Tata AIA ULIP Plans
Tata AIA ULIP Plan
  • Guaranteed Maturity Addition
  • Flexibility of fund Options
  • Tax Benefits Under 80C
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Tata AIA ULIP Plan

Tata AIA life insurance company is one of the fastest-growing insurance companies in the insurance sector. It is formed after a joint endeavor of Tata Sons Pvt Ltd. and AIA Group Ltd. The insurance company is offering several Unit-Linked Insurance plans under life insurance. The ULIPs are protection-cum-investment plans under life insurance. A thorough study on Tata AIA ULIP plans has been presented henceforth.

Factual Representation of Tata AIA ULIP Plans

The table mentioned here represents all the facts and data related to the Tata AIA ULIP plans as per the 2019-2020. It will prove helpful for the comparison of plans and clarity of doubts.

Tata AIA ULIP plansEntry Age (Min/Max)Max Maturity AgePolicy TermAnnual Premium
Invest One Plan30 Days/60 Years75 Years15 Years to 30 YearsRs.1 Lakh
Fortune Maxima Plan30 Days/ 60 Years100 Years100 minus issue ageRs.50,000 onwards
Fortune Pro Plan30 Days /59 Years75 Years15 Years to 40 YearsRs.50,000 onwards
Wealth Maxima Plan30 Days/ 60 Years100 Years100 minus issue ageRs.2,50,000
Wealth Pro Plan30 Days/ 60 Years75 Years15 Years to 40 YearsRs.2,50,000
Super Achiever Plan30 Days/ 50 Years70 Years10 Years to 20 YearsRs.24,000

Details About Tata AIA ULIP Plans

All the plans mentioned here are unit-linked and non-participating insurance plans. A short description of six unit-linked insurance plans offered by Tata AIA Life Insurance company is mentioned below:

1. Tata AIA Invest One Plan

It is a non-participating unit-linked endowment plan offered by the Tata AIA life insurance company. The plan does not permit any liquidity of funds in the initial 5 years time period. The plan provides the policy buyer flexibility to choose from 8 fund options.

On-time payment of premium keeps the policy functioning. In case the policyholder misses the premium payment date, s/he can do the premium within the grace period. It is one of the best plans to invest in.

2. Tata AIA Fortune Maxima Plan

Under this plan, the insured can pay a premium once or for a limited time and get insurance protection for a lifetime. There are regular loyalty additions to boost the policyholders’ investments.

The plan offers flexibility to choose from 11 fund options for enhanced investment opportunities. There is an option to customize the plan with three additional unit deducting riders available under the plan.

3. Tata AIA Fortune Pro Plan

The plan provides its policyholder several options with respect to the premium payment. There are 11 fund options available under the plan. In case of survival until the end of the policy term, the insured will receive the total fund value at applicable net asset value (NAV) on the date of maturity. The plan promotes partial withdrawal after completion of the lock-in period of 5 years.

4. Tata AIA Wealth Maxima Plan

It is a non-participating unit-linked plan. There are several premium payment mode options available under the plan. Premiums can be paid on annually, semi-annually, quarterly and monthly basis. Under the death benefit of the plan, the insured gets the highest of:

  • The basic sum assured, net of all the “deductible partial withdrawals”, if any, from the regular/ single premium fund value.
  • The regular or single premiums paid.
  • 105% of the total regular or single premium paid.
  • 10 times the annualized premium in case of the limited premium payment term.

5. Tata AIA Wealth Pro Plan

This unit-linked insurance plan has the flexibility of 11 fund options. There are regular loyalty additions credited to the investment done by the insured. The policyholder can also avail of a top-up facility to further augment his/her profile. Riders are available under the plan at nominal extra cost. So, the premiums paid are higher in case the insured has opted for a rider.

6. Tata AIA Super Achiever Plan

This is a non-participating unit-linked child endowment plan. There is the flexibility to choose from 8 fund options for investment opportunities. Moreover, the insured gets 2 choices of enhanced automatic asset allocation and PROFIT investment Portfolio strategy. According to the plan, the total sum insured is the total of the basic sum assured and the top-up sum assured.

In case of survival till the end of the policy term, the policyholder gets total fund value which is inclusive of regular premium fund value and top-up premium fund value at applicable NAV on the date of maturity.

Benefits Brought To You By Tata AIA ULIP Plans

Let's have a look at the benefits that are generally cherished by the policyholders of Tata AIA ULIP Plans.

  • Under Tata ULIP Plans, all you need to do is pay the premium once and enjoy the dual benefits of life insurance and market-linked returns.
  • All the ULIPs under the Tata Life insurance company provides enhanced investment opportunities and flexibility of fund options.
  • All the unit-linked plans offered by Tata AIA Life insurance company have a tax-saving feature. The policyholder can avail of this tax benefit under section 80C and 10D of the income tax act,1961. The premiums paid under the Tata AIA ULIPs are exempted from tax under section 80C, whereas the returns like the sum assured on the maturity of the policy and the bonuses under the plan are exempted from tax under section 10D.
  • Loyalty addition is done to the fund to boost the investment.
  • Guaranteed Maturity Addition is done after completion of the policy term. For this, the policy needs to be in force. Tata AIA Life insurance company provides guaranteed maturity addition at a percent rate.

FAQs

The premiums for Tata AIA unit-linked insurance plans can be paid on an annual, half-yearly, quarterly, or monthly basis.

The Super Achiever plan is a unit-linked endowment plan for children.

In order to make a claim under the Tata ULIP Plan, all you need to do is contact the customer care and provide them with all the details like policy number, name, etc. The claim will be processed within 7 working days.

There is the availability of accidental death riders and dismemberment riders under Tata AIA ULIPs.

Tata AIA unit-linked insurance plans provide the policyholders two investment portfolio strategies:

  1. Protect Returns Of Funds Increased over Time (PROFIT)
  2. Enhanced Automatic Asset Allocation Plus (Enhanced AAP).

Last updated on 19-08-2020