This one is a savings plan from Tata AIG life that has been designed to offer cash payments in order to fund the needs of the insured’s family member. Here the cash payment is made at specific interval and the insured is also eligible to get double benefit of the insurance coverage along with the flexibility of episodic payments.
The salient features of this very insurance policy are as follows:
- In this very policy, ten percent of the sum assured would be paid on the successful completion of 3rd, 6th, 9th, 12th, 15th and 18th year of the policy.
- Here forty percent of the sum that has been assured is paid immediately at the date of maturity, which is the 21st year of this policy.
- The remaining entire sum of the policy is distributed to the beneficiaries of the policy in case of an unfortunate event of the insured’s death.
- Ten percent guaranteed addition is also payable for carrying on with this policy for ten years or more. This money is paid either at the death of the insured or at the time of maturity.
- Like all other insurance policies of Tata AIG Life, this policy even offers bonus to its insured customers. But the money that is paid as bonus is not fixed and depends heavily on the performance of the policy.
- The money that is paid as premium is also eligible for tax rebate as per section 80C and 10(10D) of the Income Tax Act, 1961.
This policy also offers tax benefits to its customers as per Section 80C and 10(10D) of the Income Tax Act, 1961. This policy offers insurance cover on various perils such as Critical Illness, accident, etc. Riders are also available under this policy and are mainly for term, Critical Illness, Accident and Disability. This facility can be availed by making an additional marginal payment.