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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 Bonuses (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 Death Benefit rider
u/s 80C and 10(10D) of the 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 Paid, as on the date of death. Where, “Sum Assured on Death’ shall be the higher of 10 times Annualised 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 (Money Back) of 20% of the Basic Sum Assured (BSA) on every 4th/5th/6th policy year for policy terms 16/20/24 years respectively.
On maturity (at the end of policy term), Guaranteed Sum Assured on maturity along with vested Compound Reversionary Bonus and Terminal Bonus, 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
1Based on plan option chosen.
|Premium Payment Term|
|Min entry age*||2 years|
|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.
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. Tax benefits and liabilities under the Policy are subject to prevailing tax laws. Tax laws and the benefits arising thereunder are subject to change. The Policyholder is advised to seek an opinion of tax advisor in relation to the tax benefits and liabilities applicable. Premium is exclusive of applicable taxes, cesses & levies. 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.
Beware of Spurious Phone calls and Fictitious/Fraudulent offers. IRDA of India clarifies to public that:
- IRDA of India or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
- IRDA of India does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
For any information including cancellation, claims and complaints, please contact our Insurance advisor or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at firstname.lastname@example.org. Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888.
Tata AIA Life Insurance Company Limited (IRDA of India Regn. No.110) CIN – U66010MH2000PLC128403.
Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400013
DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the Registered office at GF: Nos. 11 & 12 & FF - Nos.110 to 115, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the Composite 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, Aditya Birla Sun Life Insurance Company Limited (IRDA of India Regn.No.109) CIN: U99999MH2000PLC128110 having the Registered office address at One India bulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013, Royal Sundaram General Insurance Company Limited (IRDA of India Regn.No.102) CIN: U67200TN2000PLC045611 having the Registered office address at No.21, Patullos Road, Chennai - 600002, Bharti Axa General Insurance Company Ltd. having the Registered office address at First Floor Hosto Centre, No. 43, Millers Road, Vasanth Nagar, Bangalore - 560052 and Go Digit General Insurance Limited and having its corporate office at Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru, Karnataka 560095. ISNP Registration valid.
DBS Bank India Limited does not underwrite the risk or act as an insurer. The Insurance products are offered and underwritten by respective insurance companies. 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. Customers are advised to take independent professional advice before participating. Insurance is a subject matter of solicitation.
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. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis.
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 / 1-800-103-9897 or our overseas customer service number 91-44-66854555 or write to us at email@example.com. Visit us at: www.dbs.com/in