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Tata AIA Life Insurance Freedom Plan

What is the Plan all About?

Tata AIA Life Insurance Freedom is a non-linked & participating traditional pension plan that helps you to accumulate savings, so you can enjoy your golden years. This plan aims to grow the retirement corpus with the help of guaranteed additions and the addition of Compounded Reversionary Bonus. Investing in this plan ensures you to enjoy the best years of your life.

You can choose from 2 retirement plan options:

  • Option 1: With vesting age of 55 years
  • Option 2: With vesting age of 60 years

What are the Key Features?

  • Boost Retirement corpus through bonuses
  • Enjoy Guaranteed Additions
  • Two Retirement plan options
  • Optional Rider to enhance protection
  • Flexible policy term to suit retirement needs
  • Lower premium rates for female insured
  • Large Sum Assured Discount
  • Tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured, Sum Assured on Death plus Accrued Guaranteed Additions till death plus vested Compound Reversionary Bonus and Terminal Bonus is payable.

    Here, Sum Assured on Death is higher of Absolute amount assured to be paid on death, Guaranteed Sum Assured on Maturity or 11 times of annualized premium.

    The total death benefit is subject to a minimum of 105% of Total Premiums Paid, till the date of death.

Maturity Benefit

    The maturity benefit payable is the Guaranteed Sum Assured on Maturity plus the vested Compound Reversionary Bonus and Terminal Bonus. This benefit is payable, in case the policy is in-force and the premiums have been paid in full.

Survival Benefit

    The accrued Guaranteed Additions are payable at the beginning of the last policy year. Guaranteed Additions equal to 10% p.a of annualized premium accrue to the policy at the beginning of each policy year till completion of the premium payment term.

    These Guaranteed Additions are payable at the beginning of the last policy year or on early Death or Surrender.

Bonus

    Compound Reversionary Bonus (CRB) is accrued every year from the 1st policy anniversary and it is payable on death or maturity or surrender. CRB is declared annually and credited on policy anniversary. Terminal Bonus is a percentage of the Basic Sum Assured and it is payable on death or Surrender or on maturity, in case at least 7 full annual premiums have been paid.

Loan Benefit

    This policy offers loan benefit that can be availed up to 65% of Surrender Value.

Surrender Value

    The surrender value can be acquired on payment of at least first full policy year’s premium has been paid. The surrender value payable is the higher of Guaranteed Surrender Value or Special Surrender Value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 25 Years 45 Years (Retirement Option 1), 50 Years (Retirement Option 2)
Maturity Age - 55 Years (Retirement Option 1), 60 Years (Retirement Option 2)
Policy Tenure 10 Years 30 Years (Retirement Option 1), 35 Years (Retirement Option 2)
Premium Paying Term 7/10 Years (For Policy Term 10 To 14 Years), 7/10/15 Years (For Policy Term 15 Years And Above) -
Premium Paying Mode Annually, Semi Annually & Monthly -
Basic Sum Assured Rs 2,00,000 Based On Underwriting Limit
Premium Amount As Per Minimum Sum Assured -
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?

Tata AIA Life Insurance Accidental Death and Dismemberment Rider (Long Scale) (ADDL) Rider, can be opted on payment of additional rider premium.

Is the Plan, eligible for Tax Benefit?

Premium paid under this policy is eligible for tax benefits under section 80C and the policy proceeds also enjoy tax benefits under section 10(10D) of the Income Tax Act, 1961.

How the Plan Works?

Rohan aged at 30 years is planning for his retirement and is looking to accumulate good corpus, so he can enjoy the same lifestyle after the retirement. He chooses to buy Tata AIA Life Insurance Freedom (Retirement Option 1) with the policy term of 25 years, premium payment term of 10 years, basic sum assured is Rs 10 Lacs with the annual premium of Rs 1,08,690.

Scenario I: Rohan Survives the Policy Term

In case of Rohan’s survival till maturity/vesting, the maturity benefit payable is the Guaranteed Sum Assured on Maturity, accrued Guaranteed Additions along with the vested Compound Reversionary Bonus and Terminal Bonus.

Tata AIA Life Insurance Freedom Plan Scenario-1

Scenario II: Rohan dies during the Term of the Policy

In the event of the demise of Rohan during the policy term, the Sum Assured on Death plus Accrued Guaranteed Additions till death plus vested Compound Reversionary Bonus and Terminal Bonus is payable to the nominee.

 Tata AIA Life Insurance Freedom Plan Scenario-2