Tata AIA Life Money Back Plus
Tata AIA Life Insurance Money Back Plus plan is a Non-Linked, Participating, Individual Life Insurance Savings Plan that perfectly caters to your need for guaranteed cash inflow at regular intervals along with the protection of a life cover from uncertainties of life. This plan allows you the freedom to select the best term length for your financial goals, with the benefit of paying for only half the term and boosting your savings through the accumulation of compound reversionary bonuses over the term.
The program will assist you in creating a solid savings foundation with sufficient financial security so that you spare no effort to give the colour of your dreams! Read on to know more about the Tata AIA Money back plus plan, eligibility criteria, key features & benefits, premium calculation, and more.
Here is the eligibility criteria for Tata AIA Money back plus plan.
|Parameters||Option 1||Option 2||Option 3|
|Min Entry Age||2 yrs||0 Years (30 Days)||0 Years (30 Days)|
Max Entry Age
(Age as on last birthday)
|Premium Payment Term||8 yrs||10 years||12 years|
|Policy Term||16 Years||20 years||24 years|
|Min Maturity Age||18 years|
|Minimum Basic Sum Assured||Rs. 2,00,000 (in multiples of 1000)|
|Maximum Basic Sum Assured||The maximum limit is subject to financial underwriting guidelines.|
Key Features & Benefits of Tata AIA Money Back Plus Plan
Here is the list of the features and benefits of the Tata AIA money-back-plus plan.
- Survival Benefit
Throughout the insurance term, receive Guaranteed Benefits in 3 instalments of 20% of the Sum Assured each. According to the chosen money-back insurance term, the start and intervals for the survivor benefit pay-out will be established.
- Financial Stability
The sum assured on death, which can either be the basic sum assured plus any declared Compound Reversionary Bonus and Terminal Bonus, if any, or 10 times the annualized premium, will be paid to the policyholder’s family or the nominee in the unfortunate event that they pass away during the policy term.
- Maturity Benefit
Under the terms of this money-back insurance policy, the maturity benefit is a guaranteed sum assured benefit that represents a portion of the basic sum assured. In addition, if the policyholder survives the policy term, Compound Reversionary Bonus* and Terminal Bonus, if any, will be paid out at maturity under the plan choice chosen.
- Consistent Savings Plan
Utilize the premium payment period and policy term to your advantage to build up and develop your savings with this life insurance money-back plan. You can then utilize the benefits of the guaranteed money-back guarantee to realize your objectives and goals as your funds steadily develop over time.
- Grace Period
A grace period of 15 days for the monthly mode and 30 days for all other modes will be provided if you are unable to pay your premium by the due date. The grace period will begin on the date of the unpaid premium’s due date. You can pay the premium at any time up until the end of the grace period to keep your insurance from expiring.
- Bonus on Savings
The policy includes a Terminal Bonus and a Compound Reversionary Bonus (CRB)*, both of which are subject to declaration. Unlike the latter, which is a percentage of the CRB and is payable on death if the policy is in force for 10 years or on maturity, the former begins accruing from the first policy anniversary provided the policy is in force and will be payable on death/maturity/surrender.
- Flexible Plan Options
This savings policy offers three different plan alternatives, each with unique policy terms and premium payment terms. This money-back insurance plan aids you in selecting the finest plan option for your family and your financial demands.
- Built-in Accident Coverage
Each of the plan options has an integrated accidental death benefit that will provide an additional benefit equal to the basic sum assured. This benefit is only available in the event of an accident-related death, and only if the policyholder is 18 years old or older.
- Optional Riders
With our optional Riders, you can increase your protection against a variety of risks, including accidental incapacity, hospitalization, critical illnesses including cancer and heart diseases, and more. When added to your life insurance savings policy, the insurance rider carries a small additional premium cost and provides additional coverage.
- Options for Premium Payment
With the money-back savings policy, you can make a Limited Pay of the premiums for a constrained time that is equal to half of the policy term. To spread out your premium payments, you can also select an annual, semi-annual, or monthly premium mode.
As long as the first full year’s payment has been paid, the insurance may be relinquished at any time during its term. The higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value shall be the surrender value payable (SSV).
- Tax Benefits
According to Section 80C of the Income Tax Act of 1961, premium payments made under this plan are tax-deductible. However, modifications may be made from time to time. Additionally, Section 10(10D) of the aforementioned Act provides tax benefits for the proceeds of life insurance.
What Are The Exclusions Under Tata AIA Money Back Plus Policy?
The nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, in the event of death by suicide within 12 months from the date of commencement of risk under the policy or the date of revival of the policy, as applicable. Please consult the relevant supplementary contract for information regarding rider benefit exclusions.
Exclusions for Accidental Death Benefit:
Any death caused directly or indirectly, completely or partially, by any of the following events shall not be entitled to any benefit:
- Engaging in any illegal behaviour, criminal offence, or other violation of the law with the sole aim of harming another person.
- Serving in the military at a time of declared or unprovoked war, or while on duty as directed for combat operations or the maintenance of public order;
How Does the Tata AIA Money Back Plus Policy Work?
The benefits listed below are those that, with a healthy life, are payable at the specified ages for a policy term of 20 years and a premium payment term of 10 years:
|Age of the insured (years)||Basic Sum Assured||Annual Premium||Total Survival Benefit||Maturity Benefit|
|35 Years||Rs. 5,00,000||Rs 59,110||Rs. 3,00,000|
Benefits @4% Rs. 5,11,984
Benefits @8% Rs. 8,53,482
Frequently Asked Questions
Yes, the Tata AIA Life Insurance Money Back Plus provides life insurance coverage. Depending on the level of protection your family need, you can choose from three different policy terms.
No, the maturity benefit will be paid out when the policy reaches its maturity, whereas the survival benefit under this plan will be paid out at regular intervals throughout the policy’s tenure. Additionally, depending on the selected policy term, different percentages of the survival benefit and maturity benefit will be paid out.
Depending on the policy term of the money-back savings plan, the maturity benefit, which is paid out after the policy term on maturity, is calculated as 50%, 60%, or 70% of the Basic Sum Assured + Bonuses, if any.