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Tata AIA Money Back Plus Plan

What is the Plan all About?

Tata AIA Money Back Plus is a non linked, participating, money back insurance plan. The plan ensures that you have  periodic payouts  cater to different milestones of your life with life cover.The plan offers you the flexibility to choose your policy term to build a strong saving foundation with adequate financial protection to make your future bright and protected.

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What are the Key Features?

  • Offers survival payouts up to 130% of sum assured
  • Guaranteed Life cover regardless of the survival payouts
  • In built Accidental Death Benefit
  • Limited premium payment term and lifetime coverage
  • Boost your savings through bonus
  • Guaranteed lump sum maturity proceeds
  • Rebate on opting high sum assured
  • Offers tax benefits as per Income Tax Laws

What are the Plan Benefits?

Death Benefit

    In the event of an unfortunate demise of the life insured, the nominee will receive the Death sum assured along with the compound, reversionary and terminal bonus, if any. This aggregate  amount will be subject to a minimum of 105% of total Premiums Paid, as on the date of death. Where, "Sum Assured on death' shall be the higher of the following:

    • 10 times Annualised Premium
    • Basic Sum Assured

    The above Death Benefit will be payable irrespective of the Regular Payouts (survival benefits) already paid.

Accidental Death Benefit

    In the event of an accidental death of the life insured, an additional amount equal to the basic sum assured is payable to the nominee.

Survival Benefit

    The plan offers survival benefit as a percentage of basic sum assured at regular intervals on the condition that all due premiums are duly paid.

    The survival benefits payable are as follows:

    Tata AIA

Maturity Benefit

    Maturity benefit is payable on the survival of the life assured till the end of the policy term. The Maturity benefit payable is  the "Guaranteed Sum Assured " which is defined as a percentage of the Basic Sum Assured, depending on the option chosen, as provided below:

    • Option 1: 50% of the Basic Sum Assured
    • Option 2: 60% of the Basic Sum Assured
    • Option 3: 70% of the Basic Sum Assured

Bonus

    The plan is eligible for bonus as it is a participating plan which offers reversionary and terminal bonus as and when due.

Loan Benefit

    The policy offers loan benefit up to 65% of the surrender value.

Surrender Value

    The policy can be surrendered any time during the term of the policy, provided at least first full year's premium has been paid. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

Tax Benefit

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 2 Years 51 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 16/20 Years 24 Years
Premium Paying Term 8 Pay (for 16 Year Policy Term) 10 Pay (for 20 Year Policy Term) 12 Pay (for 24 Year Policy Term) -
Premium Paying Mode Annually, Semi Annually, And Monthly -
Premium Amount - -
Sum Assured Rs 2,00,000 (in The Multiples Of 1,000) No Limit Subject To Underwriting
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No additional riders are available under this plan.

How the Plan Works?

Let us understand how the plan works:

  • Choose the Plan Option that suits your need
  • Choose the Basic Sum Assured as per your need and requirement
  • Choose the Policy Term as per your goal
  •  Your premium will be calculated basis Age, Policy Term, Basic Sum Assured, Premium Payment Mode chosen

Let us assume you have opted for a policy term of 16 years with premium payment term of 8 years.The policy works as follows:

Tata AIA Money Back Plus

Benefit Illustration:

Following are the benefits payable at the given ages for policy term 20 years and premium payment term 10 years for a healthy life and for standard age proof:- All amount in INR:

Tata AIA Money Back Plus 1