Tata AIA Gold Income Plan

Here is the list of the features and benefits of Tata AIAI Gold Income Plan.

1. Maturity Benefit:

100% of the Basic Sum Assured is paid as a lump sum at policy maturity. A Guaranteed Income of 12% of the Basic Sum Assured will also start to accrue at the end of the year after Maturity, and it will grow yearly (compounding rise) thanks to an Income Booster. Each year’s ending will result in the payment of Guaranteed Income.

Whereas an additional percentage of benefits known as an “Income Booster” annually raises the guaranteed income. The premium amount, premium-paying term, and income term selected by the policyholder at policy inception will all affect the Income Booster percentage.

2. Death Benefi­t:

The Sum Assured on Death as defined below shall be payable upon the death of the Life Assured during the Policy Term, provided the Policy is in force and all due premiums have been paid.

The highest of the following shall constitute the “Sum Assured on Death”:

1. a) Eleven (11) times of Annualised Premium
2. b) 105% of the Total Premiums Paid up to the date of death
3. c) Guaranteed Sum Assured on Maturity
4. d) Absolute amount assured to be paid on death

3. Grace Period:

A Grace Period of 15 days for monthly modes and 30 days for all other modes will be provided if you are unable to pay your Premium before the premium due date. Your policy is regarded as being in effect during this time, providing risk coverage by its terms and conditions. The policy will expire as of the due date of the first unpaid premium and lose all value unless otherwise specified by the Non-Forfeiture Provisions if the full premium for the first two policy years is still unpaid at the end of their grace period.

4. Surrender Benefi­t:

The policy may be surrendered at any time throughout the policy term, but only if at least two full years’ worth of premiums has been paid will the policy gain a surrender value. The Surrender Value payable is greater than the Special or Guaranteed Surrender Value.

5. Free Look Period:

If the terms and conditions or features of the policy do not satisfy you, you have the right to cancel the policy by giving written notice to the company outlining your concerns or reasons, and you will be entitled to a refund of all premiums paid, less (a) the proportionate risk premium for the period of coverage and (b) the costs of the medical examination and stamp duty (including any applicable taxes, cesses, and levies) incurred to issue the policy.

6. Policy Loan:

If the policy acquires a surrender value, you may request a policy loan for up to 80% of the surrender value under the Tata AIA Life Insurance Gold Income Plan.

7. Revival:

You may revive a policy within five (5) years of the first unpaid premium’s due date and before the date of maturity if a premium is past due after the Grace Period and the policy hasn’t been surrendered, subject to the Company’s underwriting and revival criteria. However, the Company would need a) Your written application for resurrection; b) Your most recent health certificate and other acceptable proof of your insurability; and c) Payment of any past-due premiums plus interest.

8. Tax Benefi­ts:

According to Section 80C of the Income Tax Act of 1961, premiums paid under this plan may be eligible for tax benefits. However, changes may be made from time to time. Furthermore, according to Section 10(10D) of the aforementioned Act, Life Insurance proceeds are tax-beneficial.