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Investment Plans 955 views February 12, 2021
Tata AIA Life Insurance Good Kid Plan can help secure your child’s future. This is a non-linked non-participating anticipated endowment plan with an inbuilt waiver of premium benefit along with other features such as money back benefits, milestone additions, protection to your family in case of death, tax benefits, etc.
On this page, you can know about important aspects related to Tata AIA Life Insurance Good Kid Plan, such as its key benefits, eligibility criteria, policy term, premium payment term, etc. Do read to know more!
Table of Contents
USP of Tata AIA Life Insurance Good Kid Plan
Understanding all the key benefits that you will get from a life insurance plan helps you make a better decision. Keeping this in mind, we are presenting the exciting features of the Tata AIA Life Insurance Good Kid Plan below. Do check them to know more!
- Tata AIA Life Insurance Good Kid Plan provides money-back benefits that help you match pace with the growing needs of your child. You can use this benefit for your child’s education and other career needs.
- With this plan, policyholders will also receive guaranteed milestone additions at the rate of 5% of the basic sum assured every year. These additions will accrue from the end of the 1st policy year and will accumulate until the end of the 5th policy year.
- Other than money back benefits and milestone additions, this policy also protects your family with a life cover of at least 11 times the annualized premium amount for the overall policy term.
- During the policy term, policyholders can enhance their wealth through compound reversionary bonus and terminal bonus.
- In case you need urgent money, you can also get a loan against your policy with a loan amount as low as INR 2,500, which can go up to 65% of the overall surrender value.
- Individuals can opt for flexible premium payment modes from annual, half-yearly or monthly.
- With Tata AIA Life Insurance Good Kid Plan, you can enhance your plan by choosing the Accidental Death and Dismemberment Rider option.
- Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, policyholders can also enjoy the tax benefits on the premium paid and maturity benefits received, respectively.
- Individuals can also enjoy a grace period of 15 days (for monthly payment mode) and 30 days (for all other modes) from the premium due date.
Important Details Related to Tata AIA Life Insurance Good Kid Plan
In the below table, we are providing some of the important details related to the Tata AIA Life Insurance Good Kid Plan. Please check!
| Parameters | Details |
|---|---|
| Minimum basic sum assured | INR 2,50,000 with no maximum limit |
| Policy Term | 12 to 25 years |
| Premium Payment Term | Policy term minus 5 years |
| Premium Amount | Depends on the basic sum assured |
Tata AIA Life Insurance Good Kid Plan Benefits
With the Tata AIA Life Insurance Good Kid Plan, individuals will receive several benefits – maturity benefit, money back benefits, bonuses and death benefit. We are showing them below. Please check!
Maturity Benefit
If the policyholder survives until the end of the policy term, the company will provide a guaranteed sum assured on maturity, accumulated compound reversionary bonus and terminal bonus after reducing the outstanding amount unpaid as on the date of maturity. Here, the guaranteed sum assured on maturity will be 55% of the basic sum assured.
Money-Back Benefits
If the policy is in force, individuals will receive money back benefits at 15% of the basic sum assured at the end of every policy year. To know more, you can check the below table.
| Benefits Payable at the end of the policy year | Money Back benefits as a percentage of basic sum assured |
|---|---|
| (Policy term minus 3) years | 15% |
| (Policy term minus 2) years | 15% |
| (Policy term minus 1) years | 15% |
Milestone Additions
As we said earlier in the key features of Tata AIA Life Insurance Good Kid Plan, policyholders will also get milestone additions at the rate of 5% of the basic sum assured per year. Do remember that this will accumulate in each of the first 5 policy years starting from the end of the first policy year. Total accumulated milestone additions will be 25% of the basic sum assured as chosen by an individual.
Death Benefit
In case of the death of the policyholder, the sum assured on death will be the highest of the following amounts.
- 11 times the annualized premium
- Absolute amount assured to be paid on death
- The guaranteed sum assured on maturity
Large Sum Assured Discount on Tata AIA Life Insurance Good Kid Plan
With the Tata AIA Life Insurance Good Kid Plan, policyholders can also enjoy a discount on premium if they choose a large sum assured. To know more, you can check the below table.
| Basic Sum Assured Band | Discount Per INR 1,000 on Basic Sum Assured |
|---|---|
| INR 2,50,000 to INR 4,99,000 | 0 |
| INR 5,00,000 to INR 9,99,000 | 1.5 |
| INR 10,00,000 to INR 14,99,000 | 3 |
| INR 15,00,000 to INR 24,99,000 | 3.5 |
| INR 25 lakh and above | 4 |
Tata AIA Life Insurance Good Kid Plan Eligibility Criteria
We are showing some important parameters related to Tata AIA Life Insurance Good Kid Plan that an individual needs to fulfill. Have a look!
- The minimum age of the life assured at the time of entry into the policy should be 25 years while it can go up to 45 years.
- The nominee can be 0 years with a maximum of 17 years at the time of inception of the policy.
- The life assured can be maximum of 70 years at the time of policy maturity.