The Tata AIG Life Invest Assure II is a combined insurance plan that brings security in life along with chances to exploit the market by investing in different fund options. It allows the insured to invest directly by creating a fund of his or her own choice ranging from the options that suit their needs and requirements.
The chief features of Tata AIG Life Invest Assure II are:
- The term of the policy is available for 15, 20, 25 and 30 years.
- The Sum Assured is a manifold of the Annualized Premium payable.
- The multiple varies depending on the age at entry and policy term. The customer have a choice of premium multiples to choose from.
- If the policy is to be surrendered after 6th year no penalty is required to be submitted.
- Any premium not deducted for coverage and charges may be invested in a wide range of investment vehicles, including: an Equity Fund, Aggressive Growth Fund, Income Fund, a Short Term Fixed Income Fund, Stable Growth Fund and Select Equity Fund.
- Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
- The sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.
- Attach Accident, Pay or Benefit (for juvenile policy), Waiver of premium and Critical Illness riders to this policy at a small additional charge for further security.
- Tata AIG Invest Assure II also offers the flexibility to switch between funds, partial withdrawal, premium top-ups, policy reinstatement, premium holiday and multiple premium payment modes.