Tata AIG Life Insurance Company Limited today announced the launch of Tata AIG Life Insurance Gyan Kosh, a non-participating unit linked endowment insurance plan. The plan comes with in-built benefits to ensure financial protection of one’s goals for children’s education, important milestones of life like marriage, providing funds for setting up a business etc.Â
The plan offers a choice of two inbuilt protection options for the prospective customer to ensure the protection of their financial goals – Security Net and Safety Net. Both these options have inbuilt Waiver of Premium benefit that waives all future premiums payable under the plan in case of death or total permanent disability of the insured.
o In case of Safety Net a sum assured is paid to the nominee on death of the life assured, future premiums are waived and the policy benefits continue.
o Incase of Security Net, in addition to the sum assured getting paid to the nominee on death of the life assured and future premiums getting waived, the inbuilt “Family Income Benefit†also gets triggered. The “Family Income Benefit†pays a re-adjustment income of 1% of sum assured to the family for the next 100 months or end of the policy term, whichever is earlier, in case of death or total permanent disability of the insured.
o Under both the options, the Total Fund Value is paid to the policyholder (in case of total permanent disability and survival till maturity) or the nominee (in case of death of life assured) on maturity.
In addition, under both Safety Net and Security Net explained above, the insured has the option of choosing one of the two “Waiver of Premium†benefits:
o Family Guard – Get 100% of the future premiums paid into the policy as if the policy is on monthly mode, or
o Family Advantage – Get 50% of the future premiums paid into the policy as if the policy is on monthly mode and 50% as cash payouts to the policyholder / nominee that acts as a supplementary income to the family.
Tata AIG Life Insurance Gyan Kosh offers the investor the opportunity to choose from a wide range of 7 investment funds as per their risk profile.
In addition, they can also benefit from Tata AIG Life’s portfolio strategies – SMART (Systematic Money Allocation & Regular Transfer) to optimize ones returns due to rupee cost averaging or AAA (Automatic Asset Allocation) to benefit from age appropriate allocation of assets.Â
Speaking on the launch, Mr. Suresh Mahalingam, MD & CEO, Tata AIG Life Insurance Company Ltd said, “It is the dream of every parent to see their child achieve success in all their endeavors in life and save actively for their education to build the foundation of this success.
Tata AIG Life Insurance Gyan Kosh with its two protection options and inbuilt benefits is designed to help parents not only assemble their desired savings but also protect it in case of any exigencies. The plan ensures that in the unfortunate event of the death or disability of insured, the journey of their loved ones towards success and happiness is not hampered by any financial constraints.â€
On survival to the end of the policy term Guaranteed Maturity Addition of 1.5% to 3% of Regular Premium Fund Value (depending on the policy term) is paid to augment the maturity corpus.
The policy can be purchased by an individual at any age ranging from 18 years to 50 years.
Tax benefits are available as per Income Tax Act, 1961, and are subject to modifications made thereto from time to time.
