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Tata AIA Life Insurance Money Back Plus
At a Glance
Tata AIA Life Insurance Money Back Plus allows you to plan for future financial commitments by combining periodic payouts at key stages in life along with life cover protection.
Flexible payment terms
Choose from various term options with the advantage of paying for only half the term, along with enhanced savings with Bonuses2 (if any) throughout the Policy Term.
Payouts throughout the term
Survival payouts of up to 130% of Sum assured1 at regular intervals throughout the term
Life cover throughout the policy term
Regardless of the survival payouts already paid
Additional protection in case of Accidental death through inbuilt Accident Benefit
Option to enhance protection through Riders4
As per Income Tax Act 1961
Features & Benefits
In case of unfortunate event of the death of the insured; Sum Assured on Death plus vested Compound Reversionary Bonus and Terminal Bonus, if any, will be payable. This total amount will be subject to a minimum of 105% of Total Premiums received up to the date of death. Where, “Sum Assured on Death’ shall be the higher of 10 times Annualized Premium or Basic Sum Assured. The death benefit will be payable irrespective of the Regular Payouts (survival benefits) already paid.
Accidental Death Benefit
Policy nominee is paid an additional amount equal to the Basic Sum assured in case of unfortunate death of insured member due to accident. This benefit is applicable only for entry age of 18 years or more.
This plan provides you with regular payouts as percentage of the Basic Sum Assured (BSA) at equal intervals depending on the policy term chosen, as below:
Option 1: 20% of Sum Assured at the end of 4th / 8th and 12th policy year
Option 2: 20% of Sum Assured at the end of 5th / 10th and 15th policy year
Option 3: 20% of Sum Assured at the end of 6th / 12th and 18th policy year
On maturity (at the end of policy term), Guaranteed1 Sum Assured on maturity along with vested Compound Reversionary Bonus2 and Terminal Bonus2, if any, is payable. Where, the “Guaranteed Sum Assured on maturity” shall be defined as a percentage of the Basic Sum Assured, depending on the option chosen, as provided below:
- Option 1 (Policy Term – 16 years): 50% of the Basic Sum Assured
- Option 2 (Policy Term – 20 years): 60% of the Basic Sum Assured
- Option 3 (Policy Term – 24 years): 70% of the Basic Sum Assured
How does the plan work?
- Choose the Plan Option that suits your need
- Choose the Basic Sum Assured as per your need and requirement
- Choose the Policy Term as per your goal
- Your premium will be calculated basis Age, Policy Term, Basic Sum Assured and Premium Payment Mode chosen.
E.g.: If you choose Option 1: Policy Term of 16 years and Premium Payment Term of 8 years
- You pay Premiums for half the policy term (8 years)
- Survival Payouts (Money Back) of 20% of Sum Assured at the end of 4th / 8th and 12th year
- Lump Sum Payout of 50% of Sum Assured in Year 16 PLUS Vested Compound Reversionary Bonus and Terminal Bonus, if any
|Plan Options||Option 1||Option 2||Option 3|
|Policy Term||16 years||20 years||24 years|
|Premium Payment Term||8 years||10 years||12 years|
|Min entry age*|
2 years for option 10 years (30 days) for Option 2 and 3
|Max entry age*||51 years|
|Min maturity age*||18 years|
|Max maturity age*||75 years|
|Minimum Basic Sum Assured||Rs. 2,00,000 ( in multiples of 1000)|
|Maximum Basic Sum Assured||No limit but subject to financial underwriting|
*All reference to age is as on last birthday.
- 1Guaranteed Sum Assured is the Sum Assured payable on Maturity along with vested Compounded Reversionary Bonuses and Terminal Bonus, if any.
- 2Bonuses are based on Company’s performance and are not guaranteed. Past performance is not an indicative of future performance. Compound Reversionary Bonus (CRB) will accrue every year starting from the 1st Policy Anniversary provided the Policy is in force. It will be payable on Death or Maturity or Surrender and will be declared by the Company annually and credited on Policy Anniversary. Terminal Bonus will be a percentage of the vested Compound Reversionary Bonus and will be payable on Death, if the Policy is in force for 10 years, or on Maturity.
- 3Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefit available to you. Kindly refer the sales illustration for the exact premium
- 4Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider (UIN:110B029V02) is available under this plan. Rider is not mandatory and is available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor / Intermediary or visit our nearest branch office.
- All examples used herein are for understanding purposes only.
- This product is underwritten by Tata AIA Life Insurance Company Limited.
- For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
- All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder and will always be paid by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
- Insurance cover is available under this product.
- Buying a life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than all the premiums paid.
- This plan is not a guaranteed issuance plan and it will be subject to Company's underwriting and acceptance.
DBS Bank India Limited (CA0257) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. DBS Bank India Limited, Ground Floor, Express Towers, Nariman Point, Mumbai-400021. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis. The contract of insurance is between Tata AIA Life and the insured and not between the bank and the insured.
Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 – CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at email@example.com. Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888.
|Beware of Spurious / Fraud Phone calls!|
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the registered office at GF: Nos. 11 & 12, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the Corporate Agent of Tata AIA Life Insurance Company Limited (IRDA of India Regn. No.110) CIN: U66010MH2000PLC128403 having the Registered office/principal place of business at 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. DBS Bank India Limited (Bank) does not underwrite the risk or act as an insurer. The Tata AIA Life Insurance Money Back Plus with UIN: 110N119V01 is underwritten by Tata AIA Life Insurance Company Limited. The contract of insurance is between the insurer and the insured and not between the Bank and the insured. Bank does not give any warranty, as to the accuracy and completeness of the policies. Bank does not accept any liability or losses attributable to your contract of Insurance. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis and is not linked to availment of any other facility from the bank. ISNP registration valid.
For more details on risk factors, terms and conditions, exclusions, please read sales brochure of insurer and policy terms and conditions carefully before concluding a sale. Tax benefits are available as per the prevailing tax laws, which are subject to change.
For any information including cancellation, claims and complaints, please contact our Treasures Relationship Manager or visit DBS Bank India’s nearest branch office or Contact our 24-hour toll free customer service helpline number 1-800-209-4555 / 1-860-267-1234 or our overseas customer service number 91-44-66854555 or write to us at firstname.lastname@example.org. Visit us at: www.dbs.com/in