This is yet another insurance policy from Tata AIG Life that has been designed to offer steady income after the retirement of their insured customers. In this policy the insured is eligible to have ten percent guaranteed addition to the sum that has been assured under this policy in every five years.
Under this policy the insured is allowed to have three levels of insurance coverage that is the sum assured in this policy. The policy also allows the insured to choose their age of retirement under which the minimum and the maximum age would be 55 and 60 years respectively.
Some of the key features of Tata AIG Life Nirvana Plus insurance policy are as follows:
- Under this policy, rupees one lakh is paid to the insured as medical coverage against certain critical illness after completing a month of this policy. This is mainly done for the first three years of the policy.
- If the insured losses its life due to an accident during the term of the policy then the insurance company pays twice the amount that has been specified in the policy statement to the family members of the insured along with additional bonuses.
- The sum that has been assured in the policy would be paid immediately after the death of the insured during the term of the policy.
- One third amount of the sum assured is paid as lump sum to the insured after attaining the chosen age of retirement and the remaining sum would be used to make a purchase of a monthly income plan.
- Reversionary bonus and terminal bonus is also included in this policy and this one is declared after the successful completion of six and ten years of the policy.
The insured would also be eligible to get tax benefit on the premium under Section 80CCC of the Income Tax Act.