Tata AIG Life launches two limited pay unit linked solutions
Tata AIG Life Insurance Company Limited today announced the launch of two new products – Tata AIG Life Insurance InvestAssure Gold Supreme, a non-participating Whole Life Unit Linked Insurance plan and Tata AIG Life Insurance InvestAssure Maximizer, a non participating Endowment Unit Linked Insurance plan. By paying premiums for just 5 or 7 years, a policyholder can avail of life insurance protection for the whole of life as also leave a legacy for their loved ones with Tata AIG Life Insurance InvestAssure Gold Supreme
With Tata AIG Life Insurance InvestAssure Maximizer, the policyholder can choose a life cover term ranging from 20 years to 40 years. Here also, he has to pay premiums for just 5 or 7 years. A unique feature of the plan is the choice of two life cover options – Premium Life Cover (death benefit is the combination of Sum Assured and Fund value) and Standard Life Cover (death benefit is higher of Sum Assured or Fund value)
In both the plans, the policyholders are entitled to loyalty additions of 0.25% of the regular premium fund value which will be paid to them every 5 years, starting from the 10th policy anniversary, provided the policy is inforce and the insured is alive on the relevant policy anniversary. The minimum death benefit under both the plans is 105% of the total premiums paid. The policyholders can customize the plans by availing of additional protection through two unit deducting riders; namely the Tata AIG Life Accidental Death Benefit Linked Rider and the Tata AIG Life Critical Illness Linked Rider (Lump sum Benefit).
Customers of both the plans can choose from a wide range of 7 investment funds as per their risk profile. In addition, they can also benefit from Tata AIG Lifeâ€™s portfolio strategies â€“ SMART (Systematic Money Allocation & Regular Transfer) to optimize ones returns due to rupee cost averaging or AAA (Automatic Asset Allocation) to benefit from age appropriate allocation of assets.
Speaking on the occasion of the launch of the products, Mr. Suresh Mahalingam, MD & CEO, Tata AIG Life Insurance Company Ltd. said, â€œWe are pleased to reinforce our protection oriented unit linked portfolio with the launch of these two new products. Each of these products caters to a specific customer need and offers distinct benefits: Tata AIG Life Insurance InvestAssure Gold Supreme, with whole of life coverage and Tata AIG Life Insurance InvestAssure Maximizer, with the extraordinary flexibility in life cover options, among other features. The core of the design of these two solutions is to help our customers ensure that they are adequately protected apart from maximizing the value of their hard earned moneyâ€.
Tata AIG Life Insurance InvestAssure Gold Supreme can be purchased by an individual at any age ranging from 4 years to 60 years with a maximum maturity age of 100 years. While Tata AIG Life Insurance InvestAssure Maximizer can be purchased by an individual at any age ranging from 4 years to 55 years with maximum maturity age of 75 years.
The plans qualify for tax benefits u/s 80 C and 10 (10 D) of the Income Tax Act, 1961.
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