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Investment Plans 1410 views November 21, 2020
Life Insurance is one of the most needed investments today as life can present different kinds of uncertainties for you to deal with. But when you have a life insurance policy, it covers you and your family from such things. But do you know that with Tata AIA Diamond Savings Plan, you can not only have a life insurance plan but also fulfill your different needs at different stages of life? Whether it is your retirement planning or your child’s marriage or the education of your children, this plan helps fulfill your medium and long-term goals.
Tata AIA Diamond Savings Plan is a non-linked participating Individual life insurance savings plan with which customers don’t need to worry about their future requirements. The best thing about this policy from Tata AIA Life Insurance Company is the payment of a vested compounded reversionary bonus upon the demise of the insured or at the maturity of your policy. However, these benefits are not guaranteed and depend on the company’s performance. If you want to ensure your family’s safety along with fulfilling your other needs, this plan can be a good option.
So, what are the several benefits of the Tata AIA Diamond Savings Plan that you can enjoy? Here, we will discuss the same along with some important information. So, let’s read on!
Table of Contents
Knowing the key features of the Tata AIA Diamond Savings Plan will help you maximize benefits and get adequate cover. We are showing some of them below. Please have a look!
Other than the key features, Tata AIA Diamond Savings Plan also provides a range of benefits that individuals can enjoy. These are Death Benefits, Maturity Benefits, Survival Benefits, etc. We are showing them below. Do check!
If the insured person dies during the policy term, the company will provide a sum assured on death plus vested compound reversionary bonus and terminal bonus. The total amount will be a minimum of 105% of the total premiums paid during the policy term as on the date of death. The sum assured on death will be the highest of the following.
With Tata AIA Diamond Savings Plan, individuals will receive a terminal bonus, which will be a percentage of the assured benefit. However, you need to remember the below-mentioned conditions.
Remember that after the payment of the death benefit, the policy will be terminated and there will be no other benefits.
If the Tata AIA Diamond Savings Plan is in force, individuals will also receive a guaranteed income, which commences from the end of the 9th or 13th year, at 20% or 25% as the assured benefit for the policy term of 18 and 25 years, respectively. You must have paid all the premiums on time to get this payout. You can receive these benefits till maturity or till the death of the insured person (whichever is earlier).
At the maturity of your policy, you will also receive maturity benefits on your Tata AIA Diamond Savings Plan if the policy is in force and there are no due premiums. Check out below such benefits.
Tata AIA Life Insurance Company also provides a large-scale discount on the assured benefit to individuals opting for a large premium amount towards a policy. You can look at discounts (in percentage) in the below table.
Premium Amount (INR) | Discounts |
0 – 49,999 | 0.0% |
50,000 – 99,999 | 2.0% |
Above 1,00,000 | 4.0% |
In case you need money urgently, you can apply for a loan against Tata AIA Diamond Savings Plan. An individual can get a loan amount of up to 80% of the overall surrender value of your policy. Interest rates on this loan will be SBI Domestic Term Deposit Interest Rate for the tenure of ‘1 year to 455 days’ plus 2% per annum.
In case you have paid the full premiums of at least 2 years and the following premiums remain unpaid (without surrendering the policy), the Tata AIA Diamond Savings Plan will automatically be converted into a Reduced Paid-up Policy. However, this policy can be revived within 2 years from the due date of the first unpaid premium.
The nominee or beneficiary shall receive at least 80% of all the premiums paid till the date of the insured person’s death or the surrender value available on the date of death (whichever is higher), in case the insured person dies by suicide within 12 months from the inception of policy risk under the plan or the date of revival of the plan.
Want to know the necessary conditions that you need to fulfill while choosing the Tata AIA Diamond Savings Plan? Here’s a list of such conditions. Take a look.