tata aia life insurance
Tata AIA Life Wealth Policy

Tata AIA Wealth Plan

Tata AIA Wealth plan is a whole-life individual savings plan that efficiently maximizes your long-term fi­nancial security. Your investment in such a policy can assist you in achieving your medium- to long-term objectives, including planning for your children’s education, retirement, and leaving a legacy for future generations. With this plan, you can take advantage of market force multipliers to leave your loved ones with a lasting legacy. There are two variations of the Tata AIA Wealth plan: Tata AIA Wealth Maxima and Tata AIA Wealth Pro.

Read on to know more about both variants, their eligibility criteria, their common features and benefits, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria for Tata AIA Weatlth Plan.

ParametersTata AIA Wealth MaximaTata AIA Wealth Pro
AgeMinimum Age- 0 years (30 days), Maximum- 60 years
Maturity AgeMaximum- 100 YearsMinimum-18 Years, Maximum- 75 Years
Policy Term100 minus Issue age15 to 40 years
Premium Paying Term

Single Pay

LimitedPay – 7/8/9/10/15 and 20 years

Single Pay

Limited Pay – 5 /7 and10 years

Regular /Limited Pay – 15 and 20 years

Pay ModeSingle, Annual, Semi-Annual,  Quarterly, Monthly
Premium

Minimum Premium- Single Pay – Rs. 5,00,000

Limited Pay – Rs. 2,50,000 per annum

Maximum Premium- No Limit

Common Features & Benefits of Tata AIA Wealth Plan

Here is the list of the features and benefits of Tata AIA Wealth Plan variants (Tata AIA Wealth Maxima & Tata AIA Wealth Pro)

  1. Death Benefit

The nominee or legal heir will get the highest amount available if the life insured dies during the policy term and while the policy is still in effect.

(I) the Basic Sum Assured after deducting any “Deductible Partial Withdrawals” derived either from the Regular / Single Premium Fund Value

(ii) This Policy’s Regular / Single Premium Fund Value

(iii) 105 percent of all Regular/Single Premium payments made up until the date of death.

  1. Maturity Bene­fit

You will receive the Total Fund Value, which is the sum of the Regular/ Single Premium Fund Value and the Top-Up Premium Fund Value, valued at the applicable NAV on the date of Maturity if you live to the end of the policy term.

  1. Flexibility of Additional Coverage

The following optional riders provide you further freedom to alter your product. If these riders are chosen, units from the basic plan will be canceled to pay the associated fees. Only at the beginning of the policy can the riders be attached.

  1. Free Look Period

Suppose you are not satisfied with the terms & conditions/features of the policy. In that case, you have the right to cancel the policy by giving written notice to us specifying objections/reasons. you would then obtain the non-allocated premium plus charges levied by the termination of units plus fund value at the date of cancellation less (a) proportionate risk premium for the period of cover (b) medical examination costs, if any, (c) stamp duty,

  1. Tax Benefi­ts

According to Section 80C of the Income Tax Act of 1961, premium payments made under this plan are tax-deductible. However, changes may be made from time to time. Moreover, according to Section 10(10D) of the aforementioned Act, life insurance proceeds are tax-favored.

  1. Settlement Option

You can choose to receive the maturity amount in a lump sum or over the course of several payments, provided that the policyholder is still alive on the date of maturity. The Settlement Period, as it is known, may be prolonged for a maximum of five years from the date of maturity. The initial payment under the settlement option is due on the day of maturity. When you exercise this option at maturity, you will choose the installment schedule and amount.

Common Exclusion Under Tata AIA Wealth Plan?

The nominee or beneficiary of the policyholder shall be entitled to fund value/policy account value, as available on the date of intimation of death, in the event of death by suicide within 12 months of the date of start of the policy or from the date of revival of the policy. Along with the death benefit, any charges other than Fund Management charges that are recovered after the date of death must be reimbursed to the nominee or beneficiary.

How Do Tata AIA Wealth Plan Work?

Let’s understand the working of both plans in detail.

Tata AIA Wealth Maxima

The Total Maturity Benefit for a 35-year-old, healthy individual is shown in the table below at standard age proof.

  • The fund allocation is split equally between Whole Life Midcap Equity Fund and Large Cap Equity Fund.
  • Rs. 5,00,000 in annualized regular premium
  • Mode of payment: Annual / Single
AgePolicy Term (Years)Premium Paying Term (Years)Annual Regular PremiumPremium Multiple ChosenGuaranteed Benefi­ts (Basic Sum Assured)Net Yield @8%Maturity Benefit
3565SingleRs. 5,00,0001.25Rs. 6,25,0006.76%

Higher Rate Illustration (8%) Rs. 3,51,83,506

Lower Rate Illustration (4%) Rs. 25,67,022

Tata AIA Wealth Pro

AgePolicy Term (Years)Premium Paying Term (Years)Annual Regular PremiumPremium Multiple chosenGuaranteed Benefi­ts
(Basic Sum Assured)		Net Yield @8%Maturity Benefit
3520SingleRs. 5,00,0001.25Rs. 6,25,0006.25%

Higher Rate Illustration (8%) Rs. 16,79,682

Lower Rate Illustration (4%) Rs. 7,54,648

Frequently Asked Questions

If you chose the Standing Instruction option, your bank receives the instruction seven days in advance, and the premium will be deducted on the due day.

This plan permits you to withdraw from your fund if you require cash for any emergency or other reason. After five policy anniversaries from the date of issue of your policy, providing the policy is in force, withdrawals from ordinary / Single Premium Funds are permitted.

Annual premium payments are the preferred frequency for premium payments. This will guarantee hassle-free annual policy renewals. Additionally, you pay lower premiums and continue to receive policy benefits.

Yes, you can adjust the frequency of your premium payments on all active policies to suit your needs. Changes to the frequency of premium payments are only effective as of the policy anniversary date and may be made up to 15 days beforehand.

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FAQs