This is yet another pension policy from Tata AIG Life that is known to offer guaranteed ten percent addition of the sum assured in every five years. Under this policy, the insured gets the option to select their three levels of insurance covers based on the sum that has been insured. Apart from this the insured would also be able to choose the age of their retirement.
Some of the features of Tata AIG Life Nirvana Insurance policy are as follows:
- In this policy the insured is eligible to receive ten percent of the sum that has been assured under this policy in every five years of paid premiums.
- The insured would also be receiving rupees one lakh for first 3 years of the policy if he or she faces diagnosis due to critical illness.
- If the insured dies during the term of the policy then the entire sum assured is paid immediately. Along with this, the insured would also be receiving additional bonus that depends mainly on the performance of the company.
- In case of accidental death, the family member of the insured would be getting twice the sum that has been insured in the policy.
- Under this policy, one third of the sum that has been assured would be paid at the chosen age of retirement. And the remaining sum can be used to buy a monthly income plan.
- After the successful completion of sixth year, the insured would become eligible for reversionary bonus.
- Terminal bonus is awarded to the insured for keeping the policy in healthy condition for ten years. This bonus money is based on the performance of the company.
The insured would also be getting tax benefits on the premium that has been paid to keep the policy in force as per section 80CCC of the Indian income tax act 1961.