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Investment Plans 1048 views February 16, 2021
Tata AIA Life Insurance Freedom Plan is a non-linked participating endowment plan that will help you grow your retirement corpus. There are two retirement plan options for you in this Tata AIA Life Insurance Freedom Plan – option 1 is up to 55 years of age while option 2 is up to 60 years of age. And under the Tata AIA Life Insurance Freedom Plan, you will get benefits like guaranteed additions at 10% per annum of annualized premium and compound reversionary bonuses. Want to know more? Read this page further below.
Table of Contents
You will be entitled to the following benefits under Tata AIA Life Insurance Freedom Plan, as the case may be:-
Survival Benefit:- The guaranteed additions shall accrue to your Tata AIA Life Insurance Freedom Plan from the beginning of the first policy year till the end of the premium payment term at 10% per annum of the annualized premium, provided the policy is in force and all premiums are paid. Tata AIA Life Insurance Freedom Plan guaranteed additions shall be payable at the start of the last policy year, death or surrender, whichever happens first.
Maturity Benefit:- On Tata AIA Life Insurance Freedom Plan maturity, you will receive the guaranteed sum assured on maturity plus the vested compound reversionary bonuses and terminal bonus if any. The compound reversionary bonuses shall accrue to your policy from the first policy anniversary year, provided the policy is in force. And these bonuses shall be declared by the company annually. Your Tata AIA Life Insurance Freedom Plan shall accrue a terminal bonus if you have paid a minimum of seven annual premiums.
Note:- Guaranteed Sum Assured on Maturity = Basic Sum Assured
Death Benefit:- In case the life insured dies, the nominee will be entitled to the sum assured on death plus the accrued guaranteed additions, vested compound reversionary bonuses and terminal bonus, if any, provided the policy is in force and all due premiums are paid till the time of death. Tata AIA Life Insurance Freedom Plan death benefit is subject to a minimum of 105% of total premiums paid, as on the date of death.
Sum assured on death shall be the highest of the following:-
Note:- If the life insured dies in the last policy year, the accrued guaranteed additions shall not be payable to the nominee, as the same has already been paid at the beginning of the year.
If you want to purchase this Tata AIA Life Insurance Freedom Plan, you need to meet the following –
Note:– Your Tata AIA Life Insurance Freedom Plan policy term shall be up to the maximum maturity age allowed for this policy.
You can customize the Tata AIA Life Insurance Freedom Plan by adding a rider, but you can do so only at inception. So choose the following rider if you want to enhance Tata AIA Life Insurance Freedom Plan coverage.
With this optional premium-paying rider, you can provide financial help to your family in case of unfortunate death or dismemberment. The rider for this plan will cover the following risks:-
The rider benefit shall be doubled if the accident happens in the following circumstances –