The Total Investment Plan I - Insurance: Savings and Investment Plan is a single premium unit linked savings plan. The plan gives the options to purchase the identical plan with less allocation charges in the subsequent policy years. As additional Premium is to be paid towards investment due to lesser allocation charges on succeeding purchases, the returns would be much greater. Purchasing the similar plan in the following years is a choice.
- 1st purchase would be called as “Classic”
- 2nd purchase would be called as “Silver”
- 3rd purchase would be called as “Gold”
- 4th purchase would be called as “Diamond”
- 5th purchase would be called as “Platinum”
One the customer has purchased the first policy of Total Investment Plan I - Insurance: Savings and Investment Plan there will be full flexibility to make the second and the subsequent purchases. The premiums to be paid for the purchase are subject to the following:
- The least amount Premium on every purchase should be no less than Rs. 25000 for policy holder aged up to 40 and Rs. 50000 for policy holder aged 41 to 64.
- The maturity date under Total Investment Plan I - Insurance: Savings and Investment Plan on each purchase cannot exceed 70 years.
- The term of the polices bought during 2nd, 3rd, 4th and 5th policy years will be 9, 8, 7 and 6 respectively.
- New policy with Total Investment Plan I - Insurance: Savings and Investment Plan can be purchased only if all the preceding polices are active on purchase date of current policy.
The plan objectives of this policy are:
- Life protection
- Investment opportunity with flexibility
- Control over investments
- Tax benefit under Sec. 80C and Sec. 10(10D)* of Income Tax Act 1961