As we cruise through the various stages of life, our financial requirements change with the added burden of uncertainties and contingencies along the way. The best way to ensure your family’s financial protection and fulfill their dreams in the event of any unfortunate event is through a life insurance plan.Read more
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Tata AIA Monthly Income Plan is a non-participating, non-linked individual life insurance savings plan. It offers financial security to you and your dependents through a monthly income plan. This plan can both meet your immediate needs and help you plan your future needs and protection of your loved ones.
Some key features of the plan are:
This plan offers you the flexibility to choose your monthly income for either 10, 16, or 24 years.
There is an option of a significant premium boost that can help increase your monthly income.
You can choose the policy term as either 5, 8, or 12 years.
This plan offers you life cover that can secure your loved ones.
This plan offers you enhanced protection along with optional riders
There are tax benefits for this plan of the Income Tax Act under Section 10 and Section 80C. (Tax benefit is subject to changes in tax laws.)
This plan offers a Grace period of 15 days for the monthly mode and 30 days for all other modes within which the premium must be paid. If the premium is not paid within this time and the policy has not acquired surrender value, the plan will lapse, and no benefits will be payable.
If the plan is not revived within the grace period and the policy is not surrendered, you can revive the policy within five years after the due date of the first unpaid premium.
The basic sum assured for this policy is calculated as 11 times the annualized premium.
The premium for this policy can be paid annually, quarterly, half-yearly, or monthly.
First, you must choose the policy term, premium payment term, and amount to be paid. You can choose the policy term from 5/8/12 years and the monthly income term of 10/16/24 years.
The annualized premium will be 11 times the basic sum assured.
If the policyholder lives through the policy term, he will receive the maturity benefit of monthly income guaranteed for the pre-determined policy term.
If the policyholder dies during the policy or income term, the death benefit will be paid to the beneficiary.
You can also receive a significant premium boost based on the annualized premium and the premium payment term. It is calculated as a percentage that will be added to your monthly income.
You can enhance your Tata AIA Monthly Income Plan cover with the following additional riders:
Accidental Death and Dismemberment Rider: This rider ensures the protection of the insured’s family by paying the nominee an amount equal to the rider sum assured in the event of accidental death.
Waiver of Premium Plus: This rider waives all future premiums on the basic policy if the subscriber dies or becomes permanently disabled before he turns 70 or the conclusion of the basic plan's premium payment period, whichever comes first.
|Premium Payment Term||5 years||8 years||12 years|
|Policy Term||5 years||8 years||12 years|
|Income Term||10 years||16 years||24 years|
|Minimum Entry Age||13 (for policy term 5 years) 10 (for policy term 8 years) 6 (for policy term 12 years)|
|Maximum Entry Age||60 (for policy term 5 years) 60(for policy term 8 years) 55 (for policy term 12 years)|
|Maximum Maturity Age||65 (for policy term 5 years) 68 (for policy term 8 years) 67 (for policy term 12 years)|
|Minimum Annualized Premium||Rs. 75,000 per annum (for policy term 5 years) Rs. 50,000 per annum (for policy term 8 years) Rs. 36,000 per annum (for policy term 12 years|
|Maximum Annualized Premium||No limit|
|Basic Sum Assured||11 times the annualized premium|
|Premium payment mode||Annual/Half Yearly/Quarterly/Monthly|
Major benefits of the plan are:
Provided the policy is in effect and all the premiums have been paid up to date, a Guaranteed Monthly Income is paid in arrears to the insured during the income term.
The income term begins from the end of the first month and ends after the end of the policy term. The Guaranteed monthly income is calculated as a percentage of Total Premiums paid based on the entry age and the policy term.
The nominee receives the Death Benefit if the insured dies during the policy term and the policy are still in force. "Sum Assured on Death" is the highest of the following:
11 times the Annualized Premium
105% of the total premiums paid up to the date of death
Guaranteed Sum Assured on Maturity
Absolute Sum Assured to be paid on death
In the event of death of the insured within the income term, all the future Guaranteed Monthly Income would be paid to the beneficiary. The beneficiary can also choose to receive this income as a lump sum at the time of death.
The policyholder can avail of a loan against the policy for an amount within 80% of the Surrender Value. The interest rate applicable on the bank loan will be equal to the current rate of any public sector bank.
The policy can be surrendered any time during the policy tenure, but it must have acquired a Surrender Value after at least the first two years of premiums have been paid. The Surrender Value is higher than the Guaranteed Surrender Value and Special Surrender Value.
The Tata AIA Monthly Income policy premiums are tax-deductible under Section 80C of the Internal Revenue Code.
To buy Tata AIA Monthly Income Plan, you must furnish the following supporting documents:
Valid document for identity proof such as Aadhar card, Passport, or Driver’s license
Valid document for Address proof such as Aadhar card, passport, driving license, or voter’s card.
Valid document for Income proof such as Income tax returns or salary slips
The Tata AIA Monthly Income Plan cannot be purchased online. To buy this plan, the subscriber must:
Visit the nearest Tata AIA Life Insurance branch office or schedule a meeting with a Tata AIA life insurance agent online.
Based on personal details, the Tata AIA Monthly Income Insurance Calculator will suggest an appropriate premium and sum assured.
The subscriber must provide all personal details and fill out the application form.
They must make the premium payment through cheque to activate the policy.
The Tata AIA Monthly Income plan excludes death by suicide.
If the insured passes away due to suicide within 12 months after the policy's initial date or revival date, the beneficiary or nominee can receive:
at least 80% of the total premiums paid up to the date of death
or the surrender value of the policy at the time of death
Whichever is higher, the amount is given to the beneficiary.
The Tata AIA Monthly Income Plan is ideal as it can accommodate your requirements for today’s needs as well as allows you to plan a comfortable future for yourself and your loved ones. This Tata AIA Life Insurance plan can enable you to fall back on a steady stream of income to meet your needs at every stage of life.
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