Tata AIA Life Guaranteed Returns Insurance Plan Calculator

TATA AIA Life Guaranteed Returns Insurance Plan Calculator allows the insurance buyer to calculate the premium rate. The customers can make an informed decision while choosing any plan offered by Tata AIA Life Insurance Company. The insurance company is jointly owned by Tata sons group and AIA group.

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** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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The company offers multiple insurance products to its customers ranging from savings plan, health care, child's plan, protection plan, group plan, and micro-insurance plans. 

Why Should you use a Return Insurance Plan Calculator?

The online calculator provides insight to the customers by comparing various products available on the insurer's website. The customer can choose the convenient plan according to his monthly income without financial strain.

The online calculators are available for various insurance plans such as term plans, savings plans, and retirement plans. The customer can choose one of the calculators according to his need and arrive at the right plan suited for him. Each calculator is pre-programmed to help the customer with his premium calculation.

Some of the reasons why you should use a return insurance plan calculator:

  • The online calculator is used to compute the premium rate, sum assured, and policy terms.
  • It helps the customer to understand his financial goals such as savings, marriage, or a vacation.
  • The crucial aspect of the online calculator is its ability to compare different products.
  • The customer can get online recommendations for choosing the premium rate and sum assured.
  • It helps the customer understand if the plan selected is budget-friendly.

The Process to use Tata AIA life Guaranteed Returns Insurance Plan Calculator

The online calculator is easily accessible on the official website of the insurer. The Tata AIA life insurance plan calculator is easy to use and customer-friendly. The customer needs to choose the calculator according to his chosen plan. The process to use the online calculator is as follows: 

  1. Provide Mandatory Information

    The customer needs to enter his basic details such as his name, date of birth, gender, monthly income. It may also ask for health conditions, smoking habits, dependents, etc. The customer must ensure that the essential details are entered flawlessly.

  2. Enter the Sum Assured 

    The customer needs to enter the desired amount to be returned as a sum assured. The customer needs to consider personal factors such as family members, children's milestones, etc. The policyholder can also choose to receive the sum assured as a lump sum or in deferred payments.

  3. Finalize the Policy Purchase 

    The customer can choose the plan suggested by the online calculator, or he can choose to recalculate the premium and sum assured before purchasing the plan. The customer needs to ensure that the premium rate is reasonable and payable. 

Advantages of Tata AIA life Guaranteed Returns Insurance Plan Calculator

The returns insurance plan calculator is used to calculate the amount of savings one would accumulate at the end of the policy term. Some of the advantages of using an online calculator are as follows.

  1. Calculate Premium

    The primary function of the online calculator is to provide an estimate of the premium required by the customer to attain his financial goals. The calculator considers various factors such as the policyholder's age, income, and the current interest rate to arrive at an approximate amount.

  2. Time-Saving Process

    An online calculator is an efficient tool that provides premium calculation at a brisk pace reducing the manual effort and the human errors associated with it. It eliminates the need for the customers to visit the branch offices of the insurer to make clarifications concerning their premiums and other queries related to the chosen plan.

  3. Cost-Effective Solution

    The applicant can calculate the premium rates and get a detailed understanding of the amount needed to achieve his financial goal. The online calculator is available at the insurer's website for free of charge. The insurer has designed the calculator to both existing customers, and new customers benefit from the online tool.

  4. Transparency

    The online calculator provides anticipated profits with excellent transparency, making it a reliable tool for the customers.

  5. Flexibility

    The customer has the option to recalculate the premium amount with varying policy terms and monthly income.

  6. Supports Decisions to Invest

    The calculator provides expected returns under various economic conditions, making it a useful online tool to make an informed decision.

  7. Round-the-Clock Accessibility

    The customer can access the online tool from any location and from different time zones as available throughout the day and during the night using internet service. The customer can also use the social media pages of the insurer to access the calculator or the insurer's mobile app to utilize the features.

Information required while using Tata AIA life Guaranteed Returns Insurance Plan Calculator

The applicant can calculate the returns of the chosen plan by providing the following information:

  • The applicant needs to enter the essential details such as name, gender, and monthly income
  • The calculator might also prompt the customer to provide his date of birth.
  • The applicant will be prompted to provide his medical details related to illnesses or drugs.
  • The applicant must consider factors such as his financial goals and children's milestones before proceeding with a plan.
  • The customer needs to enter the sum assured and the tenure of life cover.

