Am an Blogger, writing articles on life insurance and loans in India
Tata AIG Life Assure.....security and growth plan is endowment policy that allows your dependants to receive the sum assured in the unfortunate event of your death before the policy gets terminated. If the policyholder survive the policy term, he will still get the benefit of sum assured, plus range of bonuses. This plan is advisable as a retirement planning tool.
Some Unique features:
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A guaranteed addition of 10% of the sum assured.
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A reversionary bonus is payable on death or maturity.
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A Terminal bonus paid on maturity or death.
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Reversionary and Terminal bonuses are non-guaranteed and are dependent on Company performance.
The following benefits under Life Assure Plan:
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Maturity Benefit- On survival to the maturity, the life assured will receive the total sum assured along with a range of bonuses.
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Death Benefit- In case, life assured dies during the term of the policy, the beneficiary will receive the sum assured.
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Additional Benefits- Option to add rider plans by paying a nominal extra cost.
Tax Benefits, Riders and Age Eligibility
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Premiums paid under life insurance plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.
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Term, Accident, Disability and Critical Illness riders are available for added protection.
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Policy duration can be 10, 20 or 30 years. A 10 year policy is available for every individuals who stands between 18 and 65 years of age. 20 year policies are available for individuals between the ages of 18 and 55. 30 year policies are available for individuals between the ages of 18 and 45.
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