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.
To be eligible for the Tata AIA Life Insurance Wealth Pro Plan, customers need to meet certain criteria.
|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: 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.
|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:
|Maturity Benefits||Policyholders are entitled to the fund value of their investments at the point of maturity.|
The Tata AIA Life Insurance Wealth Pro Plan comes with the benefit of three additional riders. They are as follows:
|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|
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.
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:
|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.|
In accordance with the Income Tax Act 1961, policyholders of the Tata AIA Life Insurance Wealth Pro Plan can avail tax benefits under:
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|
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.