 and 2017, and the Golden Peacock Award for Risk Management 2016.