This one is a limited premium pay money back plan on which the insured would be getting fifteen years of insurance cover after paying premium for ten years. Under this policy, the insured would be getting guaranteed returns of 120% on the total amount that has been insured in the policy at particular intervals.
Some of the salient features of Tata AIG Life Sumangal Bima Yojana are as follows:
- The maximum term of this policy is fifteen years.
- In this policy the term for making the payment of premiums is ten years. Here the insured can either opt for yearly, monthly, quarterly or half-yearly premium payment intervals.
- Here the death benefit is also availed by the nominee of the policy holder. The sum that has been assured under this policy would be given to the nominee of this very policy after the death of the insured. If there is any unpaid or outstanding premium for the year, then that amount is deducted from the death benefit payable.
- In this policy, the maturity benefit is also paid by the insurance company, which is sixty percent of the total premium policy. But to avail this, the insured must make sure that all the premiums are paid on time.
- Rider options are also available under this policy in which the insured has to pay some additional amount to gain some extra benefit under this policy. The riders that are offered under this policy are Tata AIG Life Accidental Death Benefit. This benefit is available during the premium payment terms.
Apart from all such benefits, the insured would also be getting tax benefits as per the Income Tax Act, 1961 on the premiums that has been paid that has been paid to keep the policy intact.