Benefits of buying Tata AIA life Guaranteed Returns Insurance Plan

The Tata AIA Life Insurance Guaranteed Return Insurance Plan is a savings cum retirement plan that helps the policyholder save for the rainy day and sail through significant milestones in life effortlessly. The policyholder can take advantage of the life insurance coverage cum savings option customized to meet the customers' requirements. Some of the advantages of purchasing the guaranteed returns plan are as follows:

  1. Death Benefit

    The policyholder can choose the death benefit from the three of the below options as per convenience.

    1. Endowment

      The insurer will choose to terminate the plan on the death of the policyholder. If the policyholder dies during the policy term, the insurer will pay the nominee the sum assured on maturity multiplied by the RPU factor. The nominee also receives accrued guaranteed additions along with the sum assured. The benefit will be calculated by considering the minimum of the hundred and five percent of the total premiums paid until the policyholder's death.

    2. Regular Income

      The insurer will choose to terminate the plan on the death of the life insured. If the policyholder's death occurs during the policy term, then the death benefit is calculated by multiplying the sum assured on death with the RPU factor. The benefit will be a minimum of a hundred and five percent of the total premiums paid by the policyholder until his death. If the life insured dies during the income term, the company would pay all the future income to the nominee or the legal heir of the policyholder. The nominee can opt to receive the scaled-down amount of the future income at a reduced rate of seven percent per annum. The reduction in rate is provided according to the terms and conditions of the IRDAI, and the rate fluctuates according to the bond yields.

    3. Whole Life Income

      Single Life

      If the life insured loses his life while the policy is in force, the insurer will pay the benefit by calculating the sum assured multiplied by the RPU factor. The insurer will pay a minimum of hundred and five percent of the total premiums paid by the life insured till the time of his death. The insurer will discontinue the policy upon the policyholder's death, and the insurer is not liable to pay other benefits under the policy. If the policyholder dies after the policy term, the insurer will pay the customer's total premium till his death.

      Joint Life

      In this case, the death benefit calculation is similar to single life and the regular income where the insurer pays hundred and five percent of the total premiums paid by the policyholder till his death. For joint life, the insurer will terminate the policy only after the death of the second life. The company is not liable to pay the death benefit on the policyholder's death, and the sum assured is paid only after the death of the second life.

  2. Creation of Wealth

    The guaranteed returns plan provides an opportunity for the policyholder to create wealth for a longer duration. The investor, with patience and discipline, can create a large corpus for his family. The policyholder can also use the plan to draw income for the corpus created, thereby attaining financial independence. The customer can also plan to fund his child's milestones such as post-graduation, marriage, or buying a house. The plan provides stable and risk-free returns as it is not linked to the markets, providing the policyholder with peace of mind.

  3. Flexible-Premium Payment

    The policyholder is given various choices to pay the premium. The guaranteed returns offer four payment modes: single premium mode, annual payment mode, half-yearly, monthly, and quarterly payment mode.

  4. Flexible Policy Term

    According to his profession, the policyholder can choose from different policy terms, financial goals, and other liabilities. The policyholder can choose from three plans: endowment plan, regular income plan, and whole life income plan. It also offers a joint cover for the policyholder's spouse and provides additional plans such as rider plan and dismemberment plan.

  5. Tax Benefits

    The policyholder can avail of tax benefits according to the laws drafted by the income tax department. The policyholder can avail of tax benefits for the premium paid and for the benefits received.

    *Tax benefit is subject to changes in tax laws. Standard T&C apply.

Tata AIA Life Guaranteed Returns Insurance Plan Rates 

The guaranteed returns plan is a unique scheme that considers various factors such as savings, insurance cover, death benefits, and income plan. The customer needs to analyse his needs before choosing the plan. The premium rates of the plan depend on the following factors.

  • The policyholder needs to pay a minimum premium amount of Rs.24,000 per annum.
  • The policy terms vary according to the options chosen.
  • The endowment option provides the premium payment term of five, six avid ten years with a policy term of ten years, twelve, and twenty years.
  • The minimum age of entry for the endowment plan is eight, six, and zero years, with a maximum age limit of sixty and fifty-five years, respectively.
  • The regular income option provides a payment term of ten and twelve years with a policy term of eleven and thirteen years.
  • The minimum age of entry is seven and five years, with a maximum age limit of 55.
  • The real-life income option provides a single premium payment and a payment term of five and ten years, respectively. 
  • The policy term is five and ten years, respectively.
  • The minimum entry age is 45 years, with a maximum age limit of 65 years.
  • The real-life income option also provides a joint life cover for the spouse of the policyholder.

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