This is yet another insurance plan from Tata AIG Life that has been targeted specifically to the adults residing at the remote corner of the country. This one is a low cost term plan that does not offer any maturity benefit to its insured customers.
Some of the key features of Tata AIG Life Navkalyan Yojana insurance policy are as follows:
- The policy can be subscribed only for five years.
- In this policy the insured has the freedom to choose its own terms for making the payment of the insurance premiums. The options that are offered under this policy are monthly, yearly, quarterly and half-yearly.
- After the death of the policy holder, the nominee would become the sole owner of the policy and he or she would be getting the death benefit.
- In this policy there is absolutely no maturity benefit.
- The insured is also allowed to get rider options that can be opted between eighteen to fifty-five years in which he or she can opt for accidental death benefit after making an additional payment.
- The coverage limits of this policy are as follows:
- Coverage limit ----------------Sum assured
- Minimum death benefit----------Rs. 5,000/-
- Maximum death benefit----------Rs. 50,000/-
Under this policy the premiums that are paid to make the insurance policy safe and secure are eligible for tax benefit as per the Income Tax Act, 1961. This policy is for the people that are between eighteen to sixty years.
So Tata AIG has come up with an insurance policy that is meant to offer insurance coverage to the people that are residing at the remote part of the country